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Real Estate Closing Costs | What Buyers, Sellers Can Expect To Pay.

Real Estate Closing Costs | What Buyers, Sellers Can Expect To Pay.
 

Real estate closing costs, what are they, how much are they?

What are the buyer and seller expected to pay when a property listing gets sold? This real estate blog post covers what happens in my hometown in the state of Maine. It is not a broad brush absolute who pays what to cover the country regarding the topic of "closing costs".

Many areas across America have even more items under the heading of "closing costs" that add to the fees to buy, sell, trade.

Where I list Maine properties for sale, we don't have home owner's associations that require certain extra fees. There is one property tax a year, not several. And it includes the state, county, local portion in the one tax bill. I know, I know it is not that way in other lands where we don't peddle properties day in and out.

Sometimes a lake home or cottage has a road dues fee assessed annually but even that is usually a voluntary contribution. It is a lot simpler living in small town Northern Maine! Lower prices, less people, simpler living in Vacationland.lighthouse1

This blog post will look at real estate closing costs in a typical Maine home sale to hit the highlights.

To get you in and out quickly. We know you are pretty busy! You just want to know what should I expect to pay to along the way and to make sure you have enough budgeted for the closing cost expenses. So you can sleep nights and be assured you are getting a home bought or sold which is very exciting life news.

The score sheet to keep track of the two sides of the real estate sale transaction is the ever evolving HUD-1 settlement statement for buyer and seller costs. Closing costs for sellers land anywhere from six to ten percent of the home's sales price. It's not cash out of the pocket usually but instead expenses subtracted from the profit bottom line gross on the home sale. Unless the home seller is upside down, owes more than the property is worth and has to shell out the difference. Or moves on to a short sale situation which is another topic for another real estate blog post where the seller has no money to settle up the difference. No equity in the home means you better find a way to make up the shortage for the "clear to close memo" to circulate. For everyone to line up for the dot the "I"'s and crossing the "T"'s before sliding the house keys across the highly polished conference room table.

Real estate buyers worry they won't have enough to close the home sale. Because even though a bank or mortgage company lender of the loan has to by law provide a good faith estimate of what all this is going to cost to be in compliance with truth in lending regulations. The typical home buyer is still scared what if I don't have enough at the tail end real estate closing to cover expenses? They want the house, their family is counting on them to make it happen. They badly want to stop renting, start owning.

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Maine Homes For Sale | That Pink Bathroom Has To Go.

Maine Homes For Sale | That Pink Bathroom Has To Go.
 The out of state buyer from New Mexico made the blog post headline response in unison with her daughter. "That pink bathroom color has got to go!".
 
That daughter got the link to the property listing forwarded that we had shared with Mom. All agree in the family. The daughter is in New Zealand watches the home video. The mother focused on one particular listing is a Maine home buyer that like most realizes colors are up to the person who owns the house. Or that the last person's art work continues with whatever they picked and painted from the color wheel from down at the local hardware store. What needs to be done before a home is put on the market for sale?
 
They ask, worry about their job in this partnership to get the home sold. Sellers want to know what should we do before the marketing images and video. But the updates all take time. And a hot market cools up depending on lots of factors. Still whatever you do is what shows good or bad in the marketing media used to attract buyers. Not just the local ones either like this email today shows...
 
"Hi Andy,
 
"We love your enthusiasm! it's so very difficult to "look" at property from across the country and I see things hubby doesn't and vice versa. But we both are intelligent enough to see there is much 'bang for your buck' with this house after watching your neatly done real estate video! Twelve acres is more than enough for a couple horses that are more like lawn ornaments than actual workers! But we wanted enough for them to get off their lazy butts and move around and this provides that. And I like to grow as much of our food as possible and we'd also have plenty of room for that."
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Low Ball Offers | How To Handle Real Estate Negotiations.

The low ball offer on the real estate listing.
 
They happen. And letting the seller of a property know to expect them helps when they are received. Need to be relayed for a reaction. Often the buyer making it demands immediate possesssion, a list of extra things they expect the seller to do. They can overwhelm the property owner because of being so one sided and unreasonable in the seller's opinion. In a slow real estate market, there are not truck loads of buyers coming down the pike. So any and all offers are considered seriously. loadedtruck low ball offers photo
 
Reminding the seller of a listing by law we have to convey any and all offers we receive is necessary before and during the presentation of an offer on real estate.
 
Even if the property owner tells the agent or broker at the listing at the kitchen table don't call me with anything less than the price tag hanging off the property on the mls platform. Seller can hold the low ball offer against the agent or broker. That's why relaying them is not the most enjoyable part of our job.
 
First, why do low ball offers happen?
 
Sometimes it is all the buyer can afford for real estate. And they hope maybe you are in a charitable mood, that there could be a desperate situation that would cause the seller to take it. Often the offer of any size is just designed to learn today, would you take any less for the property than the listing price Mr and Mrs, Miss or MS Seller?
 
What is the bottom line, show me what is the best you can do today if you are serious about selling with this price, these conditions. This is classic real estate negotiationing to make it work for both sides of the real estate teeter totter. It may not be fair for all, but is it accepted? Can a low ball offer be negotiated into one that will fly and get everyone to a real estate closing?
 
Time will tell if communication happens in the negotiation. It will die if neglected and the discussion about the offer and what to do next are not occuring.
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Maine Town Spotlight | Oakfield ME | Aroostook County

Oakfield Maine, located in Aroostook County has Interstate 95 access. The foothills of Oakfield Maine caused someone to dub the town the "Switzerland of Maine".
 
Those same foothills have wind generators planted along the high terrain and local residents enjoy a stipend from the farm harnessing the breeze.Each full time resident pockets around $2100 a year in the fall. Just in time for real estate property tax bill settling up. And some tax payers receive higher check amounts due to sound or light flicker easements. The size depends on how close to a residence of the property owner the wind beater twirls. community center oakfield m
 
I know one local resident of a Maine log home we are selling that gets a check for $5100 for the next sixteen years if all goes as promised.
 
There are just shy of 50 wind turbine electric generators standing tall at an average height of 450'. Up in the air in Oakfield Maine. The wind generator farm spans roughly 150 acres, producing almost 150 megawatts of power.
 
Oakfield Maine, rich in Bangor and Aroostook Railroad history. The local railroad station in Oakfield Maine is on the historic register of important places. Take a ride on a passenger train in Oakfield Maine.
 
Like most towns in late to be developed Aroostook County, the shape of Oakfield Maine is pretty much six by six miles. More on the facts and figures of Oakfield Maine. Population around 726 in Oakfield Maine is what the search for souls shows. The median age of Oakfield residents is 48.7 years. This is the official website of Oakfield Maine.
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Building A Boat House On A Maine Lake, How's That Shoreland Zoning Work?

Building A Boat House On A Maine Lake, How's That Shoreland Zoning Work?

The property on the Maine lake and what can you do to it if you buy it?

Valuable information and involves a crash course on shoreland zoning in Maine lake properties. The 250 foot shoreland zoning strip around Maine's waterfront is a sacred designation. No one wants to knowingly hurt the waterfront habitat and should be sensitive to why the regulations are in place. Because no protection of the Maine lake natural resource and there won't be anything worthwhile to pass on to the next generation.

Being a good steward and respecting the lake water quality and development around the waterfront isn't something you just know as a young grasshopper. It is taught through example by whoever owns and protects the shoreland zone around a Maine lake. They teach who they pass the property to the respect for the natural habitat. To tread lightly.

So boat houses on a Maine lake, can you put up one to get the watercraft under cover? If there was no boathouse on the shoreland you are about to purchase, there is no grandfathered structure to preserve and improve. The boat house on the Maine lake was a structure in place before the shoreland zoning was set up and the rules and regulations were drafted into law. loons4

So what if there is a leaning, sorry looking boat house that someone put into play out front of the cottage or lake front camp or home?

The mandatory shoreland zoning act of Maine was put into play in 1971. And steadily the protection regulations for Maine waterfront properties have been beefed up, better defined by the state. With local municipalities adding their own added regulations  above and beyond the Maine shoreland zoning law.

I tell someone as a Maine real estate broker to not tear down or remove the existing boat house on the shoreline of a lake without getting the local town officials involved.

Document what you are going to do with date, times, paperwork copies of all correspondence. Talking to the code enforcement officer before you get out the hammer and nails is wise. Partner up with that individual who often in small Maine towns wears the same hat in many of the municipalities lucky enough to have lake, river, pond, ocean or any waterfront resources within the town or plantation limits.

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