>This classic 3 bed/2 bath single story townhome has two patios surrounded with Roses and Bougainvilleas. The surrounding Bellair community includes 3 pools, tennis courts, and playgrounds tucked away for privacy.From this home you can quickly walk to the Bellair Golf Course clubhouse restaurant - The Ironworks - for breakfast, lunch or dinner (including their well known Friday Night all-you-can-eat Fish Fry). At least once a month the Bellair Association hosts an evening where parents can drop off their children to play while Mom and Dad enjoy a quiet night for two.You can purchase this home for a total monthly expense that could be less than you are now paying in rent (see below for details) ... and we provide the loan (so there is no bank financing required).>A few years ago homes like ours reached an asking price of around $150,000 but then the bottom fell out of the market. Home prices are now beginning to come back and we believe this property will be worth more than $100,000 in the next 3 years.Our listing price of $105,000 asks for a $5,000 (5%) down payment to cover closing costs, and we will provide $100,000 loan at 6% to a qualified buyer. Your credit history does not have to be spotless, but we expect to hear a good story for your past troubles and proof of stable income going forward.This $100,000 price tag is the key to understanding our offer. It is the amount we have used to plan our retirement so that we can pay down our debts when the time comes. However, we don't need the whole amount at this time. Our idea is to sell the home now to someone who may not have a lot of cash to put down, and we will provide a loan that will be due in 3 years. This gives the buyer time for the market to come back so they can refinance with a more traditional bank loan.We need to charge 6% interest for the $100,000 loan in order to meet our own debt obligations. This translates to a loan payment of $600/mo (with 30 year amortization of principal and interest), or $500/mo (with an interest only loan). In either case, the entire loan must be paid in three years. Bellair is a very desirable community in which to live, and there are not many homes currently available to purchase. The new owner will assume responsibility for the community association fees ($200/mo), property tax ($50/mo), and homeowners insurance ($25/mo). So including our loan payment, the total monthly expense could be less than $800 (less than renting the home).The buyer will pay all closing costs (from their down payment) which we estimate to be somewhere between $2,000 and $5,000 including: escrow fees, document preparation, credit background checks, and other closing costs. homeowner title insurance (optional) homeowner appliance warranty (optional) commission to the realtor representing the buyer (if applicable)While many of these fees are optional, the important thing to understand is that the buyer is responsible for ALL closing costs. As the seller, we are proving a $100,000 loan which needs to be refinanced in 3 years. We are not collecting any additional fees. If the total closing costs turn out to be less than the above, the buyer will get the funds back. Remember also that the buyer is purchasing the home in AS-IS condition. So you will be responsible for any improvements you want to make after you own the home.Our website (www.BellairHomes.com) will soon allow you to download an application to submit for consideration. You will also find a phone number where you can leave a voicemail message and an email address you can use to ask us questions.Good Luck in your search for a new home. We hope that your search may lead you here!If you are interested in seeing the home, you will find contact info at ... www.BellairHomes.com>
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