Home Buying in Eureka>Question Details

Pelt, Home Buyer in Eureka, MT

We are looking at buying a house that is new and has been listed for 4 years.

Asked by Pelt, Eureka, MT Mon Jan 30, 2012

Has had a recent price drop of about 15%. We are not sure if it is bank owned, we cannot afford it at the current price but possibly 40% off the asking price. Is that even possible!?!? heard lots of rumors of buys like that out there... Thanks

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Kyle Baughan’s answer
Certainly anything is possible, however, there are several factors which have an impact on whether or not it's probable:
Was the home over priced for the market and it's location?
How does it's current list price, compare with current market value?
The seller's motivation and so on

Specifically, what a seasoned, professional buyer's broker or agent can do for you, is help you evaluate the price of homes, as they pertain to their market. A buyer's CMA or Comparative Market Analysis, prepared by your buyer's broker or agent, should provide a fairly accurate price range, for an offer and what you can reasonably expect to pay. That said, there are many variables, so it ultimately comes down to seller motivation and their given circumstances.

Thank you for the question.
0 votes Thank Flag Link Thu Mar 15, 2012
You need to choose a real estate agent to help you answer your questions and help you write up your offer. You can make any offer that you are comfortable with, it just may not be accepted.
Web Reference: http://www.cbmasonco.com
0 votes Thank Flag Link Tue Jan 31, 2012
If you make an offer at what you can afford, then you will know. Nothing ventured, nothing gained.
0 votes Thank Flag Link Mon Jan 30, 2012
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