When I have had this happen to me, I simply schedule a meeting with the bank representative to discuss the current market conditions. When we get together I present a new CMA showing the recent (lower) sales and the new (lower) listing price of competing active listings. I actually say to my client, â€œDonâ€™t shoot me - - I am just the messengerâ€ I also say it is my fiduciary duty to keep you informed with current market conditions. Then I go for the price reduction again.
The banker typically either signs the reduction or in some cases, depending on his level in the bank and the size of the bank, he may need to get approval. Regardless, if the market drops, they like any other seller have no choice than to drop their price too. If they donâ€™t, they will end up holding the property for a very long time.
Hope this helps you,