Making the plunge

[Cosmo31]

After many months as a faithful reader of the advice from you Piggies I’m ready to buy. I put in an offer on a foreclosure and I have some questions. These are questions I’m asking my real estate agent and loan person but I think some objective opinions might be useful.

1) Is it reasonable to ask a bank to pay closing costs as part of the deal? Do I need to specifically define what I mean by ‘closing costs’ in the offer?

2) Is it too much for a bank to ask for a per diem fee if the sale does not close in 30 days? They are asking for over 400 dollars a day if the deal does not close by a certain date. This seems like bullying to me. They said the 400 dollar amount is not negotiable so we are trying to at least extend it to 45 days… WTH.

Thanks,

[SD Realtor]

Cosmo you can always try to ask anything.

In general what I have found with REO properties is that the bank doesn’t really do anything. Again it does not hurt to ask.

If you are going to ask for a credit for something you need to be very specific in what you are asking for and how much. The what is important because of YOUR lender. Be specific about non recurring verses recurring costs verses money for repairs or upgrades. The how much is important to the bank you are purchasing from. No seller whether it is a bank or a private party will give you an unspecified credit for “closing costs”. Give a hard dollar amount or a % of the sales price.

The 400 a day is not bullying. It is pretty much standard fare for any lender you purchase from. I doubt they will agree to doing it the other way around but maybe they will.

[SD Realtor]

Cosmo you can always try to ask anything.

In general what I have found with REO properties is that the bank doesn’t really do anything. Again it does not hurt to ask.

If you are going to ask for a credit for something you need to be very specific in what you are asking for and how much. The what is important because of YOUR lender. Be specific about non recurring verses recurring costs verses money for repairs or upgrades. The how much is important to the bank you are purchasing from. No seller whether it is a bank or a private party will give you an unspecified credit for “closing costs”. Give a hard dollar amount or a % of the sales price.

The 400 a day is not bullying. It is pretty much standard fare for any lender you purchase from. I doubt they will agree to doing it the other way around but maybe they will.

[SD Realtor]

Cosmo you can always try to ask anything.

In general what I have found with REO properties is that the bank doesn’t really do anything. Again it does not hurt to ask.

If you are going to ask for a credit for something you need to be very specific in what you are asking for and how much. The what is important because of YOUR lender. Be specific about non recurring verses recurring costs verses money for repairs or upgrades. The how much is important to the bank you are purchasing from. No seller whether it is a bank or a private party will give you an unspecified credit for “closing costs”. Give a hard dollar amount or a % of the sales price.

The 400 a day is not bullying. It is pretty much standard fare for any lender you purchase from. I doubt they will agree to doing it the other way around but maybe they will.

[SD Realtor]

Cosmo you can always try to ask anything.

In general what I have found with REO properties is that the bank doesn’t really do anything. Again it does not hurt to ask.

If you are going to ask for a credit for something you need to be very specific in what you are asking for and how much. The what is important because of YOUR lender. Be specific about non recurring verses recurring costs verses money for repairs or upgrades. The how much is important to the bank you are purchasing from. No seller whether it is a bank or a private party will give you an unspecified credit for “closing costs”. Give a hard dollar amount or a % of the sales price.

The 400 a day is not bullying. It is pretty much standard fare for any lender you purchase from. I doubt they will agree to doing it the other way around but maybe they will.

[SD Realtor]

Cosmo you can always try to ask anything.

In general what I have found with REO properties is that the bank doesn’t really do anything. Again it does not hurt to ask.

If you are going to ask for a credit for something you need to be very specific in what you are asking for and how much. The what is important because of YOUR lender. Be specific about non recurring verses recurring costs verses money for repairs or upgrades. The how much is important to the bank you are purchasing from. No seller whether it is a bank or a private party will give you an unspecified credit for “closing costs”. Give a hard dollar amount or a % of the sales price.

The 400 a day is not bullying. It is pretty much standard fare for any lender you purchase from. I doubt they will agree to doing it the other way around but maybe they will.

[sdrealtor]

I wouldnt worry too much about the 400 per day as asll you need to do is ask for an extension if you run into problems. I havent seen or heard of any banks denying a buyer a legitinmate request for more time when necessary.

[sdrealtor]

I wouldnt worry too much about the 400 per day as asll you need to do is ask for an extension if you run into problems. I havent seen or heard of any banks denying a buyer a legitinmate request for more time when necessary.

[sdrealtor]

I wouldnt worry too much about the 400 per day as asll you need to do is ask for an extension if you run into problems. I havent seen or heard of any banks denying a buyer a legitinmate request for more time when necessary.

[sdrealtor]

I wouldnt worry too much about the 400 per day as asll you need to do is ask for an extension if you run into problems. I havent seen or heard of any banks denying a buyer a legitinmate request for more time when necessary.

[sdrealtor]

I wouldnt worry too much about the 400 per day as asll you need to do is ask for an extension if you run into problems. I havent seen or heard of any banks denying a buyer a legitinmate request for more time when necessary.

[Cosmo31]

Thanks very much for the advice. After the post I looked at my spouse and said, “I hope one of the sd realtors reads it.” You guys are great.

The way the offer stands right now is we are asking the bank to pay recurring and non-recurring closing costs, up to 3% of the sale price. Cross your fingers. I doubt they will agree to it but as you said, doesn’t hurt to ask.

[Cosmo31]

Thanks very much for the advice. After the post I looked at my spouse and said, “I hope one of the sd realtors reads it.” You guys are great.

The way the offer stands right now is we are asking the bank to pay recurring and non-recurring closing costs, up to 3% of the sale price. Cross your fingers. I doubt they will agree to it but as you said, doesn’t hurt to ask.

[Cosmo31]

Thanks very much for the advice. After the post I looked at my spouse and said, “I hope one of the sd realtors reads it.” You guys are great.

The way the offer stands right now is we are asking the bank to pay recurring and non-recurring closing costs, up to 3% of the sale price. Cross your fingers. I doubt they will agree to it but as you said, doesn’t hurt to ask.

[Cosmo31]

Thanks very much for the advice. After the post I looked at my spouse and said, “I hope one of the sd realtors reads it.” You guys are great.

The way the offer stands right now is we are asking the bank to pay recurring and non-recurring closing costs, up to 3% of the sale price. Cross your fingers. I doubt they will agree to it but as you said, doesn’t hurt to ask.

[Author]

Posts