Things To Include In The Purchase Offer

If you want to buy a Livonia Real estate property but you cannot pursue the process

because you do not have enough funds for it, the best way you can do is to get a mortgage to help you with the financing of the property. Shopping for home loans before you start the process of visiting and viewing Livonia Homes for Sale you find in Livonia MLS is important so that you would beforehand know the details on how you are going to proceed with the financing of the house. Having a solid plan regarding the financing of the property is essential as you will need to put it in the purchase offer you are required to make. The seller needs to be informed with the details of your financial plan and you can conveniently do that by writing a purchase offer. The contract for the offer is very helpful for sellers when evaluating your ability to finance the house completely. When writing purchase offers, here are some of the details that you need to include in the paper:

1.Down Payment

The size of the down payment should be stated in the purchase offer. Your down payment is used by the seller to fathom your probability to be able to an approved mortgage from the lending company. The larger the down payment you are willing to give for the property, the higher your chance of getting an approval from the bank or loan company.

2.Interest rate

Including the interest rate in the purchase offer you are writing is one way to protect yourself financially, especially if the rate is changing fast and unexpectedly. Sudden fluctuations can lead to higher mortgage payments and for you to be able to protect yourself from these kinds of situations, you need to write in the offer the maximum acceptable interest rate.

3.Closing costs requests

It is also possible for you to request from the seller that they pay for your closing costs, either in complete amount or in some percentage only. If not the closing costs, you can ask them of other financial incentive such as giving you funds s the interest rate can be bought down for a moment. You cannot fully expect sellers to approve of these kinds of incentives or maybe even to negotiate a price with you for the property. It can be effective if you really have a limited budget and you are trying to push through the edge your financial capacity.

4.Cash offers

Buying a house in full cash is very rare in a real estate investment but if you are one of those very rich citizens and you are planning to make a cash offer for the house, then it is very important that you put documentations in the purchase offer, just to make sure that the cash is really available. Bank statement is a good example of document that you can put in the contract. If you need to liquidate some assets such as stocks, then, putting a timetable in the contract will be very useful.

5.Other details

You also need to include the type of loan you are getting for the financing of the house. State if it is a fixed-rate or an adjustable-rate type of loan. You should also tell in your offer if you are getting an FHA loan or a traditional mortgage.

by: Alexander Mathias

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