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9.2
HOW
FINANCING DETAILS AFFECT YOUR OFFER
Interest
rates
Another reason
for including financing information in your offer is to protect
yourself. If interest rates suddenly become volatile and rise quickly,
as sometimes happens, you may looking at a mortgage payment much
higher than you anticipated. By putting a maximum acceptable interest
rate in the offer, you are protecting yourself from such an occurrence.
At the same
time, the seller will probably want to see that you have some flexibility
in the financing terms you are willing to accept. If interest rates
are currently at eight percent and you indicate this is the highest
rate you will accept, you would be able to cancel the contract without
penalty if interest rates rose past that point. The seller would
suffer because they have lost valuable marketing time and may have
made their own plans based on successfully closing the transaction.
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