Need help putting together purchase agreement for a house. For sale by owner. How do I create?

I am the buyer, seller has to net a certain amount. The house is worth more than we are paying. We are required to put 15% down. Looking for a creative way to write up the contract where the seller nets what he wants and we can minimize downpayment.Need help putting together purchase agreement for a house. For sale by owner. How do I create?
Raise the purchase price of the house by 15%. Write up the sales contract for the asking price plus the 15%, then in the purchase contact indicate that the seller will be doing a 15% second mortgage, you will have to include terms and monthly payment and supply that info to your bank because he will include the new payment in your monthly debt ratio (DTI). After close you have the seller hand you a satisfaction of lien document. You take that down to the court house in the county where you live and remove the second lien on the property. So how this works is the following:





Appraisal = $120,000


Asking price = $100,000


15% of asking price = $15,000


New Purchase Price = $115,000


Bank loan (85% of purchase price) = $97,750


seller second = $17,250





You can move the purchase price around if needed, you may want to also consider raising the purchase price enough to have the seller pay the closing costs as well!





Good luck...Need help putting together purchase agreement for a house. For sale by owner. How do I create?
Go to an office supply store, they have such forms.. or get a lawyer. You will need a lawyer anyways. Contracts are not for amateurs. Don't forget to get a home inspection by a qualified person. There may be hidden problems and that is why they are willing to sell lower than you feel the house is worth.
I agree that you should be using a Realtor, but, more importantly, you should talk to whatever lender has you pre-approved and see how the purchase contract needs to be worded to secure the financing you need.
First, you are not required to put 15% down.


You can offer, depending on the size and state, $1,000 and up.


If the house is selling for $200,000 then $2,000 is sufficient.


The seller provides the sales agreement not the buyer.


Contact a real estate lawyer; he will represent you during your closing for few hundred dollars. I just sold my house. Congratulations
get a lawyer. or call that buy owner phone number.
Since you are the buyer, why would you not want


a Realtor to represent you, most fsbo's will work with an agent.the cost is picked up by the seller.You need someone


to assist you in one of the biggest investments you will ever make. You've heard it before I'm sure,,,,Buyer Beware!!!