I would ask for at least as much as the inspection repairs will cost. Make sure the $10k credit will cover everything the inspection turned up (and hopefully a little more that the inspector couldn't see behind the walls), because if the bank says yes, and the repairs end up costing more, you are going to be out of luck once you close. Even with "as is" homes, there is usually an inspection contingency in the contract so that you can get out of it and get your deposit back. I would get a lawyer involved if you have any questions. They can interpret the sales contract and let you know what your options are.

cordavamom: "He said as long as the house had power he could do an inspection on the whole house, he'd turn on the water etc. The bank is okay with him doing this. Winter is well over, (it's 77 degrees here today). the bank has made no mention of my son having the home re winterized if the contract falls through -- is this normal?" I can't speak for what is normal with a bank. That said, obviously if the house has power and gas, the electrical and HVAC system can indeed be inspectedand of course, roof structural, which are non-utilities dependent. However, IMO, the HI is a fool to turn on the water....as he is bargaining that there are no problems with the plumbing that could cause property damage. Granted, with a 3 year old home, the chance of that being the case is less than with an older home...however, with a foreclosure, all bets are off as far as the norm...as all too often foreclosed properties are damaged due to owners who want pay-back because of the foreclosure (such as those who were duped by the predatory lenders) or, in a divorce, people can get mighty vindictive. Sometimes the damage is obvioussometimes hidden. We had neighbors who divorced. They had a beautifully upgraded home, very well maintained; the hubby was the original owner of the house brand new, pre-marriage. They split because the wife was having an affair; she continued to live in the house with the children...then had affair guy move in with her. Needless to say, soon to be X was VERY upset...the house went into foreclosure. Wife and affair guy moved out. The bank held an open house through a realtorand we were shocked to see what had been done to the insidedamage everywherethe couple who bought it spent thousands on repairsand he was a contractor..so labor was not an issue. That said, your son needs to make certain that the HI carries errors and omissions insurancethat way, if any damage occurs once the water is turned on, the HI has the financial resources with which to cover it....in addition, your son should make sure that there is some sort of condition in the HI contract where your son cant be held for damages due to the HI turning on the water when he hasnt a clue as to whether of not there is a plumbing problem Last but not least, the water should be on for at least 48 hours prior to inspection, in order to determine if there are any leaks as water somtimes needs a while to circulate before some problems can become evident Last but not least, as you son has no claim to the property, the bank, as the owner/seller would be responsible for any required "winterization", unless your son signed something agreeing otherwise Hope this helps

Yeah, that definitely sounds more like a short sale. For foreclosures around here it may take them a while to decide to accept an offer (and it better be cash or don't bother), but they close quite quickly on acceptance. On the other hand a neighbor of mine has been following property in a particular development for a year now, and not a single one of the short sales that went under contract since she's been watching has closed yet. Several have been pending since last July.

Laura: Thanks for your kind words. I was excited by the possibility, but I knew that it would have been stressful in more ways than one. Sort of a relief to have a concrete reason not to move forward. The floors were damaged (lack of heating I think), but damage aside they were a really cheap bamboo to begin with plus they were really poorly done. I think the owner may have DIY'd them along with the horrific tile jobs in bathrooms. I'm just disappointed because I really want to be on some acreage already. Our current lot is so tiny and we have so many neighbors that back up to and along side our home, it is quite ridiculous. I'd like to have a vegetable garden, but I don't have the space. Forget having chickens, which I think would be great fun to do with the kids. Our drive way is so small we cannot even park two cars along side each other without going over edge into the grass. I could go on and on. However, I should be thankful for what we do have; a newer home in a safe, family friendly area with great schools. We can qualify for an FHA mortgage in 1.5 years and maybe a construction loan in another year or two past that. I just need to sit tight. Kirk: Honestly I think it is a teardown at this point. The longer it sits the more it deteriorates. Birds have gotten into the siding and according to the agent I spoke with, the birds have damaged some of the electrical work. The lack of heating has damaged the floors. I bet the foundation has a lot of water issues. The lot was originally part of the property to the north. It was divided up about ten years ago. This home was only 2300 sq ft, so not huge and obviously it couldn't be positioned on the lot without wetland issues. Pretty much the land would only be of use to the neighbor(s). There's just not a suitable spot for a house, and even if you squeezed a smaller home on it there's the whole well issue. Apparently the community well is full? So it needs to be hooked up to the water company and that would be quite expensive considering how far back the house sits from the road. It's such a shame. A total waste. And honestly, the listing should provide more information. It needs to indicate that is should be viewed as a teardown/ land only. Not to mention the price is WAY too high for a uninhabitable home on wetlands.