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Updated over 8 years ago on . Most recent reply

User Stats

26
Posts
7
Votes
Josiah Collins
  • Fresno, CA
7
Votes |
26
Posts

Closing costs on cash sale/foreclosure

Josiah Collins
  • Fresno, CA
Posted

I'm looking at a deal where I would potentially be using a PML to fund a purchase.  The property I'm looking at is a foreclosure.  Since I would be using a PML, I think from the bank's point of view this would essentially be a cash transaction?  If so, what are some typical closing costs that would still come up?  I've always used a conventional loan prior to this and wanted to make sure I was accounting for the typical costs.  I was going to review this with my real estate agent as well, but BP has been super helpful and wanted to get input here too!  In a normal sale I think the seller pays for title insurance?  With a bank owned property do they still typically do that?  It would be in CA if that makes a difference.  Thank you!

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