Ilysa,

Asking the bank to "chip in" may be pushing the envelope a bit and could leat to you losing out on a good opportunity. Unders normal "foreclosure" circumstances, the banks are already taking a beating and losing money. By asking them to chip in more is asking them to lose more......does it sound like a good idea fron their perspective?

They may be willing to embrace portions of the closing but don't expect them to foot the bill.

IIysa,

Good question, The answer is yes...SOMETIMES!
Not sure about the Port St Lucy Market but here in Orlando the Bank Owned homes are priced so low that we are getting MULTIPLE offers and as a result Bank can be selective on the offers. So I am advising my clients to bear that in mind when they make offers. You may have to offer MORE to get closing costs accepted.

Normally bank owned properties are handled the same as any other property and buyers do have closing costs normally associated with home purchase.
Rick.

Ilysa,

You are receiving a variety of responses to your question. I live and work in the Stuart and Port St Lucie areas and find that generally a bank owned property will be more likely to pay some of the closing costs if you are going to secure a mortgage through the bank that owns the property. However, not all banks are offering this option. Also, in a bank owned property, there are some items that the seller (bank) will pay, and then others that they may not. Each property is a little different, and each bank has it's own set of rules and terms.

The assessments that you generally find in PSL (water and sewer) will remain on the property as they are in the taxes. Generally, the bank will make sure the taxes are paid up to date, but if there is still 5 years left of the assessment in the taxes, they will pass that along to you.

As far as negotiating--each property is different. Banks are not in the business of holding real estate--they want to get that property off of their books ASAP (or faster!)--so I tend to find that if the property is a new foreclosure they don't seem to want to negotiate as much as one that they have had on the books for a while.

Hope this helps. Feel free to call me or email me if you have any further questions.

Debbie

Banks are negotitable as long as offer is reasonable. Most of the time they will help wtih closing costs.

If the property is already owned by the bank then they will be paying for the assessments.

Banks are willing to look at all reasonable offers. If the property has liens or assessments, the bank is responsible for payment in order to deliver clear title to the property. As to negotiations they will again consider reasonable concessions or price reductions.

llysa, Bank owned properties usually frown upon closing cost credits to the buyer-they almost never allow them. You have a better shot at offering a lower price and paying your own closing costs. Banks will usually negotiate price, as long as there are no other offers on the property. If there are, they will ask for highest and best, and you have no way of knowing what the other offers are. In most cases assessments are prorated at closing and the seller/bank would pay any outstanding, and you the buyer would pay from the day of closing forward. I would recommend (especially with bank owned properties) to work with a buyer agent. If you need assistance finding a good agent, let me know, I will be happy to refer one.

Lori.Rossi@Nemoves.com

Buyers agent who represents you would be able to assist with all your questions. However depends on how the contract is executed banks can contribute towards buyers closing costs. All homes "stand alone" when submitting an offer diffcult to state how firm a lender is when an offer is submitted. Banks are well aware of the value of home been provided detailed info. when it comes to determine list price for a home. Banks are not in business of profiting off sales of property they need to move forward sale property attempt to obtain what they currently have in home, less agent fees, 3rd party fees, title fees, taxes, and etc.

No, it is really a numbers game with this type of deal. So, make sure your offer is reasonable and ask for what you need. If the numbers work you will have bought yourself a home.