Hi All,

I am new to this website but have heard nothing but good feedback about it, so I am hoping to be able to get some good advice here and hopefully provide some in the near future.

A little background about me.  I live in probably one of the more competitive cities called Washington DC where nice houses fly off the market like hot potatoes.  I am recently trying to close on a foreclosure (needs a lot of work) in the suburban with a 30 year conventional loan and 20% down.  The bank has countered at a much higher price, but agreed to pay for closing cost, inspection, taxes etc up to the amount my lender would allow, which is 6%.  I've been trying to get a clearer picture from the bank to get an itemized list of what they would pay, for instance, what do they mean by "tax?"  Does that include the 4 months property tax, transfer tax and recordation tax?  That along can be a difference of several grands.  However, the bank has been very vague about it and only said they would pay up to the 6% of what the lender allows, which equates to about $18,000.  However, that's misleading because the closing cost (including everything) will surely be less than $18,000, so I am not really getting a $18,000 discount.  

I want to see from the wealth of knowledge here that in cases like this, what can I expect them to pay at closing?  And if I should just counter with a clean offer?

Thanks.