If you are working with a Realtor, you should contact them right away to see if the listing agent is accepting backup offers. If not, I would be happy to follow up on this for you.
Please feel free to call or email me if I can be of further assistance.
Thank you :)
Price drops are usually done because the appraised value came in lower than what the offer and/or listing is at. This has happened to me on a few of my short-sales where an offer will come in higher, but the banks value is lower; hence the price drop. Other times I've had banks drop the price instead of paying for repairs (if the property needs them). Most of the time you are welcome to make an offer, but it will most likely stay as a "back-up" offer.
Another reason a price drop could occur while in a Pending state might be a significant finding from a property inspection, or a delay of the Broker's office to change actual status back to Active.
I would have to check with the listing agent to be sure but maybe the appraisal came in low and they adjusted the price accordingly. If it's still pending then they are not taking anymore offers.