Home Buying in 60061>Question Details

Stefcia00, Home Buyer in Buffalo Grove, IL

Does the bank pay for closing costs in a foreclosure?

Asked by Stefcia00, Buffalo Grove, IL Fri Mar 15, 2013

Help the community by answering this question:


No they wouldnt. Also don't pay for staked survey or well and septic inspection
0 votes Thank Flag Link Sun Mar 31, 2013
This usually does not happen. You can always ask. I have seen banks make concessions to buyers and yes some do allow some closing costs credits. Your offer needs to be structured to try to help cover the potential costs.

All the best,
Gary Geer
0 votes Thank Flag Link Sat Mar 16, 2013
Not usually, It's better to offer less for the property and pay your own closing costs. It's a cleaner deal for the seller.
0 votes Thank Flag Link Fri Mar 15, 2013
It never hurts to try, but the decision is up to them, part or all of it, and then there is the way of
the higher purchase price to get the credit for closing costs at the closing....But yes you can always
try at the time of presenting the offer.
Good Luck to you

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0 votes Thank Flag Link Fri Mar 15, 2013
Homepath/HomeSteps Fannie Mae & Freddie Mac properties often will assist with closing costs. With other lenders - they may or may not, however it never hurts to try.

However, as Ron stated below, typically they will never "pay" for your closing costs. You will often have to, in effect, "finance them into your loan" by having to increasing your offer to account for the credit they are giving you.

Hope that helps! If you have any additional questions please contact me directly, or via my website: http://www.SelectiveBuyer.com. I'd be happy to explain everything to you in detail.


Terry Farnsworth

Licensed Broker, Prospect Equities Premier


Direct: (630) 747-3426

0 votes Thank Flag Link Fri Mar 15, 2013
If you ask for them to pay some or all of the closing costs with your offer they might say yes, but it has to be requested at the time of the offer.

Kathy Diegel
The Peggy Cobrin Team
Coldwell Banker Residential
Buffalo Grove
Call or Text 847-707-8907
0 votes Thank Flag Link Fri Mar 15, 2013
Very seldom.
But they can be accomodating; you can put it in your offer and try.
Usually, you will have to pad your offer to include the CC so that they will accept.
0 votes Thank Flag Link Fri Mar 15, 2013
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