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Do lenders pay closing costs on foreclosures (REO)?

COLA1025
Contributions:5

Want to make lower offer. But, not sure if lender will pay closing costs (Wachovia).

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0Yes

March 22 2009 - Columbia

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Answers (5)

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Laura Jefferson, "laurasellslexington"
- 0.0/5.0
- (no reviews)
Contributions:29

It is all dependent upon many factors. Wachovia is now Wells Fargo and they have a large portfolio of REO.(Real Estate Owned) Have your agent do a CMA and get an inspection done.You need as much information as you can get to get any bank owned asset manager to work with you.

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0Yes

March 26 2009

girouard property RE
- 0.0/5.0
- (no reviews)
Contributions:981

Actually it's done alot in this area, especially with FHA loans. Lower offer? depends on how long it's been out there.

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0Yes

March 24 2009

Harrison Painter, "HarrisonPainter"
- 0.0/5.0
- (no reviews)
Contributions:258

We get it paid about 25% of the time.

So it never hurts to ask for it! :)

Have a Profitable day!

Harrison

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0Yes

March 24 2009

Howard Rose III, "Howard Rose"
- 0.0/5.0
- (no reviews)
Contributions:104

Having had experience with Wachovia, it can be done. It will truly depend on how low you plan to offer on the property. You have to ask yourself a couple of questions, 1- Would this be a good buy? and 2- How bad do you want it? The only true way to find out is to submit an offer.

Thanks

Howard Rose III
Army (Retired), Realtor
803-800-4448
www.buyandsaleinthemidlands.com

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0Yes

March 24 2009

Sam DeBord, "SeattleHome.com"
- 4.9/5.0
- (5 reviews)
Contributions:3472

It's possible, you can ask. If you're going to finance through the bank that owns the property, you may have a bit more leverage.

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0Yes

March 22 2009

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