I'm showing that it dropped $20,000 in the MLS so I'm not sure where you're getting the $50,000 from. However, there are several reasons a Seller will reduce the price and they usually have to do with the Seller's motivation for selling. A Seller may be looking at doing a short sale in which case they may drastically lower the price to entice someone to submit an offer. Some Sellers may be looking to relocate and know they need to sell in order to take that better paying job someplace else. The reasons are endless. Regardless of the asking price, if you're interested I recommend consulting your agent to determine the value for this property in this market and then make your offer based upon that.