Can I offer less on a foreclosure and do banks cover closing costs?
There is a house for sale and it is a foreclosure. We want to offer $7000 less than what they have it on the market for. Can we offer less on a foreclosure and could we ask for closing assistance (adding $5000 to the amount of the house). Not sure if banks allow this. This is in Cedar Park, Texas.
I know I can ask – just wondering if it was standard or if banks just don’t do that?
You can, but many lenders want “clean” offers, with no sellers contributions and such.
My concern is going to be appraisal. You cannot “over offer,” ask for a sellers concession to pay your closing, and expect it to appraise. Appraisals are becoming a very sticky subject, since our government passed legislation regarding appraisals, how they are done, and people thousands of miles away assessing the validitiy.
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