I listed property at $42k and got an offer in 3 days for $40,100, which is based on comps both myself and buyer agent researched. I sent letter with comps with offer based through Equator for their review. Appraiser came back with $50k value and BoA said I had to raise price based on appraisal. Buyer walked. Called FHA but they said lender or investor set the price. They wont budge. Now I'm getting emails offering $15k to $30k. Who is there to discuss lowering price.
FHA told me that seller needs to do deed in lieu if they cant get $50k. Seller tried to do that with BoA but they said house hasn't been marketed enough. Been on market since 6/9/15.
Any suggestions would be appreciated. The price needs to come down, and the repair work is extensive.