Posted on: 15th Aug, 2009 07:18 pm
In a forcloser situation can you negotiate clossing cost with the bank?
josiah
Are you trying to buy a house which is in forclosure?
Good luck and feel free to ask
Are you trying to buy a house which is in forclosure?
Good luck and feel free to ask
You can neigotiate with bank.
It can be possible.
It can be possible.
Hi josiah!
Welcome to forums!
As far as I know, you will be able to negotiate the closing costs when you are buying a property. You should be assertive enough and ask for explanations and discounts when the lender tells you about the closing costs. Some of the major fees you need to pay as closing costs include document preparation fees, bank attorney fees, processing fees, courier fees, underwriting fees, credit report charge, notary fees etc.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As far as I know, you will be able to negotiate the closing costs when you are buying a property. You should be assertive enough and ask for explanations and discounts when the lender tells you about the closing costs. Some of the major fees you need to pay as closing costs include document preparation fees, bank attorney fees, processing fees, courier fees, underwriting fees, credit report charge, notary fees etc.
Feel free to ask if you've further queries.
Sussane
Everything is negotiable...it depends on your credit profile...if you have excellent credit and it is a relatively easy file otherwise, you can go anywhere, so you should shop your mortgage before choosing to go with a company.
Once you decide who the best lender is, and you sign the Good Faith Estimate, I would not try to further negotiate the terms of the loan (unless of course something changes where the fees are increased)
Usually a lender who promises extremely low fees and low rates is just over promising to get you to work with them...make sure you have a good faith estimate so you review all the cost with your own eyes.
There is nothing against Seller's concession even with a foreclosure...so if the sales price is 100,000 and the closing cost are 5,000...and the home would appraise for 130,000....I personally would offer 105,000.00 with 5,000 concession towards closing cost and prepaids. This would lower your out of pocket cash if that is a concern of yours.
Once you decide who the best lender is, and you sign the Good Faith Estimate, I would not try to further negotiate the terms of the loan (unless of course something changes where the fees are increased)
Usually a lender who promises extremely low fees and low rates is just over promising to get you to work with them...make sure you have a good faith estimate so you review all the cost with your own eyes.
There is nothing against Seller's concession even with a foreclosure...so if the sales price is 100,000 and the closing cost are 5,000...and the home would appraise for 130,000....I personally would offer 105,000.00 with 5,000 concession towards closing cost and prepaids. This would lower your out of pocket cash if that is a concern of yours.
Anything on the earth which is have a underlying value is negotiable. So surely you can negotiate with the bank if the property is available under foreclosure.
But keep in mind that do not go for foreclosed home just because it is available at rock bottom cost, rather go for it once you have evaluated it and think that all the parts of the house are insurable.
feel free to contact us.....
But keep in mind that do not go for foreclosed home just because it is available at rock bottom cost, rather go for it once you have evaluated it and think that all the parts of the house are insurable.
feel free to contact us.....
I think first and foremost thing to do is make sure that the property can be listed once you purchase it.If it is not then how much repair cost is going to incur so in this way you will get atleast some estimate about the total cost involved with the property.
One of the most important thing in this is what is your prime motive purchasing the property?
If you are purchasing it as an investment then it is mandatory for you that you should check whether you can list the property on immediate basis.
but if you are purchasing it for the purpose of staying there yourself then i think you can relax on the listing part on immediate basis. but at the same time you should look for the total cost involved.
One of the most important thing in this is what is your prime motive purchasing the property?
If you are purchasing it as an investment then it is mandatory for you that you should check whether you can list the property on immediate basis.
but if you are purchasing it for the purpose of staying there yourself then i think you can relax on the listing part on immediate basis. but at the same time you should look for the total cost involved.
At the time of foreclosure you can negotiate with bank.
Can you specify the location so that i can help you.
Can you specify the location so that i can help you.