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About this Auction:
You are bidding on the down payment for this great home
You are purchasing the home – AS IS and will have 72 hours after the completion of the auction to inspect and approve home.
Purchase price is $86,000.00 (Eighty six thousand dollars- US Currency)
You will be responsible for repairs and maintenance of the property and purchase Home Warranty.
Monthly payments will be $880 per month
Estimated interest rate and terms (estimation only)
7.5% APR-Fixed
Amortized: 15 Years
Taxes and Insurance Escrowed as part of payment
A non refundable $500 Processing and Contract fee due within 48 hours of auction end and will be deducted from winning down payment amount. This will be used for processing and filing of all necessary paperwork, application, and buyer approval processing. Failure to remit Processing fee will void transaction and allow seller to resell home.
**Please NOTE: that this auction does NOT contain all contractual agreements. More details will be provided after you with the auction
A real estate contract will be drawn up and signed, detailing the particulars of this transaction.
Upon signing and approval of your application and contract, the balance of down payment via money order, cashier’s check, or wire transfer only will be due within 48 hours. Time is of the essence in all transactions to prevent voiding and nullification of this transaction.
OK, so how much is the reserve?
Let me start by saying this:
With today's tough lending standards, with good credit you would normall have to put 10% down. Which in this case is $8,800.
With bad credit you may end up having to up $17,600 or would not be able to get a loan at all.
What I can tell you is the our reserve is not even close to either of these numbers, so bid to your heart's content. It's closer than you think!
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