Is there any way to make the bank pay for the closing cost after they've accepted the bid and you've already paid the good faith deposit?

This home is a hud home and no paperwork has been singed
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answer by Robert Witt    |   Visit My Website   |   Contact Me
The proper time to request a seller contribution towards buyer closing costs is with your initial offer. When banks look at offers, they keep in mind their net $ to the bank. Asking for closing costs reduces that net. When you are competing against another offer and both offers have the same purchase price, if one asks for seller paid closing costs, that offer will have a lower seller net and so they would typically accept the other offer. If your offer has been accepted (even verbally) by the bank and are just waiting on signed documents, you are somewhat late with your request. If you have to have those closing costs, the listing agent is going to have to cancel your approved offer and re-open negotiations. If the bank seller is not willing to accept the reduced net amount, they have the right at that time to place the property back on the open market to any and all other buyers. Basically the bank is not required to pay any buyer closing costs unless it's negotiated and written into the accepted offer. So no, you can't make the bank pay for your closing costs after your offer has been accepted, but, you can still request knowing they have the right to say no and place the property back on the market. Or they might agree if you've added the closing costs to your purchase price. The last suggestion can help sometimes because it barely changes seller net but it's all in negotiations.
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answer by Olga MacKenzie    |   Visit My Website   |   Contact Me
Hi Robert, Talk to your lender.
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answer by Robert Slowin III    |   Contact Me
If you try to change your offer just remember it lowers the total net and your offer might not be the highest anymore.
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answer by Sam Elsayed    |   Visit My Website   |   Contact Me
In the Real estate, every thing is negotiable. You and your agent should be able to figure out every thing before you sign any document but if you have a good agent every thing is possible at any time of the transaction.
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