Profile picture for memc5tech

With a bank owned property is it heard of to get the bank to pay closing costs?

I am looking at a home owned by a bank, and may possibly even try to use said bank for a mortgage loan, is it heard of and/or difficult to get the bank to pay the closing costs?  Also, a little more info on the home, it has been owned by the bank since March.  Another quick question, since it's been bank owned so long- do any of you  think that it is feasible to offer well below offering price?
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January 15 2009 - Memphis
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Profile picture for Mr Caveat
price, price, price.
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January 15 2009
Closing costs usually do not exceed 3 percent of the purchase price. Just factor your closing costs when you make an offer on the home, the either pay the closing costs out of pocket at closing or roll the closing costs into the mortgage.

You really want to avoid anything that further slows down the process. Banks want fast and clean transactions with quick possession times. WIth that said, the banks do tend to drag their feet as the other posting has attested to.
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January 15 2009

With loans I have closed in the past I have seen banks usually pay out about 3% in seller concessions towards closing costs in most cases. All depends on the overall offer. If they do not pay costs you may be able to get a lower purchase price.

These transactions usually take a longer time, and I can honestly say NONE of mine have EVER closed on or before their contact expiration date. The bank always seems to drag their feet.
 
I would ask a local realtor in your area about offers on the property - they are the experts and would know best on that. I would say if the bank holds on to a property for along period of time they are going to keep holding on to it until they get the price they want or there may be a major problem with the house where past buyers have walked or could not get financing.

Good Luck!

Lindsey Bishop :-)

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January 15 2009
 
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