OWNER FINANCE

October 2022


 

Note:  A "rental" agreement for the S three lots, for the purpose of finishing the Catamaran, must be included.

           The details to be discussed.

 

BUYER agrees to buy the house “AS IS – WHERE IS”  including 7 lots, for a  total of 285 K

 

SELLER will vacate the house and garage in 60 days and will clear the 4 lots around the house, in 60 days. (negotiable)

Seller will retain title to the property, continue to make all payments for mortgage and insurances until final payment has been received.

This will retain the very low property taxes and insurance rates. These will increase substantially after title changes.

The details of any of the options are SOMEWHAT flexible, the likely charges are listed:

A three year option, likely numbers:  Purchase price  285 K, deposit 15% 42,750K, interest: 8%, monthly payments: $7,250.

Seller pays  mortgage, insurances and property taxes until end of contract. At end of contract, seller pays off the remainder of the mortgage to Bank of America.

 

A five year option, likely numbers: Purchase price  285 K, deposit  15% , 42,750K, interest: 8%, monthly payments: $4,550,

Buyer has the option of re-financing any time.

 

Seller pays  mortgage, insurances and property taxes until end of contract. At end of contract, seller pays off the remainder of the mortgage to Bank of America.

 

The rental trailer in the rear and its retention or removal and current income to be discussed.

Note:  If and when title of the property changes, there will be a substantial increase in property taxes and likely impact of insurances and other "grandfathered" conditions.


 

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