Question:
I'm looking at buying a property that is a foreclosure. It's listed at 64k and was originally listed at 69.5k, I was curious if I offered the full asking price of 64k, if banks ever pay the closing costs? My loan would be 30yr/fixed @ 6.65%. Total borrowed from lender: $62,250.00 with my downpayment of $1750.00.
Answer:
Whether they pay closing costs is up to you. This is a buyers market, and you definitely shouldn't be paying asking price. At the very least ask that they pay closing costs. Realize that 2006 there was a record amount of foreclosures in the U.S - and the banks are left holding the bag. If you are paying asking price, you are missing out.
It's up to you and the bank regarding who pays closing costs. You could offer $62.5K as long as you and the bank agree to split the closing costs.
That depends on the bank and the type of deal you work with them. For more information, please visit www.foreclosurelistings.com
More Related Questions & Answers...
The realtors should be responsible for the foreclosures and the fall out?
Where can I buy foreclosure homes in NJ?
My husband and i want to buy a foreclosure home?
Foreclosure List?
How long from the day your served your summons for foreclosure till you actually need to be out..in indiana?
How do i go about signing up with a bank to landscape their foreclosure homes?
Need help stopping foreclosure on home in Hawaii, by july 10th?
The first mortgage is in foreclosure. I have a second on the house. I am not on the first. What Happens?
Where can you get free listings of foreclosures on real estate with all the needed info to purchase with.?
In A Foreclosure will a Bankruptcy make the lender file a new Notice Of Default?