Help Buying a House? (Portland, Bangor: sales, FSBO, deed)

[Submariner]

I apologize if I have offended anyone.

Again, I have no WWW sources for saying such.

I do have my own direct observations.

I have conversed with many Maine folks who do trade land and homes. They sell homes as owners of their own properties. One couple even told me that they had acquired properties in poker games.

And I have conducted business in Maine with a land-transaction lawyer.
A Lawyer who makes a living from this one thing. Handling the transactions of homes. If such can make a living form doing it, then I would have to preclude that it is fairly common.

In my own travels while shopping for a home in Maine, I repeatedly met local folks who each knew of other locals who were marketing land and homes, with no realtors involved.

I have been given the impression that such is very common in Maine. And I have been repeatedly urged to look at homes offered by the owners.

Can I link to an authoritative WWW source which 'proves' that these things happen? No.

I can only report what I have seen and heard. I can only give my witness to such.

Previously I have used realtors, and I have paid them. I have owned properties in other states and over-seas. This was not my first-time on the pony.

I did come to Maine fully intentioned on dealing with realtors to locate and purchase a home for my family.

I did make repeated trips to Maine shopping for such a home.

During each of those shopping trips, I met with a realtor, who then handed me a stack of MLS sheets, and I have driven many hundreds of miles all around Maine with stacks of MLS sheets in my hand, trying to find properties. Walking around them, and calling the listing agents to ask questions. I did this all with the honest intentions of using the services of realtors.

I repeated spoke with locals, and in almost all occasions, I was advised to avoid dealing with realtors.

At first I was afraid of such dealings, it was too great of a paradigm shift for me.

So I continued to meet with realtors. Pick up stacks of MLS sheets, and drive. Drive, drive, drive.

I was truly amazed at how many listing agents I have spoken with on the phone, while standing on said property who had obviously never been on the said property, as they clearly had no idea of what was included on a property. That amazed me, the level of professionalism, was astounding to me.

Perhaps in dealing with dozens of Maine realtors, I have simply seen a different side of Maine then you wish to acknowledge exists.

May God bless you and keep you.

[Submariner]

Originally Posted by Bydand

I just looked at e-bay and for giggles searched this area for real estate. Be cautious on some of these deals. Sure you can get some good deals, but some of these are WAY - WAY higher priced than what the local land prices really are. I seen one that was "a bargain for $1000 an acre." (In that area it is about twice the normal price.) yeah, a bargain for the seller on that one. Some places the land is higher, most places lower. If you find one, please check what the local prices are. Hate to have somebody come up with what they feel is a good price and find out they got ripped off by somebody looking to make a quick buck off the internet. Friend just bought 2.5 acres right on the Aroostook river for $500. Another parcel he bought has 3000' of river frontage and just under 50 acres for $30,000.

Good point!

Farmhouses on acreage are available in most areas of Maine. But you need to ask around and find out what the real going prices are, and not fall for the marketing of the seller.

There is a lot of land here in this area that is currently for sale, for $300 - $400 per acre.

[WhoFanMe]

Thank you forest. I can't speak for other REALTORS and obviously you had some unique experiences while house hunting. In your particular case, you did better without using a REALTOR. I would just like to set the record straight, your situation is the exception and not the norm and you are a very unique individual. Nationally 85% of transactions are facilitated by real estate professionals and of the remaining 15%, many are not "arms length" transactions, i.e. family or friends. Many people moving into a unknown area might not want have the time to chat with the locals in diners or play poker and win their home. You are well respected on this forum and I appreciate your insights.

God Bless you as well.

[Bydand]

I'm with you Forest about the higher percentage of buyers and sellers who do not go through a Realtor here than other places I have been. I've bought and sold with no Realtor, as have the majority of the people I know up this direction. I think the percentage goes up the further you get away from Portland and Bangor. Nothing wrong with them, and there are advantages of course, but there are advantages without them as well. It all depends on the legwork an individual is willing to do on their own. Of course, don't do it without a lawyer. I know somebody who just bought a 1/2 million worth of land and house without it ever going on the market as most people would label it. He liked the house and told the owners they should think about selling it to him. About a week later, he was doing the paperwork for the purchase and in less than a month it was his. All legalities done and all money and titles transfered. It is done quite regularly here. Not all, or course, but plenty of times.

[ILUVMAINE]

Originally Posted by Bydand

I just looked at e-bay and for giggles searched this area for real estate. Be cautious on some of these deals. Sure you can get some good deals, but some of these are WAY - WAY higher priced than what the local land prices really are. I seen one that was "a bargain for $1000 an acre." (In that area it is about twice the normal price.) yeah, a bargain for the seller on that one. Some places the land is higher, most places lower. If you find one, please check what the local prices are. Hate to have somebody come up with what they feel is a good price and find out they got ripped off by somebody looking to make a quick buck off the internet. Friend just bought 2.5 acres right on the Aroostook river for $500. Another parcel he bought has 3000' of river frontage and just under 50 acres for $30,000.

Bydand,
I would love to buy just 2-4 acres in Aroostook county instead of 64 acres! Let me know if you hear of anyone selling for low of price and I'll buy it. What in the world would I do with 57,64, or even 110 acres except pay taxes on something I don't use. Thanks for the input.

[Northern Maine Land Man]

WhoFanMe aks:
"I've asked you before to cite your sources that show "most homes in Maine are traded without any realtor being involved." I'm still waiting."

In Northern Maine it is common for a person to be born, live and die in the same house. Then grandson inherits the house. That's a transaction that shows in the Registry of Deeds and in the town office. There are large volumes of transactions that occur and there is never a 'For Sale' sign on the property. This is true of homes and land both.

The huge land transactions that have taken place are the paper companies dumping their land. Most of that land has been bought by large investment companies.

By law, anybody owning less than 100,000 acres in Maine is a small landowner. How's that for deflating somebody's ego?

- - -

ILuvMaine, You can own 100 acres in the tree growth program and pay $85 a year in taxes. It's fun to own 100 acres and worth it too.

[Submariner]

Originally Posted by Bydand

I'm with you Forest about the higher percentage of buyers and sellers who do not go through a Realtor here than other places I have been. I've bought and sold with no Realtor, as have the majority of the people I know up this direction. I think the percentage goes up the further you get away from Portland and Bangor. Nothing wrong with them, and there are advantages of course, but there are advantages without them as well. It all depends on the legwork an individual is willing to do on their own. Of course, don't do it without a lawyer. I know somebody who just bought a 1/2 million worth of land and house without it ever going on the market as most people would label it. He liked the house and told the owners they should think about selling it to him. About a week later, he was doing the paperwork for the purchase and in less than a month it was his. All legalities done and all money and titles transfered. It is done quite regularly here. Not all, or course, but plenty of times.

hmm,

how can this be so?

If 85% of tranactions are done by a realtor, and 15% are done between family members?

85 + 15 is real close to every body.

You see it happening otherwise, I see it happening other wise.

We both know folks who do this for a living, and yet your experiences and my experiences and these other folks who do it for a living, together we simply do not exist.

hmm.

Could it be that statistics, uh how does that saying go? Statistics they do something, what is it?

Or is it that folks who use statistics that they do something?

I do not recall.

If the clear and obvious facts show one reality, and yet the published and 'known' statistics show something else, uh.

Gosh I wish that I could remember that saying.

[ILUVMAINE]

I am more confused now than ever! YIKES!

[Submariner]

Originally Posted by ILUVMAINE

I am more confused now than ever! YIKES!

Relax,

How much land do you want?

What kind of house?

You mentioned paying too much in taxes, what kind of tax bill did you have in mind?

[Bydand]

Forest I think the key word in the post about 85% being done through a Realtor would be "Nationally." Which is obviously very different than our experiences in Maine. I have no doubt that Nationally 85% are sold through Realtors, I would highly doubt that more than 60-70% are done in Northern Maine by a Realtor. I can honestly think of 1 involving people I know, the other 8 transactions I know of in the last 2 years was private party to private party.