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I've done a few challenges. Present them with the reason they should accept your offer. Show them days on market, your supporting comps, and even an independent CMA from another Realtor if you think your offer should be considered. It costs an average of $65,000 to foreclose, so take that number plus whatever their holding costs, including property management, taxes, etc might be. Show them why your offer today is better than them foreclosing.
The other thing I've had a buyer do is hire an appraiser. If I KNOW that a BPO is way off, then most lenders will seriously consider the appraisal amount. They may have hired a BPO agent from outside a particular area that may not know the street is rough, or near an industrial area, etc.
Good luck.
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