Hello-
Can someone out there help me out?
My agent tells me that I cannot roll closing cost into my loan for foreclosures. Is this ussually true with most banks???
usually it is true with most forclosures, but what you can do is subtract the closing costs from the asking price.
If I do that I will still have to come up with the money. I was hoping to close the deal with as little cash as possible.
Yes, if they want let you roll in the closing costs into the loan, the only way around it would be to ask the seller if he would add the closing costs onto his price and have him pay all closing costs or go hard money where the HML would pay closing costs out the loan.
did you buy this in auction ? or are you buying it off the people it’s being foreclosed upon? …
It is a possiblity to buy the property as a inc. or LLC. Then you could put the apprasied value on the hud give a sellers assist to the sales price and possibly include, closing costs, 100% financing and money back at the table if there is a 30% percent difference in value to purchase price.
Tom P.