Frustrated with PAS REO

[Melissa G.]

I have been waiting months for a home to make it to the REO market. It finally did in early June. Before it was listed, the listing agent said she expected it to be listed is the 600k range. However, after it was appraised it was listed for $840K! The agent and myself were shocked to see that they had listed it for the same price as every other house in the neighborhood. Keep in mind that the other houses are in move-in condition and even they haven't sold. There are 23 properties currently for sale (not including the lots) and many have been on the market for a year or two. The market has dropped dramatically here. Only 2 houses have sold this year. We would have thought the appraiser would have taken that into consideration.

Last week, the LA submitted a request for a $120K price reduction. She's still waiting for a response. She says she only has an email and not a go-to person to speak with.

What I really don't understand is that we've made 2 offers and on the 2nd offer they countered higher than the first! What's up with that!? :badwords: We are the only offers they've had.

Could someone please offer me some insight on this process. How can we cut to the chase and get this deal done for a price that is reasonable to the home's condition and current market value? :roll:

FYI We're buying this home for our family, not a flip.