Mooers Realty Maine Real Estate Blog
You Found A Maine Home, But You Have One To Sell First?
You found a Maine home you are some kind of excited about, want to move, relocate to as quick as possible.
But the one you already live in, are paying for has to be sold first. How do you get the new Maine home of your dreams available now but not have to struggle with the juggle of two house payments?
If a property bridge loan and carrying two places while waiting for one to sell is even a financial option for your pocketbook.
Timing in life is everything.
To expect the seller of the new Maine home listing to just park it, wait for your place to get staged for the market and sold is not realistic.
Now that porperty owner is waiting on two places to sell. Yours, then his. It all takes time. That mortage loan underwriting process if a Maine bank is involved usually eats up to eight weeks alone on the first home sale. Before the "next" is hollered.
The Maine real estate seller rightfully reasons what if a buyer comes along waving cash, I should not ignore, put him off right?
If a home purchaser who already saw the place before his "gotta sell my place first buyer" comes along. Any buyer that is ready, willing and able at the price and terms, conditions a seller agrees to is the goal.
Want to move on it, can step into the picture to pull off the property purchase quickly buyers ebb and flow in any real estate market. Hot and cold happens. Supply and demand part of the consideration on a per case basis.
The less contingencies or delays the better. Any simple real estate sale without all the wrinkles, delays, possible issues that come up in the process of buying a Maine home are the easier, low hanging fruit to select with success.
For a better real estate batting average.
To buy the Maine home and don't have one to sell first or I already have a buyer way into the process means let's make some very important calls.
To determine what we do have for a situation, set of facts. Where are we in the real estate tranaction double feature movie. The place the buyer has to sell first is already appraised, the legal title work is done, insurance binder is in place.
All aproved, clear to close orders issued. And the property closing on their old Maine home is set for later today, or just a few days away later this week.
These are the darker shades of gray situations that make it let's ask some questions first before just black and white yes or no is determined on what to do.
Where do we go from here is as delicate as diffusing a bomb and sweating over which colored wire to cut first, or at all.
Contingencies on paper and how do they work on the ground.
Out there in the actual real world of the players involved?
You have to know people, the ones you are working with and their time crunch, temperment, all about their properties strengths, drawbacks.
Experience guides the what to do and what to expect if we do this, that or pull back and wait until this happens. Delicate dance and not possible unless you have all the up to date, today's information on all the developments to make the best decision.
Domino Maine real estate sale deals, intricately linked.
Dependent on each other like a train load of heavily loaded cars. Where does this Maine home sale figure in. Leads, connects to this one before it, then the next one on down the line after it.
The shoot the moon, take all the tricks can work out fine and dandy like in a game of Hearts. Are like an engineering marvel to keep on track.
To get to the Maine real estate closing on time. All aboard is the easy part. Keeping them that way is not.
Because one Maine home sale with a buyer, seller, bank and all the others involved are one set of players to keep in the dining car or up in the sleeping berth. Playing cards waiting in the caboose.
Hitting the real estate closing target for a number of property sales.
But when you amplify the long list of what it takes to keep all the elements of the sales alive, what can go wrong.
The odds increase drastically if just one failed Maine home sale unhooks.
And the rest can derail, come down like a house of cards. Too many pots on the stove to watch, tend and stir up the right way happens.
Expectations, full disclosure of what is going onand constant communication is the key from start to finish.
Yes it would be easier for the seller to say let's wait for a buyer that is ready to buy without the contingencies. But if one comes along with the loose end of selling first, don't strong arm and push them away automatically.
Or not take them serious. But see if a bridge loan is even possible. Assume nothing, information learned early on helps decide the direction that needs to be taken.
How saleable is their old Maine home if not on the market now?
Shortage like them in the local real estate inventory and in good shape?
Or a dime a dozen in supply and lots of property, boundary, easement issues that make the sale near impossible at what they need to clear to get free of the mortgage?
Fact not emotion apply with the learning what do we have here in the sea of faces to work with, complete a home sale.
Eagle eyeballing every buyer, seller, property and the probability, odds this particular sale can actually come together.
Are the buyers for the new home qualified to pull off a purchase if their old home does get a sales contract on it?
That is the first question to answer right up front with the help of a lender, mortgage provider if the sale to buy is not a cash one.
Their credit score, debt ratios, and knowing the bank program matched with the condition and type of property listing all need to be studied. So it does not come up as a big "why didn't anyone know" surprise later down the line when the red flags missed start popping up all over the place.
That's why, just part of the reason the problem solving, devil is in the details. I love this sport, profession of Maine real estate list and sell, all the neat buyers and sellers that we get the honor of helping in the matchmaking of properties.