Posted by MShumate on April 03, 1999 at 20:28:32:
Just a thought. If I make an offer and am obtaining a mortgage from a source other than the owner, I always include the following contingency in my offer: " This contract is contingent upon Buyer being able to obtain a (First, Second, etc.) mortage with terms and conditions agreeable to Buyer". I use this in case I run into something that I have not planned on. I also list the contract’s validity based upon all contingencies. This gives me an out as I have not stated what terms and conditions are agreeable to Buyer. I have never had a seller question this and I think that it is a good contingency for the Buyer. It gives the Buyer some " breathing room". I hope this will help.