Property Q&A in Burtonsville>Question Details

Kaylyn, Home Buyer in Silver Spring, MD

is it possible that the price of this house will go down to $300,000?

Asked by Kaylyn, Silver Spring, MD Sun Jan 18, 2009

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This question is about this property: http://www.trulia.com/property/1073379522-14904-McKnew-Rd-Bu…

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Hi Kaylyn,

The current owners paid $393,000 in Feb 2005. I would expect a sale at $350K the current list price would require bank approval for a short sale. However, based on a quick look at tax records, it looks like they paid cash. If so, they are in a position to negotiate much lower without getting bank approval (a good thing).

Taking a quick look at the neighborhood, $350K does look high. There's another single family home in the neighborhood on the market at $300K (bank owned), and one is under contract (without a garage) with a list price of $270K. So even if it's very nice, it might not even appraise for much more than $300K.

This area as a lot of foreclosures which bring prices down for everyone. I just completed an analysis of distress/bank sales in Montgomery County - take a look at the link below. Hopefully that helps.
Web Reference: http://mocorealestate.com/
0 votes Thank Flag Link Sun Jan 18, 2009
Kaylyn,

Jon Tucker with RE/MAX 100. Yes, this could go down that far. If you like it, I can help you prepare an offer of $300k and will negotiate with the seller/agent to get it down to that point. Give me a call or email and I would love to help you with this. Jon Tucker, 443.538.4316, TuckerRealty@comcast.net
0 votes Thank Flag Link Sun Jan 18, 2009
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