Mooers Realty Maine Real Estate Blog
What Can Go Wrong In Listing, Selling Maine Real Estate?
Trouble shooting, what can go wrong in listing, selling Maine real estate properties?
The listings in Maine get created around the kitchen table of the seller. The detailed information gathered to use with the images, videos, maps, surveys in the marketing media streams.
Often if this first step does not get the time and attention it deserves, things go down hill on a Maine home sale.
Or something blows up later on that should have been dealt with early on to avoid derailment.
Like a Maine real estate deed with a glaring, faulty description, that does not close completely. Or right of way easements, lien attachements that should have been known early on. That simple were not checked for, figured in on the to do list before marketing kicks in. That could have been spotted from a simple peek at the title in the local Maine county registry of deeds.
Here are some mistakes buyers of Maine real estate make. Not knowingly and more apt to happen from inexperienced agents or brokers not quite guiding them correctly. Setting expectations and looking ahead at the pathway with twists, turns, dips, peaks. Sellers make mistakes too. Here are three big Maine real estate seller pitfalls.
The process of listing, market, selling Maine real estate has changed dramatically. The shift to the digital age and busy living mean technology allows new exciting instant, quick options for real estate information transfer.
The buyer is not pre-approved for financing wastes a lot of time touring Maine homes before they are ready to buy.
Without knowing the price range, program at the Maine bank they qualify for a loan, it's cart before the horse thinking.
Or the time needed to fix credit takes the buyer so long the Maine home they fall in love with, toured comes and goes. Becomes the home is history, sold before the credit issue wrinkles get ironed out.
The bank repos, foreclosure homes in Maine are designed to fly off the shelves.
Not linger, stick around and develop shelf life, MLS mold from wearing out their welcome online. The banks, finance outfits price them low low to go go. Move it out scout.
Quick like a bunny fast fashion.
Like it's bedtime and the clock on the wall says lights out. Wrap it up for the day in a Maine family home.
Or the seller thinks they want to sell but when it comes right down to it, when a buyer is located, the property listing suddenly is pulled from the real estate market.
Changed my mind. The Maine home owner wonders what am I doing, better not move, sell and staying put happens. The sign out front gets hoisted, taken back to the Maine real estate agency. With a "thanks any way" muttered in relief.
Another problem is foreclosure homes in Maine. They don't populate the market as much here as other places. With Maine the 46th lowest for FSSR. But when you have a local home buyer in Maine only qualified for a house under $40,000, the bank foreclosure is well worth it. Seems a fit. It is price wise.
But the needing a heating system or new roof on the place is an expenditure the buyer with only enough for closing costs can not handle. Is not braced for and the Maine home sale deal can not come together.
Through a picky mortgage program where the loan is sold off to investors who shake heads side to side.
So foreclosures properties in Maine are low enough priced for say a USDA Rural Development home loan the buyer who qualifies for price wise.
But the structure, condition, needed improvements of the Maine home are not up to speed to meet loan program standards. Those regulations being met often mean finding a higher priced home in Maine. That the buyer on tight resources, high debt ratios and so so credit score is not able to buy. It's not a good marriage. No happily ever after for the Maine home sweet home.