Will Banks pay the buyers closing costs on a bank foreclosure in Heathrow, Lake Mary?
If a buyer is paying cash, the bank typically will not pay for the home buyers closing costs. If a buyer is financing with either FHA or VA financing, the buyer will problably need assistance with Buyers Closing costs on a foreclosed property, so the bank will need to either assist the buyer or it may take longer to sell the property.
Many times the bank will want the buyers closing costs on a foreclosed property to be added on top of the purchase price (in order to net the same amount) which means that the purchase price on a foreclosed property may be more than the listed price, which could create a problem with an appraisal on the property.
It would be smart to evaluate the property first, to see if there is enough value in the foreclosed home so that it would appraise even with the buyers closing costs on the foreclosure added to the top, and also to check the bank addenda regarding the bank policy about paying for a buyers closing cost on a foreclosed property.
On occasion, the banks will refuse to pay any closing costs.
So to answer the question if Banks will pay a buyers closing costs on a foreclosed property it could be “yes, no, maybe or your choice”.
For more information on seller paid closing costs or to get a free list of foreclosed homes in Lake Mary, or any other city in Central Florida, please contact us.
Copyright @ Buyers Broker of Florida 2012 “Buyers Closing costs on Foreclosures in Heathrow, Lake Mary”