Hello Teacher and thanks for your question.
Typically, banks involved in an REO deal will not pay for the following costs:
1. Inspections of or Reports for the home
2. Repairs required to make the home habitable
3. Escrow Costs
4. Title insurance
5. Transfer Taxes (City or County)
6. Home Warranty
7. Notary charges
So, in other words, most of the closing costs normally paid for by the Seller would be paid by the buyer. To get a fairl accurate list of the expenses the buyer would be charged, have your Realtor contact the title company to request a "closing sheet" or "HUD1" statement. This closing sheet will list all of the expenses to be charged to the buyer.
Good luck and congratulations on the new home!!
Sincerely,
Grace Morioka, SRES, e-Pro
Area Pro Realty... more
Hi Teara,
I work with one of the nations largest bankers and we will do FHA purchase loans down to 531 credit scores with good rental history and good credit showing for the last 12 months. 5% on the rate is possible, but your APR will always be higher with FHA loans because of the costs to get them. 3.5% is the minimum money down you have to pay to get this loan unless you are a military veteran in which case you don't have to put any money down. My name is Jake Johnson and my email is jjohnson@lendamerica.com if you have any questions.... more
Duarte is a wonderfull city in the San Gabriel Valley. Nestled between Azusa and Monrovia, Duarte has the beauty of the foothills as its back yard and access to freeways and entertainment w/in an earshot. I would highly recommend it. In addtion pricing in Duarte is very competitive.Our office currently has a number of REOs in Duarte that stem from condos to single family residences. Feel free to reach out if you have any additional questions.... more