CASH
PURCHASE DISCOUNT
For
those buyers capable of paying cash and
executing purchase agreement with no
financing contingencies, a 3%
discount will be given. This may
be coupled with the above builder’s
discount/rebate.
OWNER
FINANCING / ATTAINABLE HOUSING[1]
Creekside
Meadows, LLC is willing to finance lot
sales to qualified purchasers with 2
programs available:
20%
cash down payment,
80% financed at 7% interest (APR 7.229),
10-year amortization, 5-year
balloon.
Example:
$40,000 Lot purchase
price
$8,000 Cash
down payment
$32,000 Loan from
Creekside Meadows, LLC (seller signs a
deed and buyer signs a Note and Deed of
Trust)
$371.55 Monthly
payment, principal and interest
$19,024 Balloon payment
at the end of 5 years
Due on sale, no subordination, no
prepayment penalty
Zero
(0) down payment (yes that’s right,
you read it, 0% down payment!),
7% interest (APR 7.229%),
10-year amortization, 5-year balloon
Example:
$40,000 Lot
purchase price
$0
Down payment
$464.43 Monthly option
payments for the first 2 years. (based
on 7%
interest,
10-year amortization)
$23,781 Balloon payment
a the end of 5 years
Due on sale, no subordination, no
prepayment penalty
After 2 years the option is converted to a sale for $1.00.
Creekside Meadows will convey property
by deed and buyer executes Note and Deed
of Trust. Option is not assignable and
is due on sale.
These
programs only available to buyers who
hold title individually (not available
to corporations, limited liability
companies, family partnerships, etc.).
Buyer pays the cost of loan document
preparation. There are no points and no
fees to buyer for either program. Both
these financing programs are available
on a limited number of lot sales.
TERMS
OF SALE[1]
1.
In order to reserve a lot buyer
must sign a binding Real Estate
Purchase and Sale Agreement and Receipt
for Earnest Money. (see attached
form) or option agreement
2.
Earnest money deposit shall be
equal to 10% of purchase price (unless
buyer obtains an option with zero down).
This deposit to be placed in an interest
bearing trust account at Alliance Title,
Driggs with interest accruing to buyer.
3.
Time of closing shall be as
letters of credit or bonding for
infrastructure are obtained in
accordance with Phasing
Plan.
