I just sold my home (it took 2 weeks and 5 days, yay!) and the buyers requested $4,000 back at closing, which I agreed to since they are paying a little bit more than my original asking price. My husband and I are looking at this foreclosed home. Can we ask for cash back at closing from a bank or do banks not make such deals?
2007-07-02 11:20:09 · 4 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
You can always ask, but it probably won't get you anywhere.
Bank owned property is always tough because the bank has unlimited resources to keep the property until they get what they want (usually)---unlike humans who need to worry about expenses and payments on the property.
It usually also takes a long time to get an answer out of the bank and it is usually just "no."
2007-07-02 11:32:02 · answer #1 · answered by Mark M 3 · 0⤊ 0⤋
I would ask the bank to pay all the closing fees on the house you are buying. In Real Estate nothing is written in stone and they will negotiate. They will because they want to get rid of the foreclosed property post haste, They will haggle on the price too because at the moment they are not getting any money for the property at all as the buyer of a foreclosed home you basically have the hammer (Along with anyone else trying to buy it). All they can do is counter offer basically haggling the price of the closing fees. But I also would make it known to them that you feel very strongly about them paying ALL the fees. You might just get a great deal it wont hurt to ask either. Good luck
2007-07-02 18:28:32 · answer #2 · answered by regg 2 · 0⤊ 0⤋
Banks/lenders of foreclosed properties do not make this type of deal. They're pretty straighforward in sales contracts.
2007-07-02 21:34:58 · answer #3 · answered by acermill 7 · 0⤊ 0⤋
Banks do not negotiate. It is full asking price, period. They will pay for the warranty though.
2007-07-02 18:24:37 · answer #4 · answered by Landlord 7 · 0⤊ 0⤋