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Answers (8)
- Kamil Andrukiewicz, "homesbykamil.com"
- Contributions:57
This must depend on different states, we had the bank pay closings costs on a property.
- Marina Gulakova, "Marina Gulakova"
- Contributions:566
Not necessarily. The banks have been pretty decent about giving credits for closing costs, even to investors. It is who and how negotiates the contract for a buyer. That's why you need a real estate agent to do the job.
Marina Gulakova
...selling dream homes
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Realty One Group
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"If you want to look like a genius in 5 years; buy all of the Las Vegas Real Estate you can NOW" – Larry Murphy ~ SalesTraq
It's kind of silly because the bank doesn't net any more money-the buyer simply reduces their offer in response to the additional closing costs. The bank just changes the 'pocket' that they get paid out of.
Yes. Definitely. Don't forget about the 2% transfer tax. The buyer can expect to pay all of that.
- Call The Sisters, "Call The Sisters"
- Contributions:373
In my market bank owned properties disclose that the buyer will pay both sides of the transfer tax. Usually this item is split between buyer and seller.
You can structure your offer to the bank who owns the house to include a percentage of closing costs. They may or may not agree to it.
As stated before it reduces their net.
You can structure your offer to the bank who owns the house to include a percentage of closing costs. They may or may not agree to it.
As stated before it reduces their net.
- Philip Chang, "pchang1227"
- Contributions:31
I second that Ronald
- Ronald Escobar, "Ron Escobar"
- Contributions:305
Everything is negotiable... they can give you credit to pay your closing costs, but that comes out of their net proceeds and makes your offer less appealing... so it depends on what other offers they have and how they compare to yours.
- wetdawgs
- Contributions:26833
yes
Is it expected for the buyer to pay closing costs when buying a foreclosed home from the bank?
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