I can't see someone maintaining the price if the appraisal came in under the list price. Unless there was something extremely unique about that property and it was a seller's market, chances are they will have to come down on the price or risk not having that property sold for a very long time. Plus with it being an investor they care more about moving the property asap. In the end it would cost them more to wait on 1000 than to lower it.
Depends on your town ... but usually you can find an on-line field card from your city assessor's office. It will be pretty much just the envelope of your house ... not your interior layout.
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Your mortgage broker correct. The lender has at minimum received a BPO - Broker Price Opinion or hired an Appraiser to set a current market value price. It has also been our experience that most of the short sale and REO sales we know about have been close to or even slightly over the listing price. Remember that you may or may not hear back quickly about an REO listing, so there are possibly going to be several offers on the table.
Your Realtor should also offer expert advice about the value of the home. If it has been listed for a while, the value may have dropped. However, the mortgage lenders sometimes drop the price to attract bids and then they actually become competitive. The lender is looking for the best offer possible to diminish losses. Knowing what to offer is not an exact science, though, because there are so many variables and people involved, not just cold hard facts. Proceed carefully because there could be liens on the property. The title company should them all but still be sure to buy title insurance! Good luck to you.... more