Whatever you border, should you buy the property next door?
The house, vacant lot, whatever type of real estate butts up to your border, should you purchase it before someone else does? Lots of ways to look at the situation when your neighboring real estate comes up for sale. Is available for purchase from you or someone else. The timing could be perfect or the worst for the opportunity to add to whatever you now own. It just may not be in the cards to consider buying what is next door to what you already own.
So if you can not purchase today, if the option to buy is presented, take the neighboring property owner up on the chance to make it your own down the road.
A first option to purchase is not the seller next door asks you if you want to buy or not and moves on with you now out of the picture if you pass up the chance to purchase. The first option means other buyers can wheel and deal and make offers all they want. But before the seller lets the property go to a new buyer, he or she will come back to you to give you one more chance to say yes or no. You could end up getting the property cheaper, with better terms than the figure first quoted.
Get that first option to buy real estate agreement in writing and expect anything verbally promised is gone with the wind when the neighboring property owner dies before selling. The heirs of the estate often care little about previous conversations and promises made between you and your neighbor. It's show me the money and settle the estate, pay the bills and split up any profit time for those left behind that you have no connection with personally.
If the property next door is priced so high that it is too rich for your blood, others may feel the same way too and pass up the option to buy. If the property is appraised by a bank lending money on the collateral, there is no way anyone is going to pay a King's ransom to make it their own. The appraiser keeps a lid on the fair market value. And makes sure value is there before the real estate closing ever happens when a bloated price property is being exchanged.
If you had a small lot, below the square footage of what is typical for the neighborhood, buying more land can increase the value of what you do own. If raw land is what is up for sale, if the purchase does not involve renting out a home or the added expense of tearing down a structure.
Save them time, the Maine real estate buyers and sellers.
Time is money and in short supply for over-booked property owners and purchasers. The by far best way to save anyone thinking of buying or selling is by use of video. The connection is instant. The delivery of information using the eyes and ears is hooked up like a vital IV. Video channels to be effective needed to be treated like a garden though. Tilled, smoothed, planted, fed, cultivated, harvest (repeat).
Society as a whole is not so crank on trusting strangers.
The best way to stop being a stranger is to start helping others.
To be a helper it starts with a quick story of who you are as a Maine real estate professional excited about living in Vacationland. To establish a relationship as the local expert, your neighborhood partner who plans to stay your real estate broker for life. Beyond one property listing transaction.
Once the buyer or seller of Maine real estate is convinced "okay, you can be my agent or broker" the treatment changes from who I am to here is what you need to know. The same questions come up from anyone new to the area. So a local information 101 session has to start quickly. Because this buyer and seller are very busy, it is often late at night and they want to start the process before lights out. For the short wait for Mr. Sandman once the head is in the bed. And hopefully good dreams, not real estate nightmares. Buying or selling real estate in Maine should be a positive experience. It can be fun if the red flags are seen. And the potholes ahead are avoided based on real estate experience.
This video for FAQ on Maine is always showing up on Internet searches.
Idling, waiting like a tax cab driver to hit the accelerator. To push the pedal to the metal to speed to deliver the information the buyer or seller needs right now. Not tomorrow morning on a 9-5 schedule or days from now as everything is put on hold waiting for information.
It helps if upfront the website portal for real estate in Maine is set up for easy navigation, nothing to make the user feel dumb. You don't have to have a black belt in website maneuvering to use our Maine real estate website. Our local Northern Maine agency also maintains more than one real estate website for properties. Why? Because everyone drives a different kind of car for a reason. The approach is a little different, how we stock the real estate listing and local information shelves is a tad varied.
The feeling your life is put on hold and you are left wondering why my Maine home is not selling.
The decision to list your home for sale in Maine is because of a handful of reasons. The property is too big, undersized or a transfer means you can not take it with you. Until it is a mobile home that could be trucked down Interstate 95 to you new location in state or beyond.
In a small rural state like Maine, it is often cheaper to buy a better home than try to fix the weak points in your current one. The prices don't spike up and down and the marketing time can extend while a new buyer for the Maine home is located through effective far reaching marketing. Supply and demand in the housing stock can impact how long is this home selling process going to take.
So why is the Maine home not selling.
Folks wanting, needing to buy have to know about the new house on the market. Anything wil sell if fairly priced too. It begins and ends with pricing and does the figure used in the marketing match the real value in the current market. Over priced properties are not just the seller's job to keep them realistic. It is the real estate agent or broker who can through the CMA market analysis to determine if the listing price is too high to ever bank appraise for the figure the seller would like to see written on the real estate closing check.
It is best not to take over priced listings because they clogged the market, give the seller the expection the place could actually sell for this inflated figure.
And the steady flow of real estate agent planting and removing their sign out front happens. Which causes the neighbors, those following the local listings to suspect the property. The agent is blamed by the seller for why the home in Maine did not get to a real estate closing.
If the seller does not want to sell but is enticed to list for a pie in in the sky figure, a responsible agent or real estate broker will politely put the brakes on. Respectfully decline the listing after showing the sale of properties sold in the current market and listed for sale that will be competing with his real estate to locate a buyer. Too many just like this home for sale means better pricing and higher powered marketing is a must. To make it stand out from the rest of the crop for a quicker, hassle free sale. Because we all know time is money in life.
The question comes up a lot, how big a real estate deposit is needed to hold the property?
The one the out of state buyer really is interested in but can not just drop everything to trot up the pike to see it in person. That is one reason we shoot, edit, upload real estate videos so there is not lacking the show and tell property information that makes it necessary to do the expensive travel. Each time something good comes up for the property buyer to consider one by one spaced out over time.
Holding the property is not in the best interest of the seller of real estate.
Because someone else that is ready to buy is held off until the out of town, gotta come see it buyer gets here and decides to buy or not. With a deposit, a signed contract contingent upon personal inspection it creates a log jam stop on the marketing availability of the listing. Until he decides to buy or not. And you the agent can scream "Next".
He may never get here. Or come up and decide this is not something he will buy. Or he likes the property but not what is around it or the community where it is located that takes time when the property is put on hold while he clears his schedule to check it all out.
Plane tickets, paying for motels, the tolls traveling and eats on the road. They all cost money and take time out of a person's life. We get that but put anything on layaway, telling future buyers the place has a hold on it. Hurts the seller. That is not what other buyers in line want to hear and they don't hang around wasting precious time on property that may or may not be sold.
Lost opportunities to selling happen when a previous buyer who was not ready to becomes in a position to proceed with a purchase.
But is held off because someone has a first right of refusal to buy. So taking a deposit contingent on a long time getting here or a slew of contingencies is not the wise course of action. Because this buyer has loose ends, is not ready, willing and able to buy today.