I’m getting prepared to buy a house in Michigan (just north of 8 Mile) that is being sold by the bank as a short sale. I’ve made the bank an offer and am sure that I can get any loan that I want. My question is, are there any decent books or classes that can be read or taken in SE Michigan that can prepare me for the negotations that are about to take place? What are some of the common pitfalls that first time home buyers make because of thier newness to the process.
I have been told that it will take 3-4 more weeks before the bank gets back to the realtor about my offer, but that I am first in line. I’ve already checked out the local tax situation, flood plane status, and utilities. I’ve asked that the seller pay up to 6 percent of the closing cost and know that I am not eligible for the the $8000 tax credit for first time homebuyers. These things appeared obvious to me to check out, I’m searching for the un-obvious sort of thing to check out.