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61 Water Street S, St. Marys

Off Market Duplex

Uncover the hidden gem of real estate! Discover our off-market duplex priced at an incredible $399,900 with a vendor take-back mortgage option. Say goodbye to conventional financing hurdles and hello to flexible terms that fit your needs. Don't miss out on this rare opportunity – act now and secure your dream duplex today!

Items to Note

Both units are currently tenanted, with long term tenants. Because they are on a month-to-month tenancy agreement, if the new owner wants use of the property for personal use (or immediate family member's use) 60 day notice can be served to the tenants to have them vacate the property.

This property could remain as a legal, non conforming duplex, or it could be converted to a single family home.

Current rents gross approximately $17,000/annum

Download the property report here👇

What is a Vendor Take Back Mortgage?

A vendor take-back mortgage, also known as seller financing or owner financing, is a type of arrangement where the seller of a property acts as the lender for the buyer. Instead of relying on a traditional bank or mortgage lender, the seller provides the financing for the purchase.

In a vendor take-back mortgage, the buyer and seller negotiate the terms of the loan, including the interest rate, repayment period, and any other relevant conditions. The buyer makes monthly payments directly to the seller, who holds a legal interest in the property until the loan is fully paid off.

This type of mortgage can be beneficial for buyers who may have difficulty qualifying for a traditional mortgage or who prefer to have more flexible terms. It can also provide an alternative financing option when bank loans are not readily available.

For sellers, a vendor take-back mortgage allows them to sell their property quickly and potentially earn a higher return on investment through interest payments. It can also attract more buyers, especially those who might not qualify for traditional financing.

Overall, a vendor take-back mortgage can be an advantageous solution for both buyers and sellers, offering flexibility, convenience, and the opportunity to successfully complete a real estate transaction.

61 Water Street S, St. Marys is not a listed property. The seller has agreed to co-operate with me, and allow me to introduce potential buyers to the property. If you have any questions, please don't hesitate to reach out!

Julien Polidoro

Real Estate Broker



150 Queen Street E

St. Marys ON




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