Home Buying in Worcester>Question Details

Eric, Home Buyer in 01604

What is your opinion on banks negotiating closing costs in the sale of a foreclosure in Worcester?

Asked by Eric, 01604 Wed Jun 11, 2008

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Hi Eric, that is a tough question to answer since the banks may already be dealing with losses of $30,000 or more on selling a foreclosure property depending on how long it's been in the process or on the market. There are some banks who may be willing to negotiate on closing costs if the price is near where they need it to be, but if you come in with a low offer, and then also ask for closing costs, they might not be as likely to help out. They are trying to get the highest offer they can to recoup some of its losses due to the unfortunate situation. I did do a deal where my buyers bought a foreclosure property and they asked for closing costs and the bank did it, but it was only a $10,000 difference from the asking price and the property had been on the market for about 6 months already. Never hurts to ask as long as you are prepared that they may say "no thank you." ;o)
0 votes Thank Flag Link Thu Jun 12, 2008
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