Thanks for taking the time to respond. I know it sounds confusing, but like a mortgage, I thought by putting down 20%, that my offer was considered reasonable. I'm glad you responded because I didn't know how to approach the situation. I'm sorry that it came off strange! My savings account would also be collateral, but it's not fair value. However, I'm glad I could learn from this experience and know what to expect going forward. Thanks again.
No it's not like a mortgage you are confussing yourself and not us.
In which place of the world you will give 20%, of the 100% plus that you want to take as a Loan?! Your offer is not reasonable at all. In fact it sounds more like an insane one.
If you don't know how to approach the situation (?) read the stickies of this section.
Although, it's not so hard to understand what Collateral stands for.