Buying A Maine Home When You Already Have One To Sell First.
One less house to worry about is what happens when you don’t own one and are trying to buy a Maine home.
To add to the collection. One at a time Maine home purchases means the focus is just on does the buyer have the cash or can they get a bank loan?
Do they have the job income, credit score and healthy debt ratios to pull off a Maine home purchase priced (hand up in air) this high?
And is the house in Maine they want to buy up to snuff.
So a Maine house appraiser can give it a thumbs up for value and condition.
So a sale at a Maine real estate closing takes place.
That scenario is enough fun and games when tricky bank mortgage financing programs create a maze of hurdles to clear. But bring in a oh, by the way, already own a home somewhere in the World.And if it has a home loan mortgage, is tapping into the ability to purchase the new one, another on housing radar, sometimes the home show stalls. Hold up theere big fella. (Horse snort, whinny, pawing at ground sound)
Timing in life is everything. In buying and sell Maine real estate, a home too. Dominos, with this has to happen before this does. If a bridge house loan and juggling two places until one sells is just not possible. Or the buyer is not going to purchase until the other place sells.
See variations of the scenario in buying and selling Maine homes daily. The Maine home buyer often figures the seller will wait.
The seller thinks I was already selling one house, and now with the buyer’s home sale needing to happen, it is like move over.
Two houses to worry about, not just one.
If you decide to wait for this one particular buyer. Their other house may not sell. Today, tomorrow, ever.
Asking questions, taking very good notes, and drawing on past house sale experiences.
That’s what is needed to one by one size up and look for any red flags.
In the Maine home sale contingent on another house transfer.
The operation can go smoothly. But the vital signs. Have to look over the charts, read the meters, see what could happen before it does.
If the “other home” needs to sell first before a buyer can move on to the one in Maine, is his or her current home on the outside market?
If out of state, calls to the real estate agent or broker are made. To determine is it likely to sell? How is the market there because they are all different like the weather.
Is there a shortage of this type of home, is it priced right? Are there loose ends or physical problems around the location, condition of the place that makes a sale difficult or impossible?
If the house needs a sold sign in the front lawn before buying the next one is already under contract, questions about has it been appraised yet?
Any inspections that could upset the sale if they don’t get the green light for the A O K ?
Is the person buying this other house selling the one they have to someone selling the one they own and so on? Not one domino but a train long row of them.
Knowing what you have ahead and weathering the storm to get to high and dry, land safely.
A Maine real estate professional with lots of experience can see the direction the sale is headed or not. And correct, adjust the course to make sure everyone gets a home of their dreams. No matter what it takes to buy or sell that Maine home.
207.532.6573 | [email protected] | MOOERS REALTY 69 North Street Houlton ME 04730