Posted by Ronald * Starr(in No CA) on July 28, 2003 at 22:51:40:
Mice to meet you. You have summarized things well, it seems to me.
What you have sounds ok to me, except that the interest rate is a little steep compared to market rates these days. But, you are buying no money down which is worth a little more interest, it seems to me. If you credit is a little shaky, the interest rate is reasonable, I’d say.
I would recommend that you take your paperwork to an attorney and be sure that it is all legal and reasonable. Also, be sure to get a building inspection done before you close. See some of the other posts today about needing inspections even for brand new houses. There are often a lot of little things that need fixing. It is better to get them fixed before you sign the final documents rather than later.
Good InvestingRon Starr****