house purchase agreement- mortgage contingency?
by Mortgage Rates on Sunday, November 28th, 2010 | 3 Comments
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rates move around daily. If you can handle 5.75% if that is rate you get then just leave it.
Otherwise insist on 5.5%. If rates go up you can go back to table to negotiate reduced price to offset increase in rates.
Talk to your lender about how soon you can lock in a rate.
you could cross off the 5.75 and write in 5.5. Just be sure to initial the spots where you make any changes. If it’s not acceptable they’ll send it back.
You have to go with your feelings. Sometimes you dump the person you mistrust. Other times you just ” go with the flow”. People give you warnings that they don’t really care about you. You have to pay attention to that.
One approach to offers is to write 8% in the “cap” space. In return you drive a hard bargain on the price. It is a winning approach. It tells the seller that “nothing can go wrong with this sale and all i (the buyer) ask is that you agree to my price”.