question about closing cost (bank owned, real estate, 2013)

[Bumbee]

Are Buyers required to pay closing cost now? I now in the past they were not.

[engineman]

Closing costs include things like the taxes for the time you own it and similar costs for utilities, HOA fees, etc. If a home is offered with no closing costs it means they are buried in the basic price.

[dothetwist]

Here's a link to a standard FL real estate contract that shows buyer v. seller closing costs.

http://www.nat.com/Find-an-Office/Fl...-Purchase.aspx

[bentlebee]

We see many buyer's who don't seem to have any funds who are asking sellers to pay 3%-6% towards buyer's closings cost and pre-paid which usually means they don't have money.

If a seller is willing to accept an offer like that the seller will pay for all that and some loans will allow that while other loans don't allow the pre-paid to be paid by sellers.

I haven't seen any sellers accepting this kind of offer in deals with listings with our office since most listings are getting more offers in right now and the ones with most chances to close will be accepted.

In some cases buyer's offer above listing and then request the money above list price to be credit towards closing costs which is a risk for the seller due to the appraisal amount that needs to be higher.

[EngGirl]

Originally Posted by Bumbee

Are Buyers required to pay closing cost now? I now in the past they were not.

Depends. If buyers were buying from builders, they closing costs were rolled into mortgage. Now you can ask seller to contribute and they can agree to 1-3% towards closing. It never hurts to ask. Even banks are contributing towards closing cost if purchasing their bank owned properties

[EdgeCity]

It's all dependent on what you negotiate with the seller. The current market seems increasingly slanted towards sellers, so I would imagine that seller contributions will be limited to situations where the property has had fewer offers for some reason.

I would strongly suggest that if someone is hurting to the point where closing costs are unaffordable, they need to wait to buy. Did people learn nothing from the housing bust!?!