Maine Land Sellers are often willing to owner finance their property to help people buy their acreage. People seek out owner financed land for many reasons including: they want to enjoy the low cost of living in the state where the bottom of all the license plates say “Vacationland”, they are buying a cheap place to run away and hide from their troubles, they might be getting divorced and don’t want to deal with a messy separation that could include a divorce settlement, they are looking for an inexpensive way to get into logging or homesteading or they just need to move and relocate quickly for work or life changes.
When someone is ready to sell their Quick Sale of Maine Land to an individual they typically hire a real estate broker or licensed real estate appraiser to assist them. The real estate professional or appraiser will visit the property, take photos and notes and then research comparable sales in the area to determine a fair market value for the land. The real estate professional or appraiser will then submit their report to the buyer and seller and a closing date can be set.
The closing process is where the final paperwork is signed and the buyer pays the purchase price. This typically takes place at the office of the escrow company that is handling the sale. The escrow company will also provide the buyer with any disclosures that they have to fill out, including information about their financial status and plans for the property. This will help the escrow officer make sure that the buyer can afford to purchase the property and is not planning to do anything that would harm its value.
If a person is building on their acreage they usually need to obtain a loan from a bank to pay for the construction costs. Banks will not lend on a structure that is being built on land with an existing seller mortgage in place unless the structure can be made free and clear of the seller mortgage by the end of the loan term. Often times a Maine land seller will except a certain amount of the build site acreage and leave a seller mortgage in place on that portion of the acreage and then allow the buyer to borrow against it from the bank for construction costs.
A mortgaged Maine land that a seller is month by month slowly paying off will usually have lots of rules in the mortgage and promissory note about what can and cannot be done with the acreage. It can not be sold off without written permission from the mortgage holder and it can not be logged or otherwise damaged without the mortgage holder’s approval. This helps to protect the value of the land and minimize the risk for the lender that is securing the Maine land with the mortgage.