Does the bank cover the sellers costs at closing or do most banks prefer to have the buyer/investor pay for these?
Thanks.
Okay, let me reword this.
If I were to pay ALL closing costs on a short sale, what should I expect to pay percentage wise?
a realtor told me its about 3 %. im curious to know if this is the correct % as i am buying with cash on properties and want to know what im saving in closing costs.
Rule of thumb is 3-5% when financing but still varries depending on state and county for the buyer. Seller pays less. You have fees, like title insurance (fixed based on sale price usually),taxes (in Fl we call them doc stamps), land surveys, taxes, and well much more.
If paying cash, you will lower your closing cost by whatever the bank would charge . Most brokers hit you for 1-2% in points and maybe another 1% in fees, depending on the bank. You can also try and negoitate fees with title company they charge you on but you may not save anything unless your doing alot of deals.