This property was sold to the buyer for 88,000 with a lease option. The buyer put 20,000 down as an option fee. Option credits have been given on the monthly payments and they will be purchased with a financed balance of $66,473.24. The option will be converted to a note and mortgage for the remaining balance within the month of April.
Below are the terms:
Initial Balance: 88,000
Fixed Interest Rate: 11.25%
Amortization Schedule: 240 payments (20 years)
Monthly Payments: 697.48 (plus escrow for taxes, insurance, and servicing fee)
Remaining payment: 240
Remaining Balance: 66,473.24
Asking Price For Note: 63,000
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Information on Collateral:
The collateral is a single-family residence with 2 beds, 1 bath, 768 SF, built in 1955. It is in Welford, between Spartanburg and Greenville, a few miles off of I85.
The current market value is approximately: 100,000
Comps are showing value as 142,000. We estimate the value to be at 100,000 due to needing cosmetic upgrades but the property is structurally sound.
For more information, please call or text 864-800-0523 or email: david@carolinafirsthome.com