I have a client who made an offer on a cute little house near Glendale Community College. It's a short sale. Compared to other properties that we considered, this one is terrific - at least at list price. Lots of character. In pretty good condition - obviously well cared for by the homeowner. Not perfect - the roof does not look all that great - and the build-out in the garage may have worked for somebody but not for my buyer.
We made an offer - decent, given the comps and the current market - and then raised our offer by $2000. Unfortunately, the seller's lender wanted more - $10,000 more. Without roof etc. issues, that might fly. But as is, no. We might have been able to meet in the middle - another $5000 from my buyer - but it looks like too much work, so we've cancelled.
I support the buyer's decision. We will try to find more value for the money. There are still good choices, and the interest rate is still low. It may not be a great time to sell, but it is a very good time to buy - assuming we can find the right property.
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