You may recall that I just listed this home less than a month ago. One of the special features of this listing was that the seller was savvy enough to offer seller financing terms for the home. The day I listed the property, I presented it to several experienced investors I work with. We wrote an offer the following day.
The seller was savvy but also very cautious in their approach and it took us about a week of fine tuning things to come to terms on the contract.
The transaction was closed at a price of $73,800 (just $1,100 off of list price) after inspections revealed a few maintenance items that were unanticipated. The buyer paid $7,490 as a down payment. The first mortgage payment was due 15 days after closing. The buyer opted for a 15 year note with a payment of $577 and a note rate of 6.5%. The seller asked for and the buyer agreed to a 3 year prepayment penalty in the amount of 6 months interest in the event the buyer refinanced or paid the note off early. Finally, the seller wanted a larger down payment than we ultimately agreed to. However, to appease the seller and reduce risk for all parties involved, the buyer agreed to make capital improvements to the home within 60 days after closing that included installing new kitchen cabinets and finishing some space in the basement.
This home was listed and sold in under 30 days. If you want your home to sell fast and near full price, give me a call and I can show you how it is done.
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