Home for Sale Open 2-4pm, Sat. & Sun. 11208 Paseo del Oso NE
Near Bear Canyon Open Space, this original-owner townhome offers incredible opportunity (update yourself and save) $279,900
11208 Paseo del Oso NE
The best priced home in the neighborhood!
Three Bedrooms, 1.75 Baths, Two Car Garage, 1,380sf
Original Condition, but Fully Functional and Ready for Your Updates
No Homeowner’s Association Fees or Restrictions
S.Y. Jackson, Eisenhower and Eldorado Schools, Close to CNM
Walk to Schools, Shops & The Open Space Is Steps Away!
Living Room with Vaulted Ceiling & Wood-Burning Fireplace with Gas Option
Four Skylights Provide Sunlight But Maintain Retreat-Like Privacy
Thermal Windows and Doors
Locking Front Gate and Security Iron
Secure Courtyard Great for Deliveries & Lets Your Pets Play Safely
Covered Rear Porch for Summer Barbeques!
Recent Roof with MasterCool Evaporative Cooler
All Appliances, Including Washer & Dryer, Stay
Bedroom and Bathroom on Ground Floor for No-Step Access
Second Story Master Bedroom with Walk-in Closet
Third Bedroom Could Serve as Home Office or Guest Room
Two Car Garage with Keypad, Remote Opener & Storage Room
Low Maintenance Landscaping
Quick Closing With No Fees, 100% of Your Down Payment Reduces Principal Owed
Sold Only on a REC with One Year Owner-Occupancy Required
No Getting Shut-out by Investors or Cash Buyers!
First Year PIT Payment of $1,765.22 with 10% Down & Owner Financing
Price: $279,900 or better offer
Owner Financing/ Owner-Occupancy Only. Trades Considered. No Realtors.
☎ 505-907-8867
What is owner financing on a real estate contract?
Owner financing is where the owner of a property acts as the bank and lends you money to purchase a home. Just like at the bank, you need to demonstrate that you handle money wisely, by providing the lender (the owner) a copy of your credit report & credit score. The owner will also conduct a search for civil or criminal suits against you.
When you borrow from a bank, you sign a mortgage, which defines your rights and responsibilities in the purchase. In New Mexico, with owner financing, you sign a real estate contract, which similarly provides for your rights and responsibilities in purchasing a home.
The real estate contract process is much less formal than a mortgage application. It can be completed in a matter of minutes, not days.
Additionally, with a real estate contract, 100% of your down payment can be applied to reducing the principal balance owed, unlike a mortgage where thousands of dollars will be applied to costs and fees. Additionally, no mortgage insurance premium is needed in a real estate contract, whereas, with a mortgage, you will likely have to pay additional fees if you put less than 20% down on the home.
This real estate contract is simple, the interest rate is 6.75% amortized over 30 years. There are no closing or additional financing fees. The buyer is required to live in the home and pay the REC for one year, and then is free to pay it off or refinance at the buyer’s discretion. The REC gives the seller the option to call the note due after five years have passed. However, I have never called a note due.
Mortgages typically close at a title company, with the inherent fees. I like to close real estate contracts at a bank, either mine or yours. It requires paying the down-payment in certified funds and signing the real estate contract before a notary. It usually takes minutes.
Just like a mortgage, a real estate contract is recorded with the Bernalillo County Clerk, which provides notice to the world of your ownership of your new home.
Why do I offer a real estate contract? I have no formal pension or retirement program, so it is a way for me to get a reliable stream of income at a decent interest rate.
Real estate contracts are like a mortgage, but they are faster, less expensive, easier and allow a responsible buyer to buy a home at a more affordable monthly rate.
