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Writing the Offer - Financial Considerations & Strategy

It is standard practice to make a purchase offer contingent upon obtaining financing for 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, you may want to 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, you may want to provide a safeguard against any dramatic change in interest rates between when the offer is made and when the loan is closed. Thus, the offer would not only be contingent upon qualifying for a mortgage, it would also be contingent upon an interest rate within a certain range.

Shopping for Interest Rates >

Seller Assistance
If the house you select is at the top-end of your budget range, you 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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