Hello Teacher and thanks for your question.

Typically, banks involved in an REO deal will not pay for the following costs:

1. Inspections of or Reports for the home
2. Repairs required to make the home habitable
3. Escrow Costs
4. Title insurance
5. Transfer Taxes (City or County)
6. Home Warranty
7. Notary charges

So, in other words, most of the closing costs normally paid for by the Seller would be paid by the buyer. To get a fairl accurate list of the expenses the buyer would be charged, have your Realtor contact the title company to request a "closing sheet" or "HUD1" statement. This closing sheet will list all of the expenses to be charged to the buyer.

Good luck and congratulations on the new home!!

Sincerely,
Grace Morioka, SRES, e-Pro
Area Pro Realty

Hi Crazyteacher......

In terms of fees, they would vary depending on the cost of the home. REO properties do not necessarily have additional fees to be paid by the buyer. All cash you will not have any lender fees which are a large part of a normal closing. There would still be Escrow fees, recording fees, and some miscellaneous cost they would be involved. I would be happy to work up a estimate for you if you have a price range in mind?

I work largely in the the Duarte area and very familiar with the Bank owned or REO properties.

Please don't hesitate to call or email me any questions you may have at any time.

Rana Madain
Dickson Podley REALTORS
626-827-9951
rmadain@aol.com

Best contact title company who can provide you an estimate in your state. YES most likely you would have closing costs on any property you purchase or sale.

National Featured Realtor and Consultant, Mortgage Loan Officer, Credit Repair Lecturer
Lynn911

Hi Crazy teacher!
Our last client just bought a REO property all cash...escrow closed in about 30 days. However, that being said, many other factors can effect the length of escrow.
Good luck on your new purchase!
Lou
LA Real Estate Group
info@mylarealestateGroup.com http://www.mylarealestategroup.com