It all depends upon the offer that you make to the bank. Banks are usually anxious to get rid of these properties and will help with the closing costs because the longer they have them on the market the more money it costs them. Contact a realtor to help you with these properties - they can write up the contract and help you with the negotiations. Good luck!!!

Everything in Real Estate is negotiable. That means that either party can say no to any offer. I am not a big fan of homeowners buying foreclosures. When you buy from a bank, you will sign away all of your normal consumer protections. You will have no property disclosures and think about this: If the owner couldn't make his house payment, what other maintenance was not done? Some banks don't even allow for an option period to inspect the house, some banks leave the utilities off, so you will spend money before you even know if you have a deal. Your Realtor will know good inspectors who can guide you on the condition of the house. Good luck!

It all depends on WHICH bank has the property. Some actually belive in "loss-mitigation" while others and their assett managers, have major attitudes when it comes to pricing and contract law. But remember this old Zig Ziglar line: "Shy Salesman have skinny kids!" You need an aggressive EXPERIENCED Realtor to assit you with the offer. This is ONE of many times you need a Realtor for representation. It will save you thousands!! In our area the REO's are running rampant and clobbering local values. Their collective pockets are bigger than ANY one homeower.

I have been working with Foreclosures for over 2 years and never have I been told they will not pay for closing cost,, in most cases when there are more offers they will only look at eh one that make sthe bottom line bigger.

For example if ther eare to identical offers but one ask to pay for Closing cost and the other does not well the other will always win.

Banks only see the bottom line nothing in between.

But always ask for what you want, or you will never know.

It has been my experience that banks DO NOT pay any closing costs. Most feel that they are pricing the home below current market value in most cases and that they have lost enough as it is.
In a HUD home SOME TIMES, they will place an amount in escrow for repairs only. They will be listed on the website in the property information and your agent will have to ASK for this amount when making the offer. It should not be assumed that you will receive this amount if you do not ask for it, you will NOT! However, I have never seen "closing cost" allowed on this either. Just my experience, not saying that it never happens.

Where is your agent they should be answering these questions for you

We specialize in DFW home foreclosures, YES the bank can pay for your closing costs if it placed correctly in your offer you submit for purchasing the property

There are many tips and tricks in purchasing bank foreclosures NOT all bids are winning bids. However our success rate is extremely high for your Dallas investors or Dallas families

I am a Dalls real estate agent and a Dallas home mortgage loan officer you will need to be pre approved prior to placing an offer on any property

Contact our office if we can be of any further assistance
Lynn
972-699-9111
911@lynn911.com
http://www.lynn911.com