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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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