To own some property in Maine.
Lots of folks have the itch to have their name on the deed to some real estate in Maine.
But banks are a little more rugged when it comes to setting up terms, conditions for a real estate loan in Maine on just land. Why? They can not sell the mortgage. Make some money going in and dump it on the secondary mortgage market.
So, instead of larger down payments, higher interest rates and bank closing costs added on to the fun and games of owning some Maine real estate, just land, consider owner financing.
Sometimes when listing Maine land, the owner of it is CPA like and can spit out figures on how much down, what monthly interest rate, payment they are thinking about collecting with a seller financed sale.
But usually, just getting them to consider owner financing the Maine land is as far as we get. A third down payment of the Maine land price tag is a standard. The installment amount is up to you and the seller with a good Maine real estate agent, broker to help hammer out, structure. To make it work. Before you know it, the land in Maine is yours free and clear.
Instead of how much the seller, owner of Maine land wants for terms on the financing though, it is more important that you the buyer sit down with pencil and paper. Calculate what you can handle for a down payment, a monthly payment that fits your budget. Because if this owner financing Maine land arrangement is not set up right, you will struggle with payments. The seller will wonder where the monthly installment is, foreclosure or deed in lieu of foreclosure can happen. Not a happy ending to your desire to own property, land in Maine. Follow our other Maine blog posts.