Ealy and Cedric want to purchase a property they love. After looking at many homes, they desperately want the Watsons' property. They can put a down payment of $$100,000,$ which is all of their savings, and then take out a mortgage, for which they would qualify for $$410,000.$ However, the seller's price is a firm $$560,000.$ They want their agent to put in an offer for them, but they know they are coming up short by about $$50,000$ and have no additional means of financing. Their agent told them the seller would carry back a small portion of the purchase price if the buyer was qualified and had good credit.

What can Ealy and Cedric do to make their purchase agreement look more appealing?

What contingencies would you include in the purchase agreement to protect the buyers in the area of financing?

What information would you include with your offer to prove to the sellers that the buyers are a good credit risk?

When this contract is written, what would make it invalid? What could lead to the invalidation of this purchase agreement?