The calls, emails, texts come in and the question "got any rent to own, option to buy Maine homes available?"
The discussion moves on to a home for sale in Maine that we have listed and whether the property owner would consider a rent to own arrangement.
We have blogged posted about renting vs owning, rental homes in Maine before.
But this post delves into the beyond a month to month tenant at will that is free to come and go with usually a 30 day's notice. And the Maine home owner can give the same amount of notice to say see you later alligator.
Which works well when a listed home in Maine goes under contract to sell.
And the new buyer with his finger's crossed hoping for the key's please is planning on moving in the day of the bank closing.
We see lots of owner financing with Maine land purchases. Have set those seller carried installment sales up on property acreage in Maine for decades now.
With no pre-payment penalty and short term, five years or less generally and smaller purchase prices, not such a large nut to carry monthly mortgage payment.
But buying a home in Maine, and what happens when the purchaser can not get a mortgage loan. It means gotta wait, rent and save up or repair that damaged credit score, debt ratios and whatever is stuck to your financial report for burdocks.
That keep your buyer of a Maine home wannabe from pulling it off. Home sweet home happily ever after.
Or unless they can find a loved one related or not to put the property in their name because they have good enough credit to make the bank go thumbs up. Approved the loan and make everyone happen at a real estate closing.