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Mooers Realty Blog

Latest Real Estate News, Local Community Area Events From Mooers Realty.

Title Problems In Real Estate Sales.

Title Problems In Real Estate Sales.
 Legal issues in real estate sales, it's no fun when they delay or threaten a property closing.

What's lurking out there for title problems that affects the enjoyment, value of the land under all the improvements? Legal issues with real estate start when the property is listed for sale. If the seller is aware of them. Often they are there hidden and not always known about in the discussion around the kitchen table during the listing of what's for sale. mainephotoslider38

If the agent or broker takes the time to look into the deed with the seller's copy or from the registry of deeds.

That talk with the owner about right of ways or easement right up front, whatever the title issue is best handled early on. 

We talked earlier about the importance to secure the letter, to get pre-approved for a bank home mortgage loan.

And moved on to what happens when you find the house of your dreams and start down the home ownership pathway. The appraisal process buying a Maine home was discussed in an earlier blog post on this channel too. But this time up is the legal hurdle, the last leg of the home buying routine. Approached once the buyer is approved to buy, the property is appraised and good to go. If the title to the real estate is squeaky clean or can be made that way with checks written and passed out at the property closing.

Legal issues are lots harder to wrestle with then a few credit issues that can often be fixed with an explanation letter, few  phone calls and a little check in the mail to make them go away. 

Bad FICA scores, high debt ratios, a new job or no credit can impact the getting ready to buy a home in Maine. The house appraisal can come in low and a new valuation can be sought out if the mortgage bank allows for flawed ones.

But the legal issues in a real estate sale don't go away so easily. Unless it is a garden variety property tax lien stuck on the title like a burdock. From years before when someone was slow to pay the taxes on time and a lien was placed against the property after eighteen months passed. And the yearly taxes went in arrears and someones name ended up in the town report. 

A discharge of a property tax lien on the real estate for sale is an easy title issue. Getting a release deed for taxes owed that needed payment or that were paid but never released. With the tax lien removed with a simple release deed from the municipality where the property is located. 

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Appraising A Home For Sale In Maine, How It Works For Bank Lending.

Appraising A Home For Sale In Maine, How It Works For Bank Lending.
The appraisal process when buying a home that needs bank mortgage lending house valuation.
 
The lender that knows the combination to the big stainless hardened steel safe tumblers wants to know what you are eyeballing for a home sweet home measures up in the condition standards department. For the A-Z mortgage underwriting conditions and the quick sale of the paper on the secondary market to investors.
 
And the money people fronting the money want to know this collateral is going to be worth something to pay off the loan if you go belly up and it ends up back in their lap.
 
Buying a property for more than it is worth when it is a real estate sale going through the bank mortgage lending pipeline means it has to be realistically priced. The purchase and sale agreement house price has to be in line with the market values in the current inventory of home listings and sold recent comparable sales.mainelighthouse100
 
What happens when the appraiser with the clip board shows up at the property listing, starts his or her process of measuring, study of the town property card?
 
And sizes up what is found with boots on the ground at the actual real estate listing under contract for sale?
 
Lots!
 
Because besides examination of the property for sale inside and out, the further study of the real estate around it affect the value.
 
High tension power wires that glow blue and hum when it is pitch black at night over head are not a real estate property feature that buyers ask for in their home search.
 
Neither is being in proximity of a pig farm or industrial setting or next to a busy highway with strip malls and fast food outlets. Right of way easements, clickity clack railroad tracks and wump wump wump windmill turbines don't help a real estate house sale either.
 
If the home for sale needs a new roof, there is already leaking, mold and ceilings are drooping inside the house you want to buy, corrections are needed. Just like adding GFI electrical outlets in the bathroom and kitchen. Replacing broken windows, scraping and re-painting clapboards and trim.
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Getting A Pre-Approval Letter To Buy A Home, What To Bring.

Getting A Pre-Approval Letter To Buy A Home, What To Bring.

Looking to buy a home? What do you need to bring to the bank, what paperwork do you round up to prepare for the bank mortgage home loan approval letter?

Well, take the hike. To speed up the bank home loan pre-approval process done before you set your sights on the house of your dreams, here is what is needed by the mortgage lender. Anything that verifies your income, spells out the short and long term debts, and a list of your assets to determine your net worth.maine hiking trails looking for a home loan pre-approval photo

The lender with the money you need to buy the home can send or hand you the application form and you hit and run on your way.

But it is nice when you bring all you need to complete it to the bank. When you the buyer seeking pre-approval home loan status ready have what the numbers are on hand. The ones used to fill in the question spaces to get pre-approved for a home loan.

Local banks are great because they have a presence in the community and you are doing business with someone with a stake in the home town area economy where you live, work and play.

The service inside the bank and from all the venders provided is quicker on the turn arounds too. Because the mortgage approval center that creates the paperwork is in town, your state not in some other solar system where decisions are slow in the shuffle of documents needed for a home loan approval.

Sellers take home buyers who make offers way way more serious when that purchaser is carrying a pre-approval mortgage loan credentials in hand.

When the home buyer already knows the program the loan will be underwritten in and no credit history issues are holding him back from moving forward to buy the seller's home if the negotiations go well.

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Retirement Places To Live, Why Not Consider Maine?

Retirement Places To Live, Why Not Consider Maine?
Retirement in Maine, to know why people do it, ask them.
 
Or break it down to what anyone retiring would seek out, want more of if where they are now is like last call. When the bright house lights come on and glare the reminder. It is time to find your coat, collect your things and go. And if you linger too long, the reminder to leave gets stronger. With the suggestion reminder, we just don't care where you go but all we know is you can't stay here. gardenmaine1
Go home. Come to Maine.
 
What is home as defined from someone heading into retirement mode that fits like a glove best?
 
Well, lots of folks shudder at the thought of even entertaining retirement because it admits to the self you are getting older. And the Golden Years go better for some than others. So that's why the discussion on retirement in Maine. Before health peter's out and body parts start to fail from the previous years of wear and tear chasing the dollar.
But before diving into the topic of retirement in Maine, let's pull back the blogging post reins a tad. Examine retirement needs alone very closely. What do people retiring need to consider most as retirees? And then go out on the hunt for the best place for the missing puzzle piece for retirement? And what exactly are the ingredients that makes for a happy retirement ?
 
The biggest requirement of any housing through out your life is to find the most affordable options.
 
To stretch those hard earned retirement dollars. It helps if you are leaving a location with higher costs of living that rewards the home owner selling in those real estate markets. Take the money and run I think were the words of one Steve Miller song from back in the 1970's. But no one is robbing a castle and meeting up later to split up the stolen loot south of the border.
Worrying about finances to pay for housing and living within your means is not the only thing on the minds of the retiring individual or couple. There better be a lack of crime, less of the things on the list of what to avoid in the next and maybe final move in life. Getting rid of traffic, saying good by to gangs. And trading the setting of a city in for clear blue skies, country fresh air. An all around healthier way of life with a slower pace and more friendly happy population is what retirement folks seek out and there is more.
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Putting On A New House Addition On A Maine Home. Hold Your Horses.

Putting On A New House Addition On A Maine Home. Hold Your Horses.

You bought a home that needs a house addition, but before you bring out the staging and nail gun, hold it a minute.

The addition to the house in Maine better have lots of thought put into the construction plans. Because the original home may not be designed for the addition you had in mind. The cost of the construction you dream about needs a solid quote before you go after the local building permits too.hero the real estate cat

As a Maine real estate broker, I have been in quite a few houses over the last 38 years.

And improving a home starts with careful thought if you ever hope to recover the costs of the expenditures in a small rural state. Where what works in an urban market that is more forgiving and with more zero places in the property prices does not play so well in the lower cost small rural real estate arena.

So first things first when the time comes to consider adding on the existing house in Maine to create something different.

The building addition on the house you own in Maine. Which direction for the expansion... and is developing unused space that is already here the smartest way to go?

Fill in and rearrange what you already have could be wise for the limited funds hiding in your wallet or purse. Or thinking of financing the construction when pretty close to being free and clear of a house mortgage could mean let's study this need for more, better use of space DIY project.

Maine is famous for bartering, folks pitching in to exchange skills and sheer labor to avoid the high cost of living facing a home owner planning construction projects.

Lots of homes out there on the five year construction plan that have table saws in the living room. Two by fours, plywood tables where the eventual kitchen cabinets will slide in. Unfinished but paid for and as you go for the extra materials. Slowly and carefully added into the housing creation to be a work in progress.

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