It is standard practice to make a purchase offer contingent upon obtaining satisfactory financing. Our Tallahassee Board of Realtors contract gives the buyer 15 days after contract date. Because of this contingency, the seller will want the details of your financing plan included in the offer.
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.
Interest Rate & Terms
The Seller will expect to see a letter of pre-qualification with your offer. However, within the purchase offer, there is a contingency clause that gives the Buyer 15 days to ensure their financing is to their satisfaction. This gives you the opportunity to make final loan application, lock into an interest rate, etc. You can withdraw from the contract during the first 15 days ask for your earnest deposit to be refunded.
Shopping for Interest Rates
If the house you select is at the top-end of your budget range and your funds are limited, we may want to include a request for closing cost assistance. Seller paid closing cost assistance can be used to buy down your rate or cover any permissible closing costs - including title insurance.