Help Buying a House? (Caribou, Machias: for sale, real estate, rental)

[ILUVMAINE]

I have loved the state of Maine since I first visited in the late 80s. I want to buy a house and move up - mostly in the Cherryfield, Machias, Steuben, Machias, East Machias,Milbridge area OR just plain Down East! The problem is banks where I live won't finance real estate in Maine. AND Maine institutions won't finance to someone out of state who doesn't have a job up there yet! Ugh! So, I thought about writing Oprah or Donald Trump and asking them for the money. Then, I decided that Oprah would be too busy with the Obama campaign, and well, I just didn't want to contact Donald Trump! LOL SO, here I am, stuck in the South with an excellent job, but my heart is in Maine AND with any "luck" the rest of my body will be able to join it in Maine! Go Patriots AND YEA for the snow!!!!! BTW (tried Powerball for the last two years - maybe won enough to buy a Downeast Magazine!

[Abbymoulton]

I know this is going to sound risky, but you could try ebay. We are buying property that we found on ebay in the Caribou area. Payments are right to the land owner and we had seen houses that were done that way also.
Of course I have a sister in the area to go check things out for me, but you could maybe hire someone that could do the looking for you. Good luck, Maine is definatly worth the extra work to find a way to get there.

[WhoFanMe]

Originally Posted by ILUVMAINE

I have loved the state of Maine since I first visited in the late 80s. I want to buy a house and move up - mostly in the Cherryfield, Machias, Steuben, Machias, East Machias,Milbridge area OR just plain Down East! The problem is banks where I live won't finance real estate in Maine. AND Maine institutions won't finance to someone out of state who doesn't have a job up there yet! Ugh! So, I thought about writing Oprah or Donald Trump and asking them for the money. Then, I decided that Oprah would be too busy with the Obama campaign, and well, I just didn't want to contact Donald Trump! LOL SO, here I am, stuck in the South with an excellent job, but my heart is in Maine AND with any "luck" the rest of my body will be able to join it in Maine! Go Patriots AND YEA for the snow!!!!! BTW (tried Powerball for the last two years - maybe won enough to buy a Downeast Magazine!

Welcome to the forums, ILUVMAINE. I'm not a Loan Officer, but I know investors are still financing loans for people with excellent credit with stable employment histories where they live now, perhaps you might want to take a short term rental here while you job hunt. If you haven't owned a home in the last three years and if your income qualifies, the Maine State Housing Authority has some excellent, below market interest rate programs with grant money for closing costs. Best of luck and keep us posted!

[WhoFanMe]

Originally Posted by Abbymoulton

I know this is going to sound risky, but you could try ebay. We are buying property that we found on ebay in the Caribou area. Payments are right to the land owner and we had seen houses that were done that way also.
Of course I have a sister in the area to go check things out for me, but you could maybe hire someone that could do the looking for you. Good luck, Maine is definatly worth the extra work to find a way to get there.

Owner financing is a great thing, if you can get it and we're starting to see sellers get more creative in order to move their properties. Make sure you have a local real estate attorney prepare the documents for you, or if they are provided by the seller, have your own attorney review them. Congratulations Abby.

[ILUVMAINE]

I have tried Ebay and found some excellent land deals in the Caribou and limestone area. The price is good, but I'm somewhat skeptical because of not being there to see it before I commit to buy AND even though I asked him to hold it until we came up at Christmas it wouldn't. That was a red flag to me! I thought, why in the world would someone that had a good deal not be willing to wait for a potential buyer to see it? Hmmm. I did find a house last night that I absolulety fell in love with AND thanks to your suggestion, I'm going to send the real estate office an email and see if the sellers would be willing to consider owner financing. Thanks a bunch.

[ILUVMAINE]

Is the seller "LOTALAND"?

[forest beekeeper]

When I was shopping I found that stopping in a diner, in the area where you find that you like, just ask, it works!

Local folks know folks. If anyone is selling land or a house, they will tell you.

From what I have seen, it does appear that most homes in Maine are traded without any realtor being involved too.

I saw signs with folk's numbers on them, and I called one. I met the couple, they gave me their list of properties. They maintain four pages of properties in Maine that they are offering for sale.

I have bought homes previously in three other states, and the escrow period was always 60 to 90 days. In Maine the entire process was done in three days. And it cost me $200.

This was a much more pleasing experience than I have gone through with any previous property. It was fast, easy, and the process itself was way cheaper.

[WhoFanMe]

Originally Posted by forest beekeeper

When I was shopping I found that stopping in a diner, in the area where you find that you like, just ask, it works!

Local folks know folks. If anyone is selling land or a house, they will tell you.

From what I have seen, it does appear that most homes in Maine are traded without any realtor being involved too.

I saw signs with folk's numbers on them, and I called one. I met the couple, they gave me their list of properties. They maintain four pages of properties in Maine that they are offering for sale.

I have bought homes previously in three other states, and the escrow period was always 60 to 90 days. In Maine the entire process was done in three days. And it cost me $200.

This was a much more pleasing experience than I have gone through with any previous property. It was fast, easy, and the process itself was way cheaper.

There you go again.

In 2006, nearly $9 billion was transacted through Real Estate agents in Maine, including nearly $600 million in land sales. 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.

[Cornerguy1]

In all fairness, forest's entire statement was:

From what I have seen, it does appear that most homes in Maine are traded without any realtor being involved too.

[Bydand]

Originally Posted by ILUVMAINE

I have tried Ebay and found some excellent land deals in the Caribou and limestone area. The price is good, but I'm somewhat skeptical because of not being there to see it before I commit to buy AND even though I asked him to hold it until we came up at Christmas it wouldn't. That was a red flag to me! I thought, why in the world would someone that had a good deal not be willing to wait for a potential buyer to see it? Hmmm. I did find a house last night that I absolulety fell in love with AND thanks to your suggestion, I'm going to send the real estate office an email and see if the sellers would be willing to consider owner financing. Thanks a bunch.

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.