Licensed New York State Real Estate Broker GRI I, II, II (by John Mellencamp)

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Writing the Offer

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. Only some loans require a down payment. VA loans require no down payment.

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.Unless its a VA loan, which are typical in the area. We will educate sellers on this sellers on this type of loan.

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, prepaid items, and tax escros paid by the buyer or to help "buy-down" your interest rate.

With any of these seller assistance options, you can expect to pay a higher purchase price than if you payed your own closing costs, prepaid items, and tax escros. Sometimes paying half of your own closing costs may be better.

P.S. If you're not ready to meet in person, please tour through my website. I'm sure you'll find the resources here useful and helpful. Enjoy!

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