Maine Real Estate Talk: December 2007

Welcome back!  Wow..you sure have done a great job following the steps involved in buying Real Estate in Maine!  You've read Step 1 and have talked with your lender.  You've read Step 2 and defined your wants and needs with your Real Estate Agent. And you've read Step 3 and carried your checklist with you as you toured listings.  And you've found your dream home in Maine!  Ahhh...this is where the fun begins!  Take a deep breath and realize that it's normal to be excited...it's even more normal to be nervous...and it's quite common to have 2nd thoughts as you go through the process.  Allow me to give you an idea of what to expect as you put your offer in...

1. First, sit down with your Buyer's Agent and ask them to do a quick Comparative Market Analysis on the home you've chosen.  The CMA will show what homes similar to the one you're interested in have sold for in the past 6 months. That will help you determine the fair asking price!

2. Now that you've determined a fair asking price,it's time to do the paperwork! Your agent will help you fill out the paperwork...make sure they go over each page with you .  If you have questions now is the time to ask! Make sure that everything you want is written in the offer. Do you need to close on a certain date? Put it in the offer! Do you want the appliances included in the sale? Put it in the offer! Is your purchase of the new home contingent on the sale of your current home? Put it in the offer! This is where the skills of a good Buyer's Agent will prove invaluable for you!

3. Remember that pre-qualification letter you received at the beginning of this process? This should accompany your offer to show the seller that you are a serious buyer!  Another item that will accompany the offer is your earnest money. This is like putting a deposit down to prove that you intend to buy the house. The amount varies by contract. A personal check is fine, but remember that the Listing company WILL cash it and put in their trust account. At closing, the amount will be a credit towards your closing costs or loan amount.  But what if you change your mind?  Well, if you change your mind for a good reason....the inspection results, financing issues, etc., then you can asked to have your earnest money returned.  But that's a different blog...

4. Your offer is now on it's way to the sellers! The major things it contains are your offering price, date of closing, inspections you want done, financing you hope to get, and any contingencies you need.  When the seller receives your offer, he/she can do 1 of 3 things..

a. They can accept your offer!

b. They can counter your offer. This means they are changing something in the orginal offer..ie the price, closing date, etc.

c. They can reject your offer and choose not to negotiate.

Once you've received their response, you also can do 1 of 3 things..

a. Accept their Counter Offer

b. Counter With a New Offer

c. Reject their Counter Offer and choose not to negotiate.

Having a good agent is priceless during the negotiations!   Once the Buyer and Seller have  agreed to all the terms in the offer...you're Under Contract!  Congratulations! 

Check back to see what to do once you have a property under contract....AKA Step 5!  And, as always, if you need any assistance Buying or Selling Maine Real Estate, call The Hershey Home Team!

As I write this post, we are currently experiencing a Nor'Easter!  Usually I think that's the Maine word  for "loss of power", but so far so good!  We received about 8 inches of snow, are working on 3 inches of ice, shuddering under 50 mph winds, and the lights haven't even flickered!  So I'd like to take this time while I can still see my keyboard to send out a big Thank You to those I call "The Snowmen"!

So who are the snowmen?  Well, I'm not talking about the little guy in my front yard who lost his hat 5 hours ago and is now struggling to hold on to his scarf.  I'm talking about the men and women who, at the first sign of snow, climb up in their big plows and sanders and hit the road. I've watched them go back and forth since seven this morning, fighting a never-ending battle against the blowing snow and trying to put enough sand down to keep the ice at bay. They'll continue to work through the night, just so I can climb in my car and safely head to the office tomorrow.  Their families don't see them much during the snowy season!  So I'd like to say Thank You, to those who work so hard through the nasty weather to keep our roads safe.  And thank you to their families, who sit at home while their loved ones are out on the roads.  You are appreciated!

I just received my monthly copy of DownEast Magazine..an event I look forward to every month!  For those of you unfamiliar with the magazine, it is a must-read for anyone living in, moving to, or even just mildly interested in Maine. It is filled with incredible pictures, restaurant reviews, area highlights, real estate, and lots of articles about just regular people who call Maine home. This issue they included their "Best of Maine" list, and I'm happy to see that several of their choices are in my area!  How they ever narrowed the list down is beyond me, but I'd like to share my experiences with their picks!

1. Morse's Sauerkraut: Located in Waldoboro, this European Style deli is famed for its "kraut", its 10 year old cheddar, and the friendly atmosphere. It's gotten so popular it's hard to get in the doors on the weekend! Bring your appetite...the food is awesome!

2. Robinhood Free Meetinghouse: Ahhhh...I love this place!  Located in Georgetown, it is impossible to get a bad meal here! The ambiance is wonderful..the food incredible...and I make the trip whenever I can! Run by Michael Gagne, it is one of Maine's most acclaimed restaurants!

3. Moody's Diner: Another Waldoboro institution, Moodys Diner is a required stop on any vacationer's schedule! I'm seeing a restaurant trend here....Maine does have great food!

4. Coastal Motorcycle Ride: Nothing is better than a ride along the Pemaquid Peninsula! Take the loop from Damariscotta to Waldoboro and enjoy the view!

5. Hermit Island: Located just down the road from me in Phippsburg, this has got to be one of Maine's best kept secrets. At least it was until DownEast discovered it! Oceanfront campsites, walking trails, snack bar, gift shop, and a gorgeous beach! We head over a lot in the summer...the beach is in a little cove that is perfect for swimming with young children. And I guarantee you'll spot at least 10 seals!

6. LL Bean: What's a trip to Maine without visiting LL Bean in Freeport? Be sure to visit their outlet store too! Want to avoid the crowds?  Good luck...but visiting after midnight improves your chances!

7. Liberty Tool Company: I love this place!  The classic small-town hardware store, filled with everything from hardware to antiques to books! While you're in Liberty, be sure to check out Lake St. George!

8. Bisson's Meat Market: I'm a huge fan of Bisson's Meat Market in Topsham! Choose from homemade butter, their own beef jerky, meat pies, and the tenderest steaks you'll find anywhere! Family run and worth the stop!

These are just a few that are in my area...be sure to check out the entire article if you're planning a trip to Maine! Also, make sure to check back for my own list of the best restaurants, shops, inns, beaches, etc. in the MidCoast Maine area!  And, as always, if you need any assistance with buying or selling Maine Real Estate, give us a call!

So you're planning to buy Real Estate in Maine?  You've come to the right place!  If you've read Step 1 and Step 2, then you've met with your lender, sat down with your Real Estate Agent and defined your wants and needs, and you're ready to start looking at houses! 

After you've completed Step 2, you should have a list of homes that interest you. Talk with your agent and have him/her schedule your first appointments. We always recommend that you only look at between 3 and 5 homes at a time.  Any more than that and they start to run together! 

As you begin to look at houses, we suggest you rate them! We give our buyers a checklist, and as they tour the home they can make notes, check off amenities that appeal to them, and rate the home from 1-5.  This will help you immensely if you look at a lot of homes.  We also suggest that you bring your camera with you. Take interior and exterior pictures to help you differentiate between the different houses.  At the end of the day, look over your notes and rate each house.  Do this after each day of showings. After you've seen all the houses, you'll have a good idea of which house will best meet your needs!

As you walk through each home, pay close attention to the condition, appearance, and potential!  Is the living room orange and purple?  Don't let that deter you! Paint is an inexpensive fix!  Are there water stains on the ceiling?  That is cause for concern! Are the lightning fixtures straight out of the Brady Brunch?  Easy to replace! Mold growing up the walls in the basement? Yeah...that's a problem. Could you finish the basement and double your living space? That's potential!  You should have a copy of the property disclosure, which explains everything the seller knows about the condition of the home. Study it carefully! But don't let cosmetic issues turn you away from a home that meets your needs in other ways...a little elbow grease and some paint could bring you instant equity!

So you've toured several homes and found the THE ONE!  What next?  Check back to find out what to do when you're ready to make an offer!  And, as always, feel free to call The Hershey Home Team if you have any questions about Maine Real Estate!