Who pays closing costs when buying a house advertised as foreclosure?
I am gonna buy a house that is listed as foreclosure. Originally the house was advertised at 69K and we submitted an offer for 65K (I am paying cash). The owner (real state) took the offer but now they say that we should pay the closing costs… Who actually pays the closing costs when the house is listed as foreclosure?
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Unless otherwise agreed in the offer to purchase, the buyer always pays closing costs. If you wanted seller contribution to closing costs, such should have been stated in your offer to purchase.
The buyer pays the closing costs and sometimes the c of o and inspections and occasionally the real estate transfer fee – but that should all be in the contract.
Since your buying usually you. Sometimes if buying from an individual they will pay half or some. Have you already signed a purchase agreement or contract? If so read it and see if you signed a document stating purchaser to pay all closing cost. (Note* if your paying cash there should not be an origination fee.) If you don’t have a copy of the contract that may be one loop hole. If it is not stated in the agreement, you may still be able to negotiate. Good Luck, but I would say that it’s probably in the contract.
It can be negotiated. Do you have a realtor representing you? If not get one, if you just saw the home and called the number the realtor you are dealing with is being employed by the bank and therefore depending on the agreement they have in place with that bank and the laws in your state they will make 6% of the purchase price. They will tell you to pay closing costs because they do not want their client to pay anything. If you get your own realtor you will not have to pay a penny that 6% percent will be split between the 2 realtors….be careful the banks realtor will probably try to talk you out of it because it will affect their pay…
It is just like any home purchase, the seller can choose to pay all or a portion of the closing costs depending on the equity they have in the home.
I wold think you wold UNLESS your contract stated otherwise.