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How do I write and Offer when my buyer is applying for a government grant?

What is the proper way to write up an Offer to Purchase when a first-time homebuyer is going to be applying for a government sponsored downpayment grant which will match a sellers contribution? For example, if a buyer wishes to pay $200,000 for a home, do I use $206,000 (assuming the maximum 3%) as the offer amount and indicate that the buyers will be applying for a grant. Also, how could this affect the transaction if the buyer does not receive the grant? Should I add a contingency stating that the buyer can get out of the transaction if they do not receive the grant. Anything else I should be thinking about? Thanks!!!
Thu Jul 3 2008, 06:49 - All locations - Agent2Agent - 3 answers
 
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Judy Boyle
Real Estate Pro
in Northborough
Judy Boyle, Real Estate Pro in Northborough in Northborough
Answers (3)
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Lynn 911 Dal… was FIRST TO ANSWER
I sold several of the Hope 6 grants here in Nashville. Most every time, I had the loan officer with me when I wrote the offer. The sellers appreciated it, the grant agency appreciated it, my buyers LOVED it and it created successful closings every time.

Sat Jul 5 2008, 08:04
Web Reference: http://www.nashvilleandbeyond.com
 
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whoever is administering the grant program should have an addendum for you and/or the lender can help. but, when all else fails, you can create an addendum of your own. Keep it simple "this contract is contingent upon the receipt of ___ from _____. "

Fri Jul 4 2008, 17:18
 
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FIRST ANSWER
Yes add the contingency and the government has certain forms you need to obtain to complete
http://www.lynn911.com

Thu Jul 3 2008, 07:07
Web Reference: http://www.homes-for-sale-dallas.com
 
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