Terms may include:

 

-          How long does the buyer have to qualify for the mortgage?

-          What personal property will be included in the sale?

-          What are the conditions to be met to complete the sale?

-          What type of inspections the buyer/seller would like to have?

 

Example of an offer:

 

1st Offer: $200,000.00

 

Cash Down: $10,000.00

 

1^st Mortgage from bank: $180,000.00

 

Purchase money mortgage from parents:

$10,000.00

-           Payable in one year

-           Interest only

-           6 percent interest fixed

 

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2nd Offer: $220,000.00

 

Cash Down: $20,000.00

 

1^st Mortgage from bank: $190,000.00

 

Purchase money mortgage from seller:

$10,000.00

-           Payable in one year

-           Interest only

-           7.5 percent interest fixed