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Writing the Offer - Financial
Considerations
24 Hour Recorded Information on
what
is Involved in Writing Your offer to Purchase:
1-800-741-8634
ext. 6729
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It is standard practice to make a purchase offer
contingent upon obtaining a mortgage. Because of
this contingency, the seller will want the details
of your financing plan included in the offer.
Down Payment
In the purchase offer, we will include the down
payment amount you will apply toward the purchase.
This will give the seller further evidence of your
qualifications to secure a mortgage.
Interest Rate
Within the purchase offer, we will provide a
safeguard against any dramatic change in interest
rates between when the offer is made and when the
loan is closed. The offer will not only be
contingent upon qualifying for a mortgage, it will
also be contingent upon an interest rate within a
certain range.
Seller Assistance
If the house you select is at the top-end of your
budget range, we may want to include a request for
seller assistance to pay a portion of the closing
costs traditionally paid by the buyer or to help
"buy-down" your interest rate. Other seller
assistance may include having the seller "carry
back" a second mortgage to cover your down payment
or even 100% seller financing.
With any of these seller assistance options, you can
expect to pay a higher purchase price than if you
had handled the financing through a traditional
mortgage lender.
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