Asked by Judy Boyle, Marlborough, MA • Thu Jul 3, 2008
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!!!
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