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Which offer wuld give the best chance of getting seller paid closing costs?

I'm looking at a $79,900 sfh and would like the seller to pay all closing costs. My agent gave me 3 options for a bid- $6000 under asking price w/ closing, asking price w/ closing, or $2000 above asking w/ closing and hope to get more $ back. This is a bank-owned property and I am a 1st time home buyer. What should I do? Which might have the best outcome in the long run for me and my money?
  • June 06 2009 - Capitol Heights
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Answers (3)

I have been dealing with bank owned properties for many years now and in my experience I find that if you want the seller to offer closing assistance your chance of getting an approved offer would be to offer list price, and then ask for as much concession as you, your lender and realtor think may be appropriate for your circumstances.  
Charlene Perry
The Preferred Title Group, Inc.
Baltimore, MD
  • June 18 2010
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Hello preciious...several questions pop into my mind, first, is your Realtor a buyer agent? If not, then they are legally bound to represent the seller, and as a result, your 3 mentioned scenarios are already known by the seller, or soon will be. Secondly, the seller is more likely to take the largest offer with the smallest costs, that may be obvious, but bears repeating. Third, you mention getting more money back...you will not be allowed to get any money back on the HUD 1, so I am not sure what you are saying there. I hope this helps you, good luck in your purchase! Jim
  • June 06 2009
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Profile picture for real estate mike
First, hopefully your agent knows that market very well and he/she knows your needs not us. Generally, as low as you can go assumming no competing offers and you're not in a rush. You can always raise your offer. Also what is the foreclosure comp value? Did your agent spot any major problems: roof damage and/or leaking, signs of foundation issues, etc. You might even consider taking a contractor with you for a second showing. Your agent is your best resource right now, ask many questions!
  • June 06 2009
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