Homes that are in forclosure. Can I ask the bank to pay the closing cost?

Asked by Angela, Montgomery County, AL Wed Nov 9, 2011

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This question is about this property: http://www.trulia.com/foreclosure/3061457541--Portsmouth-Dr-…

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3
Robin Davies, Agent, Prattville, AL
Thu Nov 10, 2011
Closing costs are negotiated with a bank just like with a personal seller, as part of the entire contract. You can ask for as much closing costs as your loan type will allow, some have capped amounts, others do not. The bank will negotiate the contract including closing costs, but they are usually pretty reasonable with what they will allow to cover for closing costs since most buyers need assistance with them.
0 votes
Rodney Mason, Mortgage Broker Or Lender, Atlanta, GA
Wed Nov 9, 2011
Yes, you can negotiate for the seller to contribute toward your closing costs/pre-paids. For an FHA mortgage, the limit is up to 6% of the sales price.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Conventional | FHA | FHA 203K Renovation (Streamline & Consultant) | HomePath® |
HomePath® Renovation | VA | USDA | GA Dream | Jumbo Financing
Web Reference:  http://www.rodneymason.com
0 votes
Michele L. C…, Agent, Montgomery, AL
Wed Nov 9, 2011
yes, you can ask them to pay for all that you want. They will counter back with what they are willing to pay. They do and will negotiate pretty fairly with buyers.
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