I need some help putting in an offer tomorrow.

[Travis Elliott]

So found a little house for sale that is listed with a Realtor. The price is 39000 but I was told that a guy put an offer in of 20000 and it was excepted. The guy backed out (he was trying to resell the property with out the owner knowing about it).

If I get the home I may turn around and resell it on a contract or I may rent it out, I am not sure what one.

The owner will carry a contract and wants 5,000 down. I am thinking about offering 17,300 with 3,000 down. How long of a term should I ask for? If I went thirty years say at 6% the payment would only be 85.74 a month.. That is kind of silly..
Suggestions on what to offer as far as terms?