5/22/10

Pricing and Financing Comments are general in nature and subject to change without notice

Pricing of subdivision lots is dependent upon market conditions, as well as, lot location, trees, and financing. All terms are negotiable. General financing of lot sales in the EC Bar Ranch Estates subdivision is discussed below:

  1. Cash sale. The closing date is negotiable. See Financed sale: Non-owner financing.
  2. Financed sale.
    1. Non-owner financing. A mortgage company may arrange financing with a lender holding a first mortgage with the lot as collateral with proceeds covering the closing costs and lot sales price in cash, eg, see Cash sale.
    2. Owner financing may be available.
      1. Terms may require 25% down payment at closing with monthly principal and interest subject to negotiation.
      2. The seller would hold a first mortgage with the lot as collateral.
      3. Example: If a lot sells for $60,000 with $15,000 (25%) down and $45,000 (75%) amortized over 15 years at 8% interest rate, the monthly payment is $430 (see Mortgage Calculator at http://www.1728.com/mortpmts.htm). Normally, the interest rate on a mortgage collateralized by vacant land is higher than the rate on a home mortgage.
      4. Buyer and seller may agree on a pre-payment penalty for an early pay-off and/or a balloon payment without prepayment penalty.
      5. The parties may enter an agreement whereby the buyer will make monthly payments to a servicing company. For example, Fidelity Title Company, Tucson, AZ, provides loan Account Servicing for a small fee. Terms are attached.
  3. Land trade. Subject to negotiation.

 

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