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Details about  5 bedroom 1915 Historic Victorian House for Sale / Rent-to-Own/Purchase Option

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5 bedroom 1915 Historic Victorian House for Sale / Rent-to-Own/Purchase Option
5-bedroom-1915-Historic-Victorian-House-for-Sale-Rent-to-Own-Purchase-Option
Item Sold
Item condition:
--not specified
Ended:
May 13, 2012 19:33:08 PDT
Winning bid:
US $15,100.00
42 bids ]
Shipping:
Free Local Pickup | See details
Item location:
Dade City, FL, United States

Description

eBay item number:
200754275774
Seller assumes all responsibility for this listing.
Last updated on  May 04, 2012 04:11:33 PDT  View all revisions

Item specifics

Seller State of Residence:

Florida

Property Type:

House

Property Address:

5222 8th Street

Sale Type:

Existing Homes

State/Province:

Florida

Setting:

Urban, City

City:

Zephyrhills

Square Footage:

2,124

Zip/Postal Code:

33542

Lot Size (acres):

0

Number of Bedrooms:

5

Year Built:

1915

Number of Bathrooms:

2

For Sale by:

Owner

See Map Portions of this page and links may be provided by third party content providers such as MapQuest.com, and they are solely responsible for such content.
For Sale: This Beautiful Two Story Victorian House at 5222 8th Street in  Zephyrhills Florida. House and land. The land included is the west 90ft of lots 19&20 City of Zephyrhills PB1 PG54 Block 168... Lots 19 & 20 are 25ft wide each so the total lot size is 50 X 90. The Home is located on the corner of 8th Street and 4th Avenue.

Location:Just one block from down town in a very nice, quiet neighborhood. Great location just a few blocks from Zephyr Park where you can stroll around Zephyr Lake. Across the street from the oldest church in town (1910) This house was built in 1915, the same year that the town of Zephyrhills was founded. This Home is on the State Historic Registry.

 The Home: is built of solid hardwood from top to bottom, No Sheetrock! The Floors are all beautifully finished Heart Pine and the walls and ceilings are all tongue and groove wood. The down stairs area has 10ft ceilings and a nice bright living room with an open staircase and real fireplace. The  dining room is in the center of the home and also has nice big windows. The Kitchen has ample cabinets and enough space for a small breakfast table. All of the original cabinets are still there complimented by a built in depth refrigerator and a kitchen aide glass top stove with convection oven. The laundry room has a nice amount of cabinets and counter space as well. The home has an electric water heater, a central heat and air unit for the 1st floor and window air conditioners for the second floor. The large master Bedroom is at the rear of the home downstairs and has its own Bathroom with a roman tub. Up stairs there are five rooms plus the second bathroom with a shower. The five upstairs rooms include four bedrooms, two large and two small, and a common area bonus room in between the two smaller bedrooms. The home is in very good condition and is move-in ready.

Investor Note: Property is zoned Office Professional and has been approved for business. It is one of only a few places approved to live upstairs and have a business downstairs. Perfect for a realtor, insurance agent, antique shop, etc... Also for cash buyers, the two story house behind this home at 38529 4th avenue is currently a duplex and would be available for purchase for an additional $79k. It currently brings in about $1100.00 per month...it has a 2 bedroom apartment upstairs and a three bedroom apartment downstairs. If You've got the cash to buy both properties, make me an offer!

Cash Buyers and Buyers with their own Pre-approved Financing: If you wish to purchase this home and have your own financing or are paying cash then bid the total amount you are willing to pay for the home.(No Less than $95,000) offers under $95,000 will be considered to be offers for a down payment on a rent-to-own contract  (how much you finance with your bank is your business, you are bidding as a cash buyer) 
Bids over $95,000 will be considered as full purchase price bids on the property.

An offer of $120,000 will end the Auction as a buy-it-now bid. Other serious full price cash offers will be considered.

The Rent-to-Own/Purchase Option Deal: I want to find a serious buyer for this home, someone who recognizes the value of such a treasured home. I am offering flexible terms to accommodate nearly any buyer. You are Bidding on the Down payment. and an adjustment to the purchase price at the same time. Here is how it works: The Price of the Home is $137,500.00 for a rent to own/ purchase option deal. A discount will apply to the purchase price for 15% of whatever your down payment is. for example if your bid is $10,000.00 then your discount is $1,500.00 and your purchase price is $136,000.00 .  
Also:For the rent-to own/option buyers, The rent is $1200.00 per month. How much of the $1200.00 that goes to your principal depends on your down payment. A minimum down payment of $2400.00 is required to enter into a rent to own/ option to buy contract.  If the winning bidder's down payment is less that $2400.00 then the home will be leased to the winning bidder on a standard 12 month lease and the down payment will be treated as a good faith deposit.  At $2400.00 The winning bidder will be given 12 months option time to purchase the home at the $137,500.00 price. The full down payment of $2400.00 will be deducted from the price as well as any principle gained. The amount will be determined using a 30 year amortization schedule  at 10% interest. In this minimum example, after paying the rent for 12 months, the Buyer would have gained approximately $1000.00 more toward the down payment for a total of $3400.00 and would apply for conventional financing with their bank at that time showing a down payment of $3400.00. 
The amount of the rent that applies to the purchase and the length of the purchase option term are directly proportionate to the down payment as follows: for every $1000.00 down, the term of the contract will be extended by one month, and the interest rate will be reduced by 0.1%. This is very significant, because you can determine your own time frame for refinancing by your down payment. So to continue with the first example of putting $10,000 down, the contract would be extended 10 months for a total of 22 months, and the interest rate would be reduce to 9%, so after paying the rent for the 22 months you would have gained an additional $6,000.00 in down payment, and would show your lender a total down payment of $16,000.00 off the $136,000.00 price.  A couple more examples, let's say that your financial adviser has indicated to you that you will be eligible to finance a home with conventional financing in about 2 years but will need to have a good down payment, You can lock in the price now while prices are low by entering a bid of  say $18,000 down.  Then the price would be discounted by $2700.00 (that is 15%of$18,000.) then the balance after the discount & down payment would be $116,800.00 and the option term would be 30 months, the interest rate would be 8.2%, and after paying the rent of $1200.00 per month you would have gained principle of approx $14,000.00   so the amount to refinance at that point would be about $102,800.00 so you would show a down payment of $32,000 to your bank. Another example for a savvy investor would be to put $56,000 down the price would then be discounted $8400. the option time would be 68 months and the interest rate would go to 4.4%, So The price would be $129,100.00 the initial balance would be 73,100.00 and the principle gained in 68 months at $1200.00 per month would be $71,825 for a balance due of $1275.00 in other words you would be able to pay off the home in less than 6 years without ever having to refinance!

Winning Bidder: If the winning bidder is seeking a rent-to-own/purchase option contract, then they will be expected to pay $299.00 within 24 hours of the Auction end  via Paypal to cover the cost of background checks and eBay fees. The balance of Your down payment is due with the contract within 10 days. A winning bidder who follows through with the contract will be credited for the $299.00 in full toward the purchase, so it will not cost you anything for processing or background checks. Please note: Renters will have to pass a criminal background check.,  If you have a criminal history (for example drug related  or felony convictions) and do not pass the background check, then you will forfeit the $299.00 background check and processing fee.  I am not talking about traffic tickets or credit issues. If you are not sure if you would pass the background check you may contact me.
Winning Bidder: If you are the winning bidder and are a cash buyer / or have your own financing, You will be expected to pay a $1500.00  non-refundable down payment with-in 24 hours of auction end. This down payment will be deducted from the winning bid amount and the balance will be due with-in 45 days. This should give you ample time to meet your lenders requirements to close. we can use Meridian Title in Dade City Florida to handle the closing. I will pay for the title insurance and you will receive clear title/deed at closing with no encumbrances or liens. I will pay prorated taxes for the portion of the year as is customary. The Purchase contract will be an as-is contract, and any additional expenses for inspections or insurance or prepaid items required by your lender are your responsibility.  
 
Frequently Asked Questions: The Taxes are all current, The Buyer will receive a clear Title/Deed to the property when it is paid for. I will provide a title insurance  policy to the Buyer at closing. Renters must sign a minimum 12 month lease and are subject to all of the terms and conditions of the lease including being required to maintain the Home including yard maintenance and professional pest control. Also, there is no indoor smoking during the rental/ lease term. Pets by approval only. Renters are required to have renters insurance.( check with your Auto insurance provider, you'll find that renters insurance is really cheap) Our insurance prohibits our tenants from running a business at the home,so as long as it is being rented , it may only be used as a residence, ( the house is zoned office/professional, so after you finish purchasing the home you may have a business in the home as per city standards) 
Questions: If you have any questions about the Location, or the House, or the Deal, or would like to see the home, then please ask... I would be happy to help.  My Name is Allen, my daytime phone number is (352)-206-0869

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