Anyone been successful at getting a price reduction after the appraisal came in?

Just had one that was 50k overpriced which everyone knew it was but the AMC doesn't want to reduce.

Nope...maybe soon I hope.

I was on a phone conference for Fannie agents and we were told that the value here in Ohio is set in this way: The appraisal is giving more weight then our BPO so the initial price is the appraisal with perhaps a minor adjustment depending on our BPO plus 10%. I had one listed at $90 - over by $30 - that was for the first 30 days - did my MMR and asked for a price reduction and got it to $60. That is a Fannie direct - so I think the AMC may reduce but that first 30 days or maybe for an AMC 60 days - it will stay where it is.

Usually, there is a third factor--the BPO done by a second agent. If the appraisal and the second BPO came in higher than my value, I will be stuck with a high price until days on market prove me right.

I have one that was listed 75k over my BPO. After 30 days I told them to drop it 75K. They dropped it 5K. Maybe after 60 days will be better.

I need to clarify what I was asking.

Once in contract, and the buyers appraisal come in way below the accepted price, how flexible is Fannie Mae with getting them reduced.

Fannie also got an appraisal so they probably won't move much. The only way I would even see them consider it is if the original sales price is way out of whack for the market. That being said, I've never gotten any bank to lower their sales price to where the buyer's appraisal came in at.

I've had two Fannie Mae properties come in $15,000 and $20,000 below apprraisal and they gave in, but they were both FHA appraisals, which are stuck to the property for 6 months.

Highly frustrating to have that happen.

I haven't had any Fannie properties appraise for less. Most of the condos we deal with are appraising higher.

Yes, I've had that happen. It gets to the point where an FHA/VA contingency is taking a serious risk.

Well here everyone and there brother uses either FHA/VA or pays cash because of the low down payment involved.

Conventional wants more down and is a turn off to buyers in my area.