When you say it is $50,000 over comps are you comparing it to other REO listings, short sales or standard sales.
Banks set the listing price for REO listings ,and since they want to sale them ASAP they usually have a BPO done which helps them determine a realistic list price.
The longer the property sits on the market the more money the bank looses. If you are interested in the property, you should have your Agent sbumit your best a highest offer.
If you get an offer in now, and they have nothing else on th etable they may be willing to play ball.
Best Of Luck to YOU!
Kawain Payne, Realtor