In my option and most buyers I have dealt with a pool does not hold a lot of value. If you are looking at 2 similar homes in the same neighborhood the home with the pool will be worth a little more and may be a lot more desirable. It's a want my cake and eat it too. I want the house with the pool for the same price as the house without the pool. Nobody is going to give you $40k-$50k more for house when they can put in their own brand new pool for that price. It may be messy and inconvenient to put a pool in after a sale but nobody thinks or cares about that when they are buying.... more
I believe per FHA guidelines, that is what the maximum closing costs you can ask from the seller. Asking that high of a closing cost can be very challenging now a days since the inventory is low and the demand is high. The competition is very tough.
Ask her if what is the 6% your Realtor is talking about.
The chances that the bank will pull the rug out, are not small, Sue A and Elizabeth W have both experienced having a bank pull the rug out from them. I have heard of this happening to others as well.
I admire Elizabeth's optimism that it is a small chance that she will get burned again. I don't agree with that assessment. IMHO, even a small chance of losing the deal is a great risk after you have spent money on an appraisal, whole house inspection, and other due diligence costs.
I generally advise against offering on short sales. Most of them are hoodwink sham against the buyer, seller, and agents. A bunch of wasted effort and wasted appraisal and inspection fees is the usual result. There is a chance, -= A SMALL CHANCE - that a short sale will actually go through. The more probable route is that it will not be forestalled long enough, that it will go to REO and be marketed as an REO within a few months or a few weeks.
My research tells me that only about 1 in 12 short sale listings (Year 2007) became closed short sales. That means 11 failures to every success story.
I boldly predict that will improve substantially this year to a failure rate of only 70 to 80%. That would be a huge improvement in the success rate, yet it still leaves me wary.... more