Is it possible for the bank to give cash towards closing costs to help a buyer who's qualified by lack the down payment?

Asked by mike mcghie, lake worth, FL Sun Sep 20, 2009

I put in a bid for a house that;'s a short sale. I only have $8,000 for the down payment, but the costs of closing costs is just a little short of $12,000. If the bank is willing to put $5,000 towards the closing costs, I'll be able to qualify for the purchase of the house. I'm putting in a bid for $120,000, but asked $5,000 towards closing costs. Is it possible? Please answer as soon as possible. Thank you

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Keith Manson-…, , Milwaukee, WI
Mon Sep 21, 2009
Each lender has a different policy for paying closing costs. However, when the bank is paying cost the price will be higher. You can not get both price and closing costs.

Why are the closing costs so high? That is 10% of the purchase price! It is almost like you are trying to buy down the rate. Get your buyers agent assist you through the process to position this the best it can be presented to the bank/seller.

Keith Manson
First Weber Group
Certified Distressed Property Expert
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Patrick Thies, Agent, Anytown, IL
Sun Sep 20, 2009
You can always ask and see what happens. Keep in mind that if you are in any competition with anyone else, it may not make your offer the best offer. The bank is already taking a hit on what is owed to them.
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