Buying Real Estate in Maine? Step 5

Hello Again! So...you're buying a home in Maine? That's great! You must be here because you've already read Step 1, Step 2, Step 3, and Step 4, and you have a house in Maine under contract! Perhaps your offer was accepted immediately...maybe it took quite a bit of negotiating...but either way you're under contract and ready for the next phase of the Home Buying Process!

More than likely, you're offer was "contingent" on any number of things.  These "contingencies" are your way of saying that you are serious about buying the home as long as certain issues are resolved to your satisfaction. There are all sorts of contingencies, the most common being investigations (inspections) and financing. When you wrote your offer, your Maine Buyer's Agent went into detail with you regarding the contingencies that are present in the contract. The most important thing is to get started right away on removing the contingencies. The Sellers will more than likely give you a time frame in which things have to be done....for example, inspection within 14 days, or loan commitment within 25 days.  Your Maine Real Estate Agent is invaluable during this time..he/she will help you through all the stages of dealing with the contingencies. If for any reason you cannot come to a resolution with any of the contingencies, you are able to back out of the contract and get your earnest money back.  For example, if the Seller refuses to fix any inspection issues, or if the property boundary is in dispute, or if the home does not appraise, you have the option of withdrawing from the contract and getting your earnest money back.  Although it is rare, these things sometimes cannot be resolved.

So get going!  Schedule your inspection...get the paperwork to your lender so they can schedule the appraisal...contact your insurance company to make sure you can get insurance on the property...there's so much to do!  Then meet me back here so we can talk about the closing process! And, as always, if you have any questions regarding Buying or Selling Maine Real Estate, contact The Hershey Home Team!

The importance of Home Inspections  and Owners Title Insurance are things that I feel so strongly about that they warrant their own post! Check back with Maine Real Estate Central for more info on these topics!