Yes it is common for sellers of bank owned properties to pay some, if not all of the buyer's closing costs. However, in a competitive market like ours, where there are lots of homebuyers, there are quite a few homebuyers that will pay their own to make their offer stronger. If/when your closing costs are paid, the percentage varies, but it's not always a percentage...sometimes it's a dollar amount. Typically, you would be safe asking the seller to contribute 3% of the purchase price towards your closing costs, but that amount and the strategy differs and varies on each property and for each seller. The amount you ask for, if any, depends on other factors in your offer, such as price, COE date, other terms and conditions, type of financing or cash, etc.
So, speak with your real estate agent. If you don't have a Buyer's Agent helping you, then get one before doing anything else.
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