Ask for closing costs in the offer. The bank will pay it if they like the rest of the offer, price, COE, etc... Keep in mind many of the banks will get offers without buyers asking for closing costs and they will usually take those when all other terms are the same like price and COE. Banks like sellers will consider the whole offer so make it a good one.

Dawn Lewis - San Diego Reator Since 1989
Over 20 Years Experience - Over 2,500 Homes Sold

http://www.dawnsellssandiego.com/

Some banks actually say they will pay closing, but you need to be at or above the asking price.

Good luck,
Joan Wilson

Felix,

The banks are usually look for the best deal . You might weaken your offer if you ask bank to pay out additional cost. Since you are an agent, it's good that you are considering all options for your clients. Below is a link to more short sale and foreclosure questions and answers:

Felix,

Depending upon where your property is located and the condition it is in, you may not want to ask for the bank to pay closing costs as it will weaken your offer. It is fairly competitive here in 92127 for Short Sale or Bank Owned properties and like Allison said, the banks are looking at their bottom line.

Your agent should be evaluating this with you and making suggestions regarding your offer based on the situation.

Kind Regards,

Marcie Sands, REALTOR
Simply The Best Real Estate Co., Inc.
Rancho Bernardo
760-644-1562

Felix,

In my experience, the bank is looking, above all else, at their bottom line. Your best bet is to present an offer that is high enough to get them the the best pay-off...after subtracting the closing costs. Its important for this to be written into the purchase contract, as it is very difficult to ask for any concessions after the contract has been ratified. We have had some luck with seller concessions for unexpected repairs with our Bank of America REOs. These are usually credited to the Buyer at Close of Escrow as a Credit for Closing Costs or reflected as a Price Reduction, but for the most part these properties are sold AS-IS.

Despite what you may be hearing about this being a buyer's market, depending on your price point, be prepared to be competing with Multiple Offers at over the asking price..and set your price accordingly to adjust for the credit.

One important thing to watch for is that your offer is not too high. You can have a willing buyer and a willing seller...but if the appraisal doesn't come in high enough, you wont get the loan. This is where having a knowledgable Realtor who knows the local market is crucial.

Hope this helps