Where to get the mortgage for financing the house for sale when cash is not an option. Or owner financing is not possible. Because the seller needs to pay off a mortgage and to replace the house with a new home address in another neighborhood somewhere else.
My Dad was one of the first crop of Maine residential real estate appraisers when licensing for valuations was needed. Prior to that the licensed Maine real estate broker could issue valuations. Appraising a property, valuation was one of the three components of licensure when I took my broker's exam in 1979.
Real estate practices and law were the other two components to getting, passing an agent or broker's license test to hang on the wall of an agency. Valuation was the toughest teacher, Ted Sherwood from Bangor drove home the point and made sure you knew the fine points of valuation for which I thank him. Dana Devoe was the law instructor, Earl Black the practices teacher who I still see at state REALTOR conventions each fall.
Maine small town bankers prior to appraisers being brought on board could visit the property and size it up for condition and value for the collateral securing a mortgage loan. The home town mortgage lender made character loans too with local control and based on past experiences with the borrower or from family dealings in the small Maine town. Maine only has a handful of cities and small town communities is the norm in Vacationland.
Local real estate bank home loans, protecting rural small towns in Maine. In my area of northern Maine the shortage of appraisers for the work load is felt in our local markets. One appraisal firm out of Washburn Maine recently announced they were pulling back their horns and not servicing southern Aroostook County any longer. So the tightness for appraisers to do the mortgage loan underwriting inspections and valuations just increase a few clicks on the rachet tension.
Use those banks with processing centers in Maine. With local outlets for lending from institutions that have banks, credit unions in the small Maine town or in one of the sixteen counties of the Pine Tree State. Why? Lots of reasons. First and foremost is the service you you receive and the time that is not wasted waiting for the clear to close real estate memo.
Any real estate agent or broker can make a property sale look easy.
To make the process appear seamless as if each property listing transfer could be done with one hand tied behind their back or wearing a blindfold. In reality, nothing could be further from the truth. Because real estate is an emotional job dealing with all personality types and working around tremendous pressures caused from rushed relocation, dwindling resources to carry the expenses of a property listing. And add in the added stress of a divorce, poor health or death and the estate sale squabbling that can add to the difficulty of the real estate sale.
But a seasoned, experienced real estate professional has weathered many markets, dealt with lots of property sale situations and the folks involved in each and every property sale.
So our job is to give advice that sometimes is taken in whole, part or not at all. If the struggle to suggest the best course of action goes on deaf ears, the real estate professional should see the red flags. To wave his or her own white one to surrender. To take a step back and thank the buyer or seller for their time but to suggest there is a better fit out there to represent them. Realizing that you can not help them and that you are not able to meet their expectations. So you can move along to the listings and real estate sales that you can do your best work for results.
This blog post highlights a few of the unknowns that can raise havoc in a real estate sale. MOOERS REALTY has blogged before on areas where sellers can help or hurt their sale. When buyers can do good or harm the process in the real estate sale.
Besides whether the buyers or sellers take your advice or not, what are the wrenches that get thrown into the cogs of a real estate sale that are harder to control or plan for in a transaction? There are plenty that have nothing to do with the buyer or the seller and that can easily get missed early on to only rise up and show their ugly head later.