I am looking to buy a house. It is a bank owned property. Would the bank selling the property pay for my closing costs?
by 
nhtrippfamily
ANSWERS: 5
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I think typically they don't; however, with the huge influx of foreclosures these days, banks are in a pinch to get any reasonable amount for a house (recover their loss), so I'm sure it won't hurt to ask!
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depends...and this is something that you need to speak to the lender with. Every lender is different....Bank of America has been doing it with some houses but not all. Here in North Carolina the stakes are different, and may not be allowed.
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I think that usually they don't. Same goes for when you purchase a home owned by a person(s). When you make an offer to the bank all you have to do is ask them to pay all closing cost associated with the purchase. Depending on how long it's been on the market, some will agree to your terms. Just like all real estate purchases, everything is negociable. Sometimes they will just lower the price to cover the closing costs, but everything evens out the same way on your settlement statement at closing time.
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Who pays what costs is just a mind game. What it the cost of the house going to be to you? Down payment, note payments, upkeep/insurance/taxes is the issue. The who pays what game is just a game-raise the price and we'll pay closing-big. deal. What's it going to cost is the only issue.
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You most assuredly CAN ASK! However, depending upon how much they are loosing on it to begin with, they may not agree. They are not legally obligated to pay your closing costs, and honestly...you need to look at the whole picture. Your final agreed upon purchase price, the condition of the property, its location, the Comps for the area and like kind houses and properties there...you may, hopefully, already be getting a hell of a great deal! If you have the means to do the deal, and if it's a super good deal over all...pay your costs and don't let it slip away. Remember too...if you are buying to live in the house...good for a great deal...if you are thinking you'll buy it and do a little fixing up , then whip around and resell it...you may have to wait to get your investment back...personally I don't find this an optimum time for quick turn around sales in real estate!
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