Home Buying in 91754>Question Details

Bobby, Home Buyer in Alhambra, CA

i'm looking for a properly around MPK, SGV. shortsales, (standard is okay too) Who is responsible for the closing cost ? banK?

Asked by Bobby, Alhambra, CA Thu Mar 1, 2012

Looking to buy within 3 months.

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Answers

5
Hi Bobby,

First of all, there is closing cost for both seller and buyer. I assume your question is about buyer's closing cost.

Closing cost is negotiable. As a local agent in San Gabriel Valley, in most cases buyers pay for it in order to get the best deal possible. However, you can definitely request the seller ( in short sale, bank) to pay for it. I had several short sale/ bank own deals that I successfully negotiated with the bank and helped the buyers to get most or all closing cost covered. Pls note, there is recurring ( prepaid interest, property tax and etc) and non-recurring closing cost ( escrow, lender, title fee and etc.). Some banks will only pay non-recurring closing cost. And usually it's up to 3% of the sales price and also depends on if the property is for owner occupied or investment.

Hopefully the answer helps. Feel free to let me know if anything else I can help.

Amber Yu
Go Go Realtors
Website: http://www.AmberYu.com
1 vote Thank Flag Link Fri Mar 2, 2012
As a buyer you are responsible for all your mortgage closing costs
0 votes Thank Flag Link Sun Mar 17, 2013
If it is REO and you buy this property with a loan( not 100% cash), you might ask sometimes(!) for up to 6% towards closing costs. Same with regular sales ( yet, the more you ask, the less likely they like your offer)
With Short Sales it would be not that easy: The Short Sale lender will not cover ANY closing costs on behalf of the Buyer. The bank's position is that they are going to take a hit on the Short Sale, they loose money and they pay for defaulted homeowner closing costs( and often the cost of a home warranty if requested by the Buyer, HOA transfer fees and certificates, and delinquent HOA dues; add a Seller Incentive for relocation, etc.)
0 votes Thank Flag Link Sat Dec 8, 2012
Hi Bobby! In a short-sale it all depends on what the lender is willing to pay for. Each lender has different parameters. Please email me if you are in need of help in purchasing a property in the MPK and SGV so I can help you.
seantoguchi@gmail.com
0 votes Thank Flag Link Fri Mar 2, 2012
Hi Bobby, Everything is negotiable in a sale. You certainly can ask the bank to pay a percentage or certain amount of your closing costs. You will still need your down payment depending on your financing.
0 votes Thank Flag Link Fri Mar 2, 2012
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