Cc Foreclosures
who pay closing cost?
I know time change, thing change. So now who is most likely to pay for the closing cost? I got this foreclosure property, at first bank(seller) agreed to pay 7k CC. Then came appraisal report. Lender made seller to lower price to appraised value (9k below agreed price). Seller agreed with one condition: taking away all the CC. The total CC is 10k. I think I am paying too much for this deal. Any idea?
I will walk on you
If you think you are paying too much don’t accept the counter offer. It is unusual that a foreclosure doesn’t appraise because the banks do a good job at pricing. Could be the person who did the BPO did a lousy job. It is also not unusual for the banks to agree to pay closing costs if the price is right. If you want the house you should go to another lender. $10,000 in closing costs is outrageous. If it is not an FHA or VA loan another appraisal will be done by a different appraiser. Ask you agent to do some research & see what has sold within a mile in the last 3-6 months. If there are no comps to support the higher price then find a new house. And a new lender.
CANOVANAS Foreclosures, HUD Owned Home for Sale – 10 CC EXT VILLAS D, 00729
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