East Tn -5.8 Acres, Owner Financing

Lot Description

5.8 Acres in East Tennessee

Owner Financing with Simple Terms

5.8 acres nestled in the foothills of the Smoky Mountains. Property is located in Speedwell, TN in Claiborne County. This is about an hour north of Knoxville, TN. The property is just about 25 minutes from Interstate 75 not far off of Hwy 63. The property is between both Tazewell, TN and LaFollette, TN. Both towns are good size with groceries, shopping, pharmacies, restaurants, hospital, schools, etc. This almost 6 acres is in a secluded location tucked away in Sugar Hollow. It is off the beaten path so provides some nice privacy to get away from today's stresses.

All pictures are either of the property itself or views from the property. This 5.8 acres has a gravel drive access (pics show road without gravel, but gravel has since been put down) that goes through the lower part of the property and then up to the top of the ridge. At the top of the ridge, the land lies on both sides of the gravel drive which gives the owner some nice options. This 5.8 acres is mostly all wooded. There are some nice homesites on this 5.8 acres. Power and phone are at the front of the tract. A septic and well will be needed in this area for sewer and water. The Powell River/Norris Lake are just a short distance away. Seasonal views of the lake in the Fall and Winter.

Restrictions are fairly minimal. There can be one home per 2.5 acres. No pig/chicken farms or junk/salvage yards or like nuisances. The winning bidder can build a home/cabin, move a modular home on, camp, or even just enjoy for recreation.

We are providing 100% OWNER FINANCING for this property. All that is required up front is only $300 which covers all closing costs. Interest rate with nothing down starts at 11.5% and can be bought down. For every 5% put down on the property the rate is lowered 1% to a low of 6.5%. Examples of payments are as follows:

Nothing down at 11.5% is $278.34 monthly.

5% down ($1,305) is $247.55 monthly at 10.5%.

10% down ($2,610) is $218.96 monthly at 9.5%.

15% down ($3,915) is $192.53 monthly at 8.5%.

20% down ($5,220) is $168.21 monthly at 7.5%.

25% down ($6,525) is $145.95 monthly at 6.5%.

These payments are figured on 20 years. You can go longer or shorter depending on your budget. There are no prepayment penalties and a warranty deed is provided when land is paid off.

This is some great East TN land conveniently located to town but still with a country setting. Both Cherokee and Norris Lakes are a short drive away which provide great fishing and boating. Knoxville is the closest city about an hour south of the property. The Kentucky and Virginia borders are a short drive away.