Hi Maggie, I formally went through the FHA Loan Agent Certification process. The maximum Seller Credit using a FHA loan is 6% of sales price. Non-FHA is 3%. I have yet to be unsuccessful in getting 6% concessions from non-distressed, short sale, or REO listings. Persistence and the willingness to walk away from the deal is the key.

Best, Steve

Maggie,

When you make an offer on a property, you can ask for the seller to pay the closing costs. They can say no, and counter you back with what they will pay. It's a meeting of the minds, and once you have that, you have an accepted contract.

I have helped a lot of buyers get into homes. There are always ways to get the job done. Like they say, if there is a will, there's a way. That's my Motto. Get the job done, so everyone is happy.

I have been helping buyers, like yourself get into homes for the last 33 years. I have the experience to help you out in your situation.

Just contact me at:

Jerry Flynn
Old West Realty Inc.
925-820-6550
oldwestinc@yahoo.com
http://housebiz.ca

Are you only looking at REOs, Maggie? If you are, they will oftem agree to pay up to 3% of sales price towards closing costs and this is in line with FHA rules. "Regular" sellers will often agree to the same thing.

Bernard Gibbons

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Bernard Gibbons, Realtor, e-PRO Certified Internet Specialist
J. Rockcliff Realtors, 15 Railroad Avenue, Danville, CA 94526
Phone (925) 997-1585
bernard@bernardgibbons.com

Hi Maggie,

Be it a regular seller or a bank owned property, asking for closing cost can be negociated. I've had bank owned properties offer as much as 6% closing cost for my clients and as little as $3000. So when selecting a Realtor and preparing an offer, request closing cost as part of the purchase contract and wait to hear back from the bank . I hope this helps. Feel free to contact me for any additional information.

3% of the purchase price will often be paid by a seller and/or bank as in the case of an REO property. Its becoming "customary" these days for 3% closing costs :)