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Agent commission and closing costs.

Who pays the agent's commission on a forclosure purchase ? 
Also, is it possible to split closing cost with any bank or is there a law that prohibits this ?
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October 01 2011 - West Palm Beach
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Answers (8)

Just did a purchase for a client and the bank picked up 3.5% of closing costs. You can always ask.
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October 25 2011
Seller pays the commissions. If you split title and escrow, it will end up costing you much more than half. The bank will use their own title company regardless of who you want to use. Most buyer's don't care who the title company is, but there are Realtors who demand a specific title company handle the transaction and they are doing a disservice to their clients. Since the bank will use their title company anyway. If there are two title companies involved, there will also be extra fees involved and guess who gets to pay those.
Just let the bank pay the entire cost of title and escrow and negotiate other items if you wish.
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October 18 2011
The seller/bank normally pays commission. Closing cost is usually negotiable.
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October 09 2011
The bank will pay the agents commission on a foreclosure purchase.  Sometimes the buyer can ask for the bank to give them up to 3% towards their closing costs and the banks have been good about agreeing to the request.
 
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October 07 2011
Most banks will consider paying closing costs.  They are just looking at the bottom line of how much they will be clearing.  In other words, you would be wrapping up the closing costs in your loan even if the "bank is paying" them.  However if you do not have the cash to bring to closing this should still be helpful.
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October 03 2011
The bank pays the agent commission in the case of a foreclosed property. You can ask for the bank to cover all or part of your closing costs and see what the response is. The bottom line is they want to move the property. Good luck!
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October 03 2011
Bank pays for commission on Foreclosure. You can always ask to split costs. Worst they can say is no.
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October 02 2011
The bank/seller pays for the commission on a forclosure.  You can ask for whatever terms you want on a purchase, but they have to be agreed to by both parties.
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October 01 2011
 
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