Real Estate Blog - In Maine, We Have Properties With Owner Financing. But Trades Happen Too!

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In Maine, We Have Properties With Owner Financing. But Trades Happen Too!

An owner of a 320 acre woodlot in Linneus that was lower, wetter land decided to trade that property for a 19 acre high on a hill with a tree plantation property in Ludlow.

Trades. Equal value even though the quantity was vastly different. Like a gem, its not just the size that matters. Quality exchanges in Maine for more than money. 1031 exhanges happen too. Had a property recently on an Oakfield lake with a log cottage that the owner considered trading for the buyer's Camaro. Did not come down in the final analysis because the cash to go with the sale was not obtained but trading for real estate in Maine is not out of the questions. Value for value. So think beyond conventional bank financed deals, cash sales..and consider if someone with say a large land yatch motor home might let it go in exchange for a nice vacation place on water in Maine!

Maine REALTOR Andrew Mooers - Houlton & Aroostook County Real Estate For Sale

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Posted by Andrew Mooers | Northern Maine Real Estate / Aroostook County Broker on 11/15/2008 08:48 AM

Comments (10)

Trading for Maine Real Estate in the Home Buying Channel

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Originally posted at: Maine Real Estate For Sale !: In Maine, We Have Properties With Owner Financing. But Trades Happen Too!

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10 Comments on In Maine, We Have Properties With Owner Financing. But Trades Happen Too!

NOV

2008

Interesting. Guess they're not called "Mainiacs" for nothing. Sorry, couldn't resist. I guess it's just easier for your people to make trades for things that are not real estate. Our property values are so high [still] that there is little potential for that.

You are right Vicky! Have a 600+ acre parcel for sale that you could buy for $150,000! We are lucky to live in Maine..pretty state, four seasons, fewer people, lower prices. Kinda recession proof due to everything you know divide by three values! Buyers feel like kids in a candy store! They get value! A "good trade"!

Interesting concept. I have had buyers and sellers ask about trading properties a few times, but it has never worked out.

NOV

2008

1031 exchanges are popular too...look into them as another route to go to get the property sold!

Andrew, I always have second home- owners that live far away and will look at exchanging when it's time to move on. A different type of property can sometimes be all they are looking for anyway.

NOV

2008

We have property down here on Sebago Lake with five condo cottages which are for sale or trade. The seller will look at all offers of trade. I say go for it. He just traded one for an apartment building in Portland, Me. So it can work.

Thanks Sue....the hard part is finding something you want, that the owner also wants what you have and you determine they are equal value or an agreed upon extra cash to make it fly. And the timing fits each other's schedule. There are tax consquences everyone should look into too!

DEC

Andrew - I am looking at doing a trade deal right now for a client...we are looking at trading 2 properties plus cash for another property...can you expound on the tax consequenses.

Thanks,

Tracy Saunders

DEC

1031 exchanges are a way to if structure time frame wise, save money on tax consequences...you should use a 1031 exchange third party firm or an attorney that has done them before. Also, if I exchange a service for your service and no money is exchanges..other than paying the broker and attorney for their services, assuming same value exchange and no extra cash to make the scales balance..that is a win win situation.

MAY

It is very important for agents to think outside the box to get deals to come together. If you aren't willing to look beyond conventional financing, you very well could be looking for a new career.

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