You will need guidance to price and purchase a home like this not only for the right price but to maximize your value.
Arthur Hardy, Realtor
W.C. & A.N. Miller Realtors
4910 Massachusetts Ave NW
Washington DC 20016
(202) 362-1300 office
(202) 362-3164 fax
(202) 895-2860 direct
Know of anyone thinking of buying or selling a home? Referrals are greatly appreciated.
Coni's point is right on. If you do move forward with a purchase offer, have your agent confirm that the seller isn't in a short-sale situation. If the seller does need to get bank approval close the deal, then expect the contract process to take a loonnnngg time.
Good luck. Maybe this the one?
If the home was sold in 2006 for $575,000 and now on the market for $574,000 the owners are taking a loss and is probably subject to "third party approval". Of course I cannot be positive but if this is the case then any offer you submit would have to be approved by the bank.
Also your agent should do a market analysis for you on any property you are interested in so you know what the other houses in the neighborhood are selling for and so you don't over pay.
Hope this helps, Coni Otto
thanks for the answer. We are working with someone but I always find valuable advice here on Trulia and was hoping to see what others thought about the general situation (of a home being listed for it's purchase price at the peak of the market).
The best course is to have your agent run the comps in the neighborhood. That combined, with the home's condition and your agent's expert opinion, should help you develop a good offer price. If you are not working with an agent I am happy to accompany you to the property and come up with a suggested offer price.