It's imperative to have a realtor to represent you that has experience in dealing in bank owned properties. Having someone working just for you and researching the history on the property can gain you great information. Honestly there are many great homes available that aren't tied up in a banks web of foreclosures that offer a much better opportunity for equity and profit. As a buyer having the right realtor in your corner can save you and potentially make you big $$$$! Good luck in your search!... more
Hi J--it would be a rare occurence to try to negotiate closing costs with a closing company. What you might do instead is ask your Realtor to refer 2 or 3 different closing companies she has worked with who she likes, and check with them. I know of a closing company in my area that changes less than the usual $300, so my thought is that others might,too.... more
It may help to have your home pre-inspected before accepting FHA financed buyers. In the long run this will save you time and money. The cost for this is anywhere between $200-$350. In my opinion, well worth it!
I am a realtor in Chester County Pennsylvania. My opinion is if the buyer isn't asking for much more than closing costs then 3-4% is fair. Most sellers are aware there will be a negotiation process and are prepared. I hope this helps. Goodluck!... more
Jennifer is correct. The monies the buyer's lender requires to be held in escrow for taxes and insurance will not be paid by the seller. Is there a place in the contract that limits the amount of seller paid closing costs? The seller's realtor usually adds this to the real estate contract.... more