Upcoming Foreclosures

When buying a bank owned property?

What are the chances of the bank paying the closing cost. Since I have to put money down on the mortgage I won't have enough to cover closing costs also.

Public Comments

1. Very low. They'll usually wait for the next buyer who won't need to ask for assistance.
2. Depending on how much of a declining market the property is in. Most areas banks are paying for closing cost just as long as your offer is reasonable.
3. Not in my area. It is tough to even get banks to pay for inspections. There is alot of misinformation out there that lenders are desperate to "clear the inventory" or "get properties off the books" and this just isn't true. Lenders are obtaining Broker Price Opinions and appraisals to make sure they are getting as close to fair market value as possible for their homes. You would have to put in a very good offer before the lender would pay your closing costs.
4. It depends on your offer. Depending on my own cash-flow I will structure my offers where I pay my own closing costs and other times where I ask for 3% concessions...and get it. If I pay my own closing, I am offering less. Also, how much are you putting down? If your credit allows for it you may qualify for as little as 5% down, allowing you to use more of your funds towards closing costs. Good luck and have fun!