They believe the extra credit is closer to a price reduction so they will reduce the loan (if they even offer one).If the builder close out was priced right you can still do a lot of things to make this a great deal.

Though i expect to contract for $255,000 Details follow. 8 plex renovated in 2006 and 2007: new roof, all apartments new carpet, painted, new windows, new lighting fixtures, new kitchen cabinets and appliances.4 two bedroom and 4 one bedroom all with w/d hookupsCurrently 100% occupancy with 1 year leases.Sheduled gross income $3300/monthtaxes and insurance $2500estimated maintenance $1800all apartments on separate water and electriclong time handyman on premises gets rent reduction for service.

donflips -- Thanks for the motivation.Yeah, I found out from public records that this house is owned by Washington Mutual and yesterday their shares took a dive of 17% in addition to the annoucement that NY attorney general may bring charges against them for pressurizing the apprisial companies to inflate home prices.I just keep looking for any reduction in price and sadly the place where I live there ain't that many reo which sit for more than 4-5 months.

My neighbors just sold a beautiful home after being listed 30 mos and a 200,000 price reduction.

I am sure that a rate reduction will somehow, somewhere help some borrowers.

I don't know which site you are referring to but we have been looking at purchasing a couple of different REO's and often time the listing agent simply hasn't updated recent price reductions, not all of the sites have been updated.

Or did the law just say that no taxes are due even though the debt reduction needs to be reported?

I will give you up to the typical 5 year warranties, or less time which includes a rate reduction for you for every year taken from 5!!!!

The loan is a non-issue, but as you can see from this case, the deal itself still holds some weight, though ultimately insignificant, as the guy got off.

Now if I have to walk from Michigan to Florida will it be easier if I simply put on a light weight back pack with the essentials?