Vinny,

Regardless of what people think.....the buyer drives the market. You are in the driver's seat but not on this home. These people may be in denial as many of today's sellers are. This falls in the lap of their agent who should be educating them along the way about where the home relative to the adjusting market.

Ask your agent to recommend a course of action. You do have options.

Good luck,
the "Eckler team"

Home sales should be rationally based on comps in the area and general market conditions. Perhaps these sellers have already lowered their asking price to reflect these realities. However, if this still supports your offer, then you will just have to remember that their is one seller and one buyer not a committee of disinterested third parties making the decision. Therefore there is no assurance that either the seller or the buyer is required to make the most rational decision. Did your Realtor present the comps to support your offer? Sometimes knowledge is persuasive.