What Kind of Closing Costs Are Required When Buying a Foreclosure?
When buying a foreclosure, you will have to pay a couple of extra
closing costs that you wouldn’t pay during a normal home purchase.
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In terms of buyer closing costs, is there a difference in what you can expect if you purchase a foreclosure instead of a normal property?
When you purchase a new home, your closing costs generally range from $3,500 - $5,000. Many times, you can get the seller to pay these closing costs for you, so don’t be afraid to request this when you write an offer. Don’t let that number scare you away from purchasing.
When purchasing a foreclosure, you may have a couple of extra fees that the bank won’t cover, but that will be specified in the purchase contract. Additionally, when you purchase a short sale home, you’ll also pay a couple of additional fees, including a plat of survey and well and septic inspections if the property has them.
Your lender will be able to give you a better idea of your closing costs. If you need a recommendation for a fantastic lender, please let us know.
If you have any other questions for me, feel free to give me a call or send me an email. I’d love to help you.