Sometimes the listing identifies this fact. You may not know until you make the offer, get accepted and read it in the Banks' addendums.
Phyllis Crosby, Realtor/GRI
ReMax TopNotch Associates
Tampa Bay, Florida
Best of luck to you!!
I think your answer is covered if you are buying a Listed REO. Don't forget your inspection and make sure to have a title contingency.
If you are buying at the courthouse steps, I would gather a team to take you through the process. Sit in on a few investor group meetings and ask questions.
The auctions are all cash, zero contingencies, no
In most cases, you will need to pay the recording for the Deed, a settlement fee, courier costs, and in some cases, you will be required to pay documentary stamps ont he Deed. There may also be a processing fee of some kind, which is usually around $200 to $300. If there are garbarge assessments or any fees of that sort which are collected in your taxes, you may have to pay a proration of that, as it is usually due in advance of regular taxes, but you should receive a credit for proration on the real estate taxes, if they are not paid. If paid after November 1st, you will receive a credit from the Seller for the balance of the year. Otherwise, if not paid or if you close prior to November 1st, you should receive a credit from January 1st to the date of closing. That could offset some or all of your costs. In any event, you will not have closing costs that amount to much. I see in most cases costs of $500 to $1000 tops. You need to read your final contract and carefully to make sure it sets out which costs you will need to pay. REO sellers have Addendums that vary from case to case and they should set out which costs will not be paid by those Sellers.
Since you wont be paying lending fees or document stamps on the mortgage, your closing costs will be minimal. Basically, you will be paying some state taxes. I can't give you a number because I have no idea what the price of your property is. Any title company can give you a very accurate number if you give a call and tell them how much you are paying for the property. With cash, you do eliminate many of the costs and requirements such as prepaid insurance and taxes and lender fees.