Financing through Us
Here is a breakdown of the basic buying process with us. When you’re ready to buy, we’ll send a detailed email with the exact breakdown of the numbers and instructions.
If you have questions we would be glad to answer them. (434) 220-2229
1. Determine the property will work for you (do whatever due diligence you deem necessary).
2. Decide which payment option works best for you and give us a call (434) 220-2229.
3. We’ll email you out the paperwork to get signed as well as send you a secure ACH/Credit Card link for the down payment option you choose (due the day you want to buy).
4. You’ll Email or Fax back the contract to us and we will provide you a fully ratified contract once we receive it from you.
5. We will schedule closing with the attorney (Hutchens Law Firm). We will usually schedule closing out about 30 days on the contract. We will DEED you the property and place a DEED OF TRUST at the courthouse, and you will sign a PROMISSORY NOTE. You’ll take possession of the property at this point.
6. In about 30 days (After the closing takes place) you’ll make your start date payment ($275 doc fee & 4 month tax escrow/HOA escrow (If applicable)). This will be your first payment (roughly 30 days after closing with the attorney). Your first loan payment will be 30 days after your start date payment on the 1st of the month (number 6 below)
7. Make your monthly payments due on the 1st of each month until the property is paid off. We use an in-house loan servicer and First Horizon Bank to handle all payments. Payments can be made by Automatic ACH draft (95% of our buyers choose this) or by mailing in a Check.
8. Enjoy your property!
For your payments, decide on your option and add monthly tax escrow/HOA escrow (if applicable) & a $20/ month loan servicing fee. (This info is listed in the pricing for each specific property). We do NOT charge a pre-payment penalty (you may payoff the property at anytime for the balance you owe).
If you have any other questions or you are ready to move forward with a purchase just let us know. You can reach us at (434) 220-2229 Thanks!
