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Seller Carrying The Mortgage, Owner Financing Maine Land.

Seller Carrying The Mortgage, Owner Financing Maine Land.

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.

The risk keeps going down as the property payments roll in. And the collateral is improved in value on top of the success of the owner financed property sale in Maine. rafting in maine photo


If it all goes as planned, owner financing Maine real estate is a simple solution to how to get back the purchase price if the seller has the time.

Does not have a mortgage or other liens pressing him to sell for cash.

And if he or she does not have to replace the property with another in a new location on the spinning blue and green marble. And if he has not been burned too many times before. When a buyer promised the stars, did not even get to the moon.

And the property was foreclosed on with expensive lawyer bills coming in the mail slot to yank it back.

Start over after the clean up and the dust settles at the end of another day. In wrack it up to experience.

Chalk board how this one ended up for the lesson learned about what should have happen. Didn’t and why in the post mortem before the white sheet, the toe tag. Slide the mess back into the cooler.houltonmaine photo

When owner fiinancing Maine land, any property listing for sale in Vacationland is doomed from the start?

The buyer lets you know about his less than stellar credit score, the debt ratios that are upside down.

And his personal affairs are a train wreck too like his credit health. In the middle of a long, who knows when it will end expensive divorce and custody battle.

And personal health is pretty iffy. Muttering something about the tests show stage four this and the chances of the survival are grim. Your heart goes out to the suffering folks in the audience.

But if a bank won’t touch the buyer of Maine real estate with a ten foot pole, or longer.

Why should the seller carry the paper? Hold the mortgage… whoa. Let’s slow down this wagon train Cookie.

I have seen owner financing on a cheap piece of junk land, or beat up, not much life left in it mobile home or woods camp. That worked with little down, and a high rate to for the interest charged on the mortgage to help the property owner sleep better nights.

The payment even though saddled with a high nose bleed interest rate was easily made. Because $5500 financed at 5% or 15% is not as dramatic. As a property priced with six zero places in what it is being marketed for currently.

Like most things in life, ask questions first. Consider the consequences thoroughly. In what can go wrong and how to protect, build in the barriers to make a happy ending to this real estate story. active rain blog posts chicklet

Setting the expectations, adding the bullet proof legalese in the mortgage so foreclosure remedies are spelled out for all to see.

To really think long and hard . About all the what ifs. When they sign the notarized promissory note, the mortage taken back by the seller on the property the buyer is about to purchase.

I’m Maine REALTOR Andrew Mooers, ME Broker

207.532.6573 | [email protected] |

MOOERS REALTY 69 North Street Houlton ME 04730


Andrew Mooers

Welcome to our Maine real estate website. I am the father of four grown children, have listed, marketed, sold properties for over forty years. Lots of changes in the real estate industry over that many decades and daily we re-invent our job. I grew up on a Maine farm that I bought from by three older brothers. My youngest son continues in the tradition on that same Maine farm. Here to help with property searches for homes, farms, land, waterfront, multi housing rentals, small mom and pop business listings.

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