real estate

[e67]

little off topic...say you heard of a home for sale in Idaho. 2200 sf with 25 ac and panoramic views.Solid home, great water. Very rural.395K$Not overpriced but not under either.
The owner says will carry a note with 25% down and 5.0% for 10 years or 5.5% for 15 years. No penalty for early pay off. No bank involved.
What would you think and explain why.....cheers..

 

[Checkthisout]

little off topic...say you heard of a home for sale in Idaho. 2200 sf with 25 ac and panoramic views.Solid home, great water. Very rural.395K$Not overpriced but not under either.
The owner says will carry a note with 25% down and 5.0% for 10 years or 5.5% for 15 years. No penalty for early pay off. No bank involved.
What would you think and explain why.....cheers..

Where in Idaho?

 

[MurphyGuy]

little off topic...say you heard of a home for sale in Idaho. 2200 sf with 25 ac and panoramic views.Solid home, great water. Very rural.395K$Not overpriced but not under either.
The owner says will carry a note with 25% down and 5.0% for 10 years or 5.5% for 15 years. No penalty for early pay off. No bank involved.
What would you think and explain why.....cheers..

I would think: 1) I better to go look at it and inspect it 2) better get a lawyer 3) background check on seller

Test the water, test for radon and the hole shebang.

There's a procedure for purchasing a home, and another for purchasing a home on a land contract.

Idaho with only 25 acres? Get a small house on a big property, not a big house on a small property.

 

[ncowan]

little off topic...say you heard of a home for sale in Idaho. 2200 sf with 25 ac and panoramic views.Solid home, great water. Very rural.395K$Not overpriced but not under either.
The owner says will carry a note with 25% down and 5.0% for 10 years or 5.5% for 15 years Real Estate BPO. No penalty for early pay off. No bank involved.
What would you think and explain why.....cheers..

The owner is willing to finance the purchase with a note, requiring a 25% down payment and offering two options for interest rates: 5.0% for 10 years or 5.5% for 15 years. There are no penalties for early payoff and no involvement of a bank.

In terms of what I would think, here's my analysis:

1. Property Value: Considering the size of the home, the land area, and the desirable features like panoramic views, the asking price of $395,000 does not appear to be overpriced.
2. Financing Options: The owner's offer to carry a note with financing options is beneficial, as it provides an alternative to traditional bank financing. This can be advantageous for buyers who may not qualify for a bank loan or prefer a more flexible arrangement.
3. Interest Rates: The interest rates offered by the owner are reasonable. The choice between 5.0% for 10 years or 5.5% for 15 years depends on the buyer's financial situation and their desired monthly payments. The longer term with a slightly higher interest rate may result in lower monthly payments but more interest paid over time.
4. Early Payoff: The absence of penalties for early payoff is a positive aspect, allowing buyers the flexibility to pay off the loan sooner if they choose to do so.
5. Rural Location: It's important to consider the rural location of the property. While this can offer privacy and scenic surroundings, it may also entail challenges such as limited access to amenities, longer commute times, or potential maintenance and service difficulties.

Ultimately, the decision to proceed with the purchase would depend on various factors, including personal preferences, financial circumstances, and the buyer's assessment of the property's value. It's advisable to conduct thorough due diligence, including property inspections, verifying legal aspects, and consulting professionals such as real estate agents or attorneys before making a final decision.

 

[aenyc]

Sounds like you should contact a knowledgeable RE attorney who specializes in Idaho. While I kind of despise lawyers in general, i think there are many nuances here that warrant a review by one - the thing to make sure is that YOU have to hire him to make sure that he is actually working for your interest. (Often RE agency/seller will have one, but they are surely working for their interest).
That said, i think RE market is in for a major adjustment downward.

 

[D71]

this is an old post…Original Poster 29 May.. did you buy it already or what? .

 

[AishaRoman]

Sounds like a sweet deal you've stumbled upon! Can someone recommend good rentals in the Queen's area?

 

[LizbethFinley]

The fact that the owner is open to carrying a note with flexible terms is pretty neat. It can be a great way to bypass the banks and smooth the process. Plus, the no penalty for early payoff is a big bonus. With 25 acres and panoramic views, it sounds like a dreamy spot. Just do your due diligence, get an inspection, and consider your long-term plans. By the way, have you heard about https://axonproperties.ca/student-rentals-kingston/? Different market, but interesting to explore. Best of luck with your decision! ??

 

[aenyc]

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[lesokcolobok]

That sounds like an intriguing opportunity. The option for owner financing with reasonable terms is definitely appealing, especially without involving a bank. It provides flexibility and potentially opens doors for those who may not qualify for traditional financing. Plus, the property itself sounds like a gem with its size, views, and water source. It could be a great investment for someone seeking a rural lifestyle. Cheers! By the way, have you considered checking out Ramfeld? They specialize in residential real estate management and could offer valuable insights into the process.