Home Buying in 32904>Question Details

Sue N, Home Buyer in Brevard County, FL

If I buy a short sale or foreclosed home can I get closing costs paid for by the seller? Thanks

Asked by Sue N, Brevard County, FL Wed Jul 6, 2011

Help the community by answering this question:


You can certainly ask. I have seen, in many instances, closing costs paid on both short sales and foreclosures. It is possible, however, it is not a given. The asset manager (the decision maker at the short sale bank or the foreclosure bank) will look at the entire offer and their bottom line to deside if they will accept the offer or not. There is no rule of thumb, so if your loan will allow it, you can always ask. Just be prepared to pay in the case that they will not accept your offer.
1 vote Thank Flag Link Thu Aug 16, 2012
You can request on the contract that closing costs will be paid by the seller; and this amount will be rolled into your mortgage.
Please note that (a) the home will have to appraise for the amount of the contract, (b) based on the type of mortgage you are only allowed to ask for a certain amount of closing costs, and (c) the owner and/or lender will be looking for what they are going to net from your offer.
Web Reference: http://www.321property.com
1 vote Thank Flag Link Wed Jul 6, 2011
This is do-able:
Lets say that you want to offer $100,000 for an REO; just make it $103,000 or $104,000 and ask for Closing Costs to be paid by Seller.

Normally, the Banks do not want to lose and more money on a house by Repairs, Inspecitions, or Closing Costs. But they are realistic to creative investing.

That said; if you have the money for Closing Costs, don't do this!
It complicates the offer and might lose the house for you. You want your offers very simple; you want the Bank to want to accept yours over everyone else's. Don't get hung-up over Closing costs.

Good luck and May God bless
1 vote Thank Flag Link Wed Jul 6, 2011
If it is included in the offer and accepted by the bank. This was a custom in a buyers market, not so much now that we are in a seller's market.
0 votes Thank Flag Link Fri Aug 14, 2015
Everything is negotiable and I encourage you to ask. There have been cases where most of the closing costs are paid by the seller but a few hundred dollars because the buyer asked. As the seller considers your offer remember as an example that a $100,000 offer with no closing costs paid by the seller is approximately the same as a $96,000 offer with $4,000 closing costs paid by the seller.
0 votes Thank Flag Link Thu Aug 16, 2012
You may also consider new construction. Stanley Homes pays $4,000 towards buyers closing costs and you may also be eligible for down payment assistance (bond money). Please call me for the details.
Sheryl Thomson
New Home Consultant
Stanley Homes, Inc.
0 votes Thank Flag Link Sat Jul 9, 2011
Absolutely. You can always put as part of your purchase offer. Usually however you will be more likely to get one from the banked owned property than the short sale lender.


Camille Ruiz
Realtor, Watson Realty Corp
0 votes Thank Flag Link Thu Jul 7, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer