Property Description:
2224 Alexander Blvd, Murfreesboro, TN 37130
4 beds / 2.5 Baths / 2,827 sqft / Year 2005 / .3 acre Lot / No HOA
Amazing Location: 3 Minutes from Walmart, Kroger, and all major restaurants
Link for Photos drive.google.com/drive/folders/19JRz2anid1dbUn6_aAAFrRP9a8HDG2z0?usp=sharing
Summary
Charming brick home in a highly sought-after neighborhood. Enjoy the elegance of hardwood floors throughout, with cozy carpet in the bonus room. This open-concept layout boasts a spacious primary suite on the main level with walk-in closets and a luxurious jetted tub in the master suite. Move-in ready, this home is waiting for you to make it yours!
House Updates
Fenced Backyard
New Water Heater
Fully Encapsulated Crawlspace
New HVAC system
Brand-new duct and vent system
Details:
Assumed Loan Balance: $474,290
Interest Rate 3.75 % … Monthly Payment $2,685
Purchase Price: $565,000
FMV (Market Value): $590,000
Loan must be assumed to an individual for Primary Residence Purpose Only!
Entry Fee: $95,000 … Here is a Breakdown:
$16,950: 3% Commission to Listing Agent
$16,950: 3% Closing Cost + Title + Consultation Fees
$8,230: Forbearance Balance (Reimbursed back by Seller at Closing)
$48,000: Cash to Seller
$5,000: Assignment Fee
Upon Signing: $2K EMD + $5K Assignment Fee + $8,230 Forbearance Balance
Forbearance Balance Story: in order for the bank to assume this VA loan, a balance of $8,230 that the seller owes must be paid first to start the loan assumption process not at closing. Per the contract, if for any reason the loan process doesn’t go thru, a lien of 15K will be placed on the property.
Deal Advantages & Equity Options:
Buying it this way means that you will already going to be walking in with existing equity!
So, after you buy it, if you’d like to get equity back, here are a couple of options:
Option 1: Apply for a Second Mortgage
Option 2: Apply for a HELOC, Home Equity Line of Credit