Hi Susan,
The max the banks will pay is 3% of the offer. Your agent can ask up to 6%, but the banks or sellers will counter with 3%.

It's norm that Banks a max of 3% on REOs.

Best Regards,

Jes Sierra, B.Sc.
Realtor®
Chino Hills, CA

I agree with some of the answers below. The closing costs can be between 3% to 6%. However, if you purchased a home that was a foreclosure, short sale, bankruptcy, the closing costs may be different. Their are rules and regulations regarding this percentage. In additon, real estate agents some time lead potential buyers away from great buys that are in foreclosure, short sale, bankruptcy because of the lower commission. Finally, a buyer and seller can prenegotiate with their real estate agent prior to signing a contract to obtain a lower percentage rate.

3-5% is the norm. I have ALWAYS asked the bank( on an REO/forclosure)to pay them and have always been succsessful.

Your closing costs can vary but in Texas they usually run between 5-6% of sales price if you are the buyer. If you are the seller it can vary greatly depending on the way the contract for sale is drawn up. Your best plan is to contact a Realtor in your area and ask for a free market evaluation and get specific numbers based on your specific area.