Foreclosure in Dadeville>Question Details

Florida Gal, Home Buyer in Dadeville, AL

Who pays closing costs for fannie mae foreclosure sales? Is it common for the seller to pay closing?

Asked by Florida Gal, Dadeville, AL Tue Sep 7, 2010

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In foreclosures it is common for the buyer to pay their own closing costs. As with any offer you can ask the seller to credit the buyer with up to 3% of your closing costs, prepaids and or escrows. When making an offer you need to consider your offer price if you are asking them to pay your closing costs, you can usually get a lower price or get closing costs credited, depending on teh area, the property and if there is any other offers, you may not be able to get both.

Please see my blog with tips and advice on making offers on foreclosed properties.
1 vote Thank Flag Link Wed Sep 8, 2010
Usually the Sellers lender.
0 votes Thank Flag Link Tue Sep 21, 2010
In our area Fannie Mae is offering to pay 3.5% in closing cost with acceptable offer so Gerard hit the nail on the head it depends on the market and area
0 votes Thank Flag Link Wed Sep 8, 2010
While everything is negotiable - most real estate transactions are ruled by local custom. In Florida - the seller usually pays these costs.


You may have a chance at owner financing or private financing. If you can make a very large down payment - local banks may consider your loan.

Lot loans are NOT FannieMae or Freddie Mac. Most lot loans are portfolio loans and do not necessarily need to comply with Fannie/Freddie loan guidelines.

Good Luck!

Gerry Dunn
Associate Broker - 28 Years
gerry@MyPotomac.com

Licensed in Maryland, Virginia and D.C.

Web Reference: http://www.PotomacSecretAgent.com
0 votes Thank Flag Link Wed Sep 8, 2010
Great reply Scott. I couldn't have said it better myself.
0 votes Thank Flag Link Wed Sep 8, 2010
It is common for the buyer to pay the closing costs unless you write it into the contact that seller will give a credit for closing costs.

Scott Riddle, P.A.
Realtor Certified Short Sale Professional
Realty Direct| 4500 Executive Dr., Ste 320 |Naples, FL 34119
E-Mail: ScottRiddle239@gmail.com
Cell: (239) 289-1849
e-Fax: (239) 390-0027
Web: http://www.NaplesRealestateTeam.com & http://www.NaplesRealtorPros.com & http://www.NaplesRealEstatePros.com
0 votes Thank Flag Link Wed Sep 8, 2010
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