Look Mom, no bank.Smooth sailing.
Sometimes it is because of the low price property listings in Maine for sale. All about how easy it is to buy them outright and not need a mortgage on say Maine land.
But often owner financing Maine can be one neat, sweet easy vehicle to hop into to arrive at the real estate closing quickly.
And get the low cost property listing, the Maine land paid off in quick fashion. So free and clear happens and the enjoyment of the Maine real estate increases all that much more. Read the full article on owner financing Maine real estate.
So how does it work and when is it a good idea to have a seller carry the mortgage on Maine land, other property for sale?
Or not so hot an option when selling Maine real estate.
Well avoiding a bank, the overhead charges and a higher interest rates, the time delay in the process of lending money. That is one reason it works so quickly and bypasses the middle man with the combination to the bank vault tumblers.
And on low cost property listings in Maine, to spend two or three thousand dollars to buy a few acres of Maine land priced under $10,000 makes little sense. Seems pretty wasteful.
And we know Mainers are frugal, like to barter and stretch those hard earned dollars right? Don't leave money on the table. Get the best bang for the buck is what rolls around in the spending decisions.
On the other side of the mortage carried by the property owner, the seller gets a nice annuity set up. Usually with no prepayment penalty so it could be all over with quicker than the number of payments on the amortization schedule spells out.But with a first mortgage record at the local registry of deeds, and the buyer deciding to invest in a drilled well, full concrete septic and driveway, the power pole. Well now we are talking.