Property Q&A in Plymouth>Question Details

Marcia, Home Buyer in Holden, ME

when the listing says "bank owned" are there additional fees not included in the house price or do you have to finance with the bank?

Asked by Marcia, Holden, ME Thu Nov 19, 2009

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Hi Marcia,

When working with a realtor and viewing the property through MLS, there are generally no additional 'fees' on top of traditional closing costs. However, it's important to consult with your realtor to make sure there aren't any exceptions on the property. Financing can generally be done at your own discretion - not neccessarily with the bank who owns the property. Please feel free to email me directly with specific questions - I'm happy to be of service.

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0 votes Thank Flag Link Fri Nov 20, 2009
Good Morning Marcia,

Each bank handles the closing costs differently and it will be disclosed in writing up front. In most cases you can expect your closing costs to be the same as if you were buying an owner resale.
If you would like to view this property or others in the area, please give me a call at 508-846-2202.

Janet Peterson Spaulding
RE/MAX Paramount
40 Industrial Park Rd
Plymouth, MA 02360
0 votes Thank Flag Link Thu Nov 19, 2009
Two separate issues.
Each bank handles their properties differently. You must be careful, but most of the costs should be disclosed upfront.
As far as financing, many banks require that you get pre-qualified by the institution that owns the property, however you may use whatever bank you want. Again most of this should be disclosed upfront.
You should be using a buyer agent and/or a good attorney to help you get through the process.
0 votes Thank Flag Link Thu Nov 19, 2009
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