How To Buy A Home In Maine

The road map to your new home - narrowing the search

“If you don’t know where you’re going…you’ll probably end up somewhere else.”  Taken from a book title, this quote conveys a very simple message – To achieve an objective – create a plan!

If you plan to buy a home soon, you will need to know “where you are going”.  For a most enjoyable home-buying experience, first build a road map to your new home, a list of priorities that will lead you to your objective – a new home!

The first priority is time frame.  Write down the date by which you would like to move in to your new home. Keep in mind that it may take 30-90 days (or more) to locate the right home, secure financing, and complete the home-buying process.   The next priority is to develop a detailed description of the home you hope to find.  Print this Home Search Criteria form (word document) to help you distinguish between “Need to Have” features and “Nice to have” features.  Be Specific.  Include architectural style, number of bedrooms and baths, location, lot size, and other special requirements.  Number your preferences in order of greatest importance to you.   

This form, along with the information you share during our initial consultation, will enable me to narrow the home search.  We will take this information and enter your requirements into the Multiple Listing Service (MLS) system.  We will use our personal market knowledge to come up with a list of those homes that best meet your needs and wants. 

Making an offer

Once you have found the home you wish to purchase, you will need to determine what offer you are willing to make for the home.  It is important to remember that the more competition there is for the home, the higher the offer should be – sometimes even exceeding the asking price.  Remember, Be Realistic.  Make offers you want the other party to sign!

To communicate your interest in purchasing a home, we will present the listing agent with a written offer.  When the seller accepts an offer it becomes a legal contract.  When you write an offer you should be prepared to pay an earnest money deposit.  This is to guarantee that your intention is to purchase the property. 

While much of the agreement is standard, there are a few areas that we can negotiate:

1. The Price
   What you offer on a property depends on a number of factors, including its condition, length of
   time on the market, buyer activity, and the urgency of the seller. While some buyers want to make a
   very low offer, just to see if the seller will accept, this often isn't a smart choice, because the seller
   may be insulted and decide not to negotiate at all
2. The Move-in Date
   If you can be flexible on the possession date, the seller will be more apt to choose your offers over others
3. Additional Property
   Often the seller plans on leaving major appliances in the home, however, which items stay or go is
   often a matter of negotiation

Typically you will not be present at the offer presentation; we will present it to the listing agent and/or seller. The seller will then do one of the following:

•  Accept the offer
•  Reject the offer
•  Counter the offer with changes

By far the most common is the counter offer. In these cases, my experience and negotiating skills become powerful in representing your best interests.

When a counter offer is presented, you and I will work together to review each specific area of the counter offer, making sure that we move forward with your goals in mind and ensuring that we negotiate the best possible price and terms on your behalf.

The step-by-step contract procedure for most single-family home purchases is standard.  The purchase agreement used is a standard document approved by our Maine local Board of Realtors.

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During the home search, we will…

Discuss the benefits and drawbacks of each home in relation to your specific needs.

Keep you informed on a regular basis.

Check the MLS database and with other brokers regularly for new listings.

Prepare a list of all homes that best meet your needs and wants.

Keep you up to date on changing financial conditions that may affect the housing marketing.

Be available to answer your questions or offer assistance regarding your home purchase.

Discuss market trends and values relative to properties that may be of interest to you.

Working with home builders

The advantages of having an agent help you purchase a new home are the same as those for purchasing a resale home…

• Knowledge of the market
• Help in finding the perfect home quickly
• Expertise in contract writing/negotiation
• Closing assistance. 

The builder has a professional representative watching out for his/her needs, and you need the same expert representation.

Buying a new home is a little more difficult and time-consuming than buying a resale.  I can professionally guide you through this process. 

It is very important that your interests be professionally represented when you are entering into a contract for a semi-custom or build-to-suit home.  These transactions are complex and the contract details must be exact in order to protect you and to ensure you get exactly the home you want!

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