So You Want To Purchase A New House?
I have a newly constructed single family home for sale. This lovely Landcaster plan
features cherry cabinets and granite countertops in the kitchen. There are hardwood
floors that compliment the kitchen and foyer. Ceramic tile in baths, laundry and
mudroom. There are 4BRs on the 2nd level; a master full bath, a 2nd floor full bath on the 2nd level/hallway opening, and 1/2 bath on the 1st level and a 3/4 bath in the lower level walkout. There are 4BRs on the 2nd level. There are two community pools in this new PUD.

There are three attached garages, two overhead doors with three separate garage D/O The
garage is totally insulated with good lighting and electric outlets throughout.

The house has a total of 2,845 Sq.Ft.; the lot size is 138x151x154 Sq.Ft. The taxes are
homesteaded for 2008. The taxes due will be approximately $1,400/year. This model home
was completed in 4/04/2007 and the property has been on the market for five months. The
owner had the new home completely cleaned like newand all personal property has been removed.
The home looks as new as when it showed as a model home in 2007.

The owner has moved out of the state and contracted with my company to list the property for
sale and to manage the care of the property. Because of the slow sales market, the owner is
very anxious to sell. I have convinced the owner to offer Seller Financing. The owner has
paid off the entire mortgage, due to the family inheritance and life insurance.

The Seller Financing terms are as follows:

* The appraisal value from 2007 is $500,000.
* The list price is $450,000
* The down payment is 20% of the price=$90,000.
* The new mortgage=$2,544.41/Mn. (Prin.& Inter.)
* ARP=7% based on 25 years W/a balloon of 15 years.
* Seller will reserve the right to sell the mortgage.
* All terms of the mortgage are fixed at the closing.
* No mortgage Insurance premium required.
* Buyer required to provide a pre-approval letter from Wells Fargo.
* Buyer required to escrow 2 Mns. real estate taxes.
* Buyer required to escrow 2 Mns. H.O. insurance & 12 Mns.policy.
* The seller would contract W/Wells Fargo to service payments.
* The monthly taxes and insurance would be escrowed with P&I payments.
* Seller too provide a new title insurance policy and a copy of the '07 appraisal.
* Seller to provide copy of city compliance certificate of completion.
* Seller to cover closing costs, except the buyer's costs.
* Buyer to pay own recording fees, pre-pays and the sale tax.
* The Seller Financed Mortgage would not be assumable.
* The HO insurance & taxes would be escrowed with the P&I.
* The Seller's mortgage would follow all standard disclosures requirements.
* The late fees & delinquency & foreclosure statement will be standard.
* The buyer would be advised to secure attorneys opinion & consider counseling.
* All seller/broker disclosures will be provided before signing agreement.

Please contact my office for private showings and/or questions that you may have!

Learn more about this author, Leon Wallace Jr.
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