The community was growing at a time that prices were inflated and it is self correcting. Add to that the closing of the space station (many people commuted from this area) and you have a recipe for reduced housing values. The area is bouncing back and could be a good place for investment.
It sounds like your offer was lower that the price that was preapproved by the lender. Yes, it is a legal move, they do have a say in how much they will lose to sell this home. If you really want the home, hang in there. In this market the supply is abundant, just remember, a preapproved price doesn't mean a guaranteed price.
Century 21 Flag Agency, Inc.... more
The easiest way to find out if the home is for sale is to ask a Realtor. I know that's the obvious answer, but we can easily determine for you if the house is owned by a bank and how much they have listed they have listed the house for. A Realtor can also, at the same time, show you a list of the other bank-owned properties that are for sale in the area , as well as how much other bank-owned houses have recently sold for. If you email me with your email address and the property address, I would be glad to send the information to you. I hope this information is helpful!