Posted by kathy solomon on June 13, 2009 at 19:58:23:
In Reply to: Re: reo closing costs posted by ken on June 13, 2009 at 17:34:47:
Ken, I am in the Bronx. I've bought one reo from fannie mae, but none from a regular bank. I've heard that dependending on state laws banks pay some of the usual buyer's costs but haven't heard specifics. I've been bidding on a property owned by ocwen which is based in FL and doesn't finance ny mortgages, so I'm getting financing from citibank. The broker told me the seller's and buyer's costs are no different in an reo than they are in a regular sale. I just want to double check. The bank was asking 214k, but the property needs to be gutted and the flood insurance is high so I started at 144,500. We've been back and forth. My final bid was 160k but the bank said they don't want to come down from 190k "for now". My plan was to purchase and rent for a few years then sell, but I need to keep the monthly costs down. It should rent for $1600 but the rental market here has gotten a little soft so I've got to be careful not to increase the monthly carrying costs too much. I'm not sure where there's any room for further negotiations right now but it would be good to know what's the breakdown of closing costs of reo's in NY. Thank.
- Re: reo closing costs ken 15:47:18 06/14/09 (0)