Home values have gone up 18.7% in the month of April – May 2021-22 in the Polar Star State. But Fed the Federal Reserve System (central bank of the USA) has now decided on increasing the mortgage rates and this may lead to a decrease in home values. Summers are the best time to be selling a house in Maine.
» Jump To
- Best Time to Sell
- Pricing Your Home Right
- 3 Ways to Sell Your Maine Home
- Prepping & Marketing Your Home
- Managing Showings & Offers
- Paperwork in Selling Your Maine Home
- Closings in Maine
- Final Word
1. Best Time To Sell Your House In Maine
Summers are usually the best time to sell your home in Maine. By selling in June or July you can fetch a good saving of up to 10% or more.
Maine is a vibrant seller’s market. The mortgage rates are expected to rise in 2022, which may affect buyer demand and Maine home sales.
» Best Time to Sell a House in Maine: Know When’s The Best Time to Sell a House in Maine.
2. Price Your Home Competitively
As a seller, pricing your property right is important. It is also important to keep in mind that the price you list your home at determines the popularity of your listing and brings in foot traffic.
REMEMBER! The purpose of the LIST PRICE is to ATTRACT BUYERS to your listing. Your LIST PRICE is not your SALE PRICE!!!
What happens if you underprice or overprice your listing?
|If you price it too low||It is most likely that you will get multiple offers. You’ll likely go for “Highest & Best Offer” or counter the best offers to finalize the sale price with the buyer. And you will sell at market price.|
|If you price it too high||You will get little traffic. It’ll make you drop the price, and you will sell at the market price.|
Real estate agents in ME have created a Comparative Market Analysis (CMA) to determine what’s an ideal listing price for a property. If you are opting for FSBO Maine then you can easily create your CMA with Zillow and Redfin and understand how to sell a house by owner in Maine works.
3. Options For Selling Real Estate In Maine
You have various pathways when it comes to selling a house in Maine. Selecting the right one at the right time can help you save thousands of dollars.
Option 1: Sell Your Home For Sale By Owner
One way to bypass the hefty Realtor commissions in the state of Maine is to sell your house For Sale By Owner (FSBO).
It is a DIY approach with no listing agent involved. Sellers have maximum control over the entire process but have to handle all the paperwork with no oversight.
» Best FSBO Sites: Check out the best For Sale By Owner websites in 2022!
🚩 Key Downsides of Selling Your Home For Sale By Owner:
- No MLS Exposure: MLS is the most important tool an agent has. Selling FSBO means limited exposure, so there will be less competition for your property. That will likely reduce the selling price. One study found that homes on the MLS sold for 17% more than homes, not on the MLS.
- No Help If You Need It: If you need help with paperwork, inspections, negotiations, or closing, you’re on your own considering For Sale By Owner.
Option 2: List With A Traditional Full-Service Agent
You can always hire a full-service agent to help you sell your home. From listing to closing, the agent will help you with everything. But of course, you’ll be paying a full 2.5% to 3% listing agent commission.
🚩 Key Downsides of Listing With a Traditional Full-Service Agent:
- Hefty Commissions Will Cost You Thousands: Average real estate commission in Maine is 5% to 6%. This is the total commission, including both the listing agent and the buyer agent commission. That’s thousands of dollars of fees in commissions.
- Limited Control Over Your Sale: Everything will go through an agent. That reduces the risk that you will do something wrong, but will also limit the control you have over your transaction. You will have to consult your agent for everything, to know if the counteroffer was submitted or not, to know the status of your closing, or even to manage the showings.
- Slow & Manual Process: Real estate agents do things manually. A simple price change is several steps – the agent has to talk to you over the phone, create a price amendment, get you to sign it, then they sign it, and only then can they update the price on the MLS.
Best Option: For Sale By Owner with a Flat Fee MLS Listing
The average real estate commission in Maine is 5% to 6% which means you will be paying commissions of around $27,000 for a house sold at $450,000. Listing with a high-tech website like Houzeo.com saves you thousands of dollars as part of the listing agent commission. In addition, it gets you maximum exposure to the MLS and helps you manage your listing.
✅ A Flat Fee MLS Listing Service combines the best of both worlds maximum savings and unmatched quality services:
- Save Thousands in Commission: Instead of paying a 2.5% to 3% listing agent commission, you just pay a $329 listing fee.
- Maximum Exposure: You get full exposure to the MLS, Zillow, Realtor.com, Redfin, and hundreds of other websites.
- Help When You Need It: Services like Houzeo.com offer the “Contract to Close Coaching Package”. So if you need help during the transaction at any time, a licensed broker is there to help you sell!
- Full Control Over Your Sale: You retain full control over when to sell and who to sell. Houzeo captures all leads and displays them on your dashboard. All offers and showings are summarized online, along with the buyer’s or their agent’s contact info. It doesn’t get easier.
- Fast Listing & Changes: Houzeo is 100% online, and allows you to request changes instantly. Contracts are auto-generated, and turn-around times are fast!
- A-la-carte Options: Need a yard sign, ShowingTime, or lock box? You can purchase them easily from your Houzeo dashboard!
- Houzeo Showings: Sellers can set up their own showing calendars, easily accept and reject showing requests, and even release access instructions to buyers and buyer agents. Buyers and buyer agents can directly request showings from the mobile app or the web listing.
👉Houzeo Reviews: Home Selling made easier with Houzeo.com!
Houzeo, an online real estate tech company, provides an unbeatable combination of maximum savings, cutting-edge technology, and 5-star customer support.
💰 Save Thousands on Commission: Houzeo’s plans are typically a small flat fee. This will save you thousands. If your buyer is unrepresented, you save the buyer agent commission as well.
Maximum Exposure: Listings get syndicated to the MLS, Zillow, Realtor.com, Redfin, Trulia, and hundreds of other websites. Houzeo also has nifty social media sharing tools. No other platform gives you this much exposure.
⚡ Fast Listing & Changes: Houzeo is 100% online. Listing is easy and changes are fast. So you can focus on what is most important – your sale.
⭐ 5-Star Customer Support: Home sellers across America have rated Houzeo 4.9 out of 5 stars on major review sites like Google and Trustpilot. There is comfort in the fact that when you call, there is a live person picking up the phone on the other line.
📱 Cutting-edge Technology: Houzeo is the most powerful real estate website. Its advanced features include:
- IntelliList Listing Management System: Lets you manage your listing 100% online.
- Houzeo Showings: Manage to show appointments online.
- Houzeo Offers: All offers are summarized online. You can view and compare offers, or counter an offer. In a multiple-offer situation, you can also call for the highest and best offers.
- Buyer Search: Buyers can contact you directly on Houzeo.com instead of going through a real estate agent.
- Houzeo Settlement Agent Platform: Guides you to your closing.
- Nationwide coverage
- Listings get syndicated to Zillow, Realtor.com, Trulia, Redfin, and 100s of other sites
- Quick listing (within a day with concierge)
- Savings on commissions
- 100% online – easy listing, fast changes, online showings, and online offers
- Mobile app availability
Houzeo is available nationwide.
» Flat Fee MLS Maine: Research The Best Flat Fee MLS Companies in Maine.
Option 3: Other Discount Real Estate Brokers
Apart from Flat Fee MLS Listing Companies, there are three other types of discount real estate brokers you can choose from.
Flat Rate Brokers
A flat rate is a fixed amount the seller pays the broker. Flat-rate brokers are predominantly full-service brokers. They handle everything from listing to closing. These fees are fixed and do not change as per your home’s services or the selling price.
A flat rate is perfect for homes priced on the higher end. Let’s say your house is valued at $450,000 and you pick a flat-rate pricing model of a $3,500 listing fee. If you opt for the traditional agent route, you would have to pay a Realtor commission of around $27,000 according to the 5-6% of your home sale price.
Note: Apart from the buyer agent commission, you will also be responsible for concessions, escrow fees, and warranties.
Our Top Pick For Flat Rate Brokers
*We could not find any other reputable flat rate brokers in Maine.
Low Commission Real Estate Agents
A low commission realtor or an agent is a discount real estate broker who works on a lower commission rather than the traditional 3% commission.
With the rise of the flat fee model and commission-based models, real estate commissions have been falling gradually. This makes low-commission real estate companies in Maine more relevant to sellers nationwide.
Generally, a low-commission Realtor in Maine works at commissions like 1%-2% instead of the traditional 3%.
Our Top Pick For Low Commission Realtors
🏢 About: Redfin is one of the best low-commission real estate companies. With Redfin agents, you can save 20% – 30% on your overall home sale and commission fees.
💼 Packages: The low commission realtor provides add-on services like a professional photographer, MLS listing, open house schedule, yard sign, and much more. Apart from the “Full Service” Redfin package (1.5% commission), there is a “Concierge” plan which is marked at 2% commission fees.
📜 Note: Redfin is known for its technology when compared with other low-commission real estate companies. They have a great user interface with features like Redfin home search and a platform to provide full-service brokerage.
🔍 Explore: Redfin Reviews: The Reality of 1% Fees, Pros & Alternatives
- Strong technology
- Thorough listing agreement
- Detailed paperwork
- Holistic services
- Rebate of 0.5% (in case of Full-Service plan) if you buy and sell with them
- Cash offer feature available
- Full-service brokerage
Redfin has an average rating of 3.7 out of 5 on Consumer Affairs.
Redfin covers all of Maine.
Virtual Full-Service Brokerages and Companies
A virtual full-service broker does everything a traditional broker would do i.e. listing, marketing, pricing, negotiating, etc. The only difference is that a virtual full-service broker would do all of these online i.e. virtually.
Because of their cloud-based presence, they have many advantages, the lower fees, discount commissions, and better management and marketing support are some of the advantages of these cloud-based brokers.
Our Top Pick For Virtual Full-Service Brokerages and Companies
Houzeo is the best virtual full-service company in Maine that offers the following services to home sellers:
- Online showings through Houzeo Showings
- Houzeo Mobile App
- Fast changes to your MLS listing
- Listing syndicates to hundreds of other real estate websites, and a lot more
*We could not find any other reputable virtual full-service brokerages or companies in Maine.
What If I Want To Sell My House Fast In Maine?
Due to anonymous reasons, a seller may want to sell their house quickly in Maine or any other state. Here’s what you can do in such cases:
|Sell Your House As Is||Selling a house as is can help you save hundreds of dollars by bypassing the repairs. This also ensures that your house is sold fast.|
Selling a house as is can be done via a real estate wholesaler as well. A wholesaler is an investor who buys your house in its existing condition and sells it for a higher profit.
» Selling a Home As Is in Maine: A Step-By-Step Guide For Sellers
|Sell Your House For Cash In Maine||If you want to sell your house fast in Maine then selling it to cash companies can be a very good option.|
They can offer you cash right away and ensure your house is sold quickly. There are various types of cash companies that can ensure that the deal is closed instantly.
» Cash Buyer for Homes in Maine: Discover The Best Companies that Buy Houses for Cash in Maine.
|Offer Your House To A Flipper||Home flippers are buyers that buy a property in its existing condition, repair it, and sell it at a higher price. Selling your house to a flipper will help you save both time and dollars.|
» Flipping Houses in Maine: An Introductory Guide For Beginners
» Sell House Fast Maine: Here’s What You Can Do
4. Prepare and Market Your House For Sale in Maine
A clean and well-prepared home combined with the correct marketing strategy can help you attract a large number of buyers.
Get My House Ready
Whether you are putting your house for sale in Maine or any other state. Here is what you need to do:
|Declutter & Depersonalize||Make sure you eliminate anything that may bring a feeling of personalization from your perspective i.e. you need to make the buyers imagine as if it is their home. This means removing your personal belongings, etc. before the showing.|
|Make Repairs||If your home requires any necessary repairs, make sure it is done before you start the process of selling. This may help later when the inspection is done.|
|Repaint Neutral||You can attract a higher number of customers when you paint your home with neutral colors.|
|Improve Curb Appeal||Go for a clear landscape, fresh flowers, or exquisite paintings because the first impression is everything!|
|Implement staging||The best way to sell a property is by hiring a home staging professional. They would be able to utilize the spaces and furniture cleanly and attractively.|
Staging costs in Maine vary across cities and counties. Most home stagers charge between $150 to $600 for an initial two-hour consultation.
» Maine Home Staging: Check Out the Best Home Staging Companies in Maine.
Market My Maine Home Professionally
Almost 95% of home buyers search and review homes online. So, being online is the #1 priority for the sellers. A good online marketing strategy can make a difference in getting your house sold.
Here’s what you need to do if you want to sell a house in Maine or any other state as FSBO:
|1.||List on the MLS||Homes listed on the MLS sell faster and for 17% more. This doesn’t mean you need to hire a listing agent and pay that extra commission. You can work with discount real estate brokers in Maine to get MLS access. A Flat Fee MLS Company like Houzeo can be a very good option to list your home in Maine.|
Houzeo will help you save the hefty Realtor commission and get your property maximum exposure. All of this, just for a small flat fee!
✍️ Pro Tip: Research the best Free Websites to List For Sale By Owner to sell your house on your own.
|2.||Get a Yard Sign||Opting for a yard sign can be a good investment when selling a home in Maine. It can help in attracting buyers from the neighborhood. On a crowded street, an attractive yard sign can drive the attention of potential buyers.|
Houzeo’s yard sign can help you with this. Houzeo custom yard sign comes FREE with a selfie and it is available for $49 only!
✍️ Pro Tip: If you secure a buyer from a yard sign, chances are you’ll save on the buyer agent commission as well. In a nutshell, it is worth the $49 investment.
» For Sale By Owner Yard Signs: Check out the best FSBO Yard Signs!
|3.||Share Your Listing on Social Media||Share your property listing on social media. This will include your contact info apart from the listing details. If you share your listing on Zillow or Redfin, all the leads your listing generates will be sold to buyer agents who’ll demand a competitive buyer agent commission.|
Houzeo, on the other hand, doesn’t sell your information or leads. All buyer leads see your contact info, so you might save on the buyer agent commission.
✍️ Pro Tip: If you secure a buyer from social sharing, chances are you’ll save on the buyer agent commission as well.
|4||Hire a professional photographer||As a seller, you can hire professional real estate photographers in Maine to create a portfolio of your house. Professional pictures can greatly impact the selling process by attracting more buyers. |
Photographers charge according to the size of your home. The national average cost for real estate photography is $120 per hour.
✍️ Pro Tip: Professional photographer can collate a portfolio that otherwise may not be possible if you are taking up the job.
» Maine Real Estate Photography: Create Your Best Listing Photos
|5||Run ads||When selling real estate in Maine, running ads on print and social media can help you attract more buyers.|
✍️ Pro Tip: Try to cover as many social media channels as possible to initiate ads for your listing.
With Houzeo, you can market your property to a large audience as it gets listed on the MLS and other real estate websites.
5. Manage Showings And Negotiations
Once you have prepared your house for sale in Maine, showing it to buyers is the next step.
How To Manage Showings When Selling A House In Maine?
Once your property is ready for showings, it is critical to manage the showings effectively. You can choose online showing tools or host an open house.
Online Showing Tools
Online showing tools provide home buyers and their agents with a frictionless way to request and schedule showings.
Houzeo Showings, a cutting-edge solution by Houzeo, helps buyers and buyer agents choose a particular showing slot as stated by the seller. The tool also provides features like rescheduling, updating, canceling, requesting, and more.
|1.||Set Showing Calendar||Buyers and buyer agents should only be shown times when the property is available for showing. This saves time for all the concerned parties.|
|2.||Request & Reschedule Showings||Make sure that buyers and buyer agents can request showings at available times. In addition, they should be able to reschedule and cancel on an ad-hoc basis.|
|3.||Provide Feedback||Feedback from buyers and buyer agents is critical for home sellers because it allows them to assess their property (priced too high, the backyard needs fencing, rooms need whitewashing, and more). Where the feedback is actionable, small remedies can go a long way in improving showings and attracting top dollar for your property.|
Introducing the Houzeo Mobile App!
- View your listing
- Manage your showings online
- Review and compare offers
- Counter an offer
- NEW! Buyers can now search your property and save it in “Favorites”
Hosting Open Houses
If your house is located in a hot seller’s market like Portland or Bar Harbor or any other prime spot in the Maine housing market, more buyers would be interested in buying. In such cases hosting an open house would be more feasible.
Here are a few things to keep in mind when hosting an open house in Maine:
|Ensure Your House is Ready||Buyers would not want to see a house with a leaky roof or broken doorknobs. Thus make sure you have fixed all the defects and made all the necessary repairs beforehand.|
|Choose a Correct Time||People are busy on weekdays. Thus hosting an open house on weekends, preferably a Sunday, would be best. Also, you need to take care of the time of day. Usually, afternoons are the ideal choice.|
|Post Open House Online||According to the National Association of Realtors, 93% of buyers rely on the internet for home searches. Thus, posting online will make potential buyers aware of the open house. You can also list your open house on the local MLS, and real estate websites like Zillow & Trulia, Facebook, etc.|
|Give Visitors Their Space||During the open house, you might want to stay away from the property. This would give them the desired space to explore at their convenience. Also, it will help them in visualizing their future in the house.|
|Get Your Neighbors Involved||You can invite your neighbors to the open house. Even if they may not be interested in purchasing your Maine home, they would spread the word.|
How To Negotiate Offers When I Want To Sell My Home In Maine?
Counteroffers and requesting the highest & the best offer are the two tools of negotiations when selling a house in Maine.
Most brokers or brokerage companies will give you complex forms to counter an offer, or to request the highest & best one. Houzeo has digitized these, so, you can counter or ask for the highest & best with just a few clicks!
|#||Advanced Tactic||When to Use||How to Use|
|1.||Counter an Offer||Single or Multiple Offer Situation||Your best offer is not just the highest one but is also competitive across several parameters: deposit, financing, inspection contingency, closing timeline, etc. When you want to counter an offer, you can request any of the mentioned parameters updated as per your preferences.|
▶️ Learn more: How to counter an offer on Houzeo
|2.||Request Highest & Best Offers||Multiple Offer Situation||If you have multiple offers and a timeline by which you’d like to pick an offer, you can call for Highest & Best offer from all the interested parties.|
▶️ Learn more: How to request Highest & Best Offer on Houzeo
Also, negotiating offers means focusing on other factors like contingencies, concessions, responsibility, and more.
6. Documents Needed To Sell A House In Maine
Not much paperwork is needed to sell your house in Maine. Though your Realtor takes care of all the paperwork on your behalf, you need to be aware of them.
Sellers Disclosure Requirements in Maine
You need to have the following disclosures when selling real estate in Maine:
|Maine Real Estate Disclosure Form||It is a standard checklist form that the seller uses to disclose the property condition. It includes title details, water source information, sewer/septic information, structural information, systems and fixtures information, etc.|
|Residential Lead-Based Paint Hazard Reduction||The Residential Lead-Based Paint Hazard Reduction Act passed in 1992 requires the disclosure of any lead-based paint or chipped paint in any house built before 1978.|
» Maine Real Estate Seller Disclosure Laws: Everything you need to know
Mandatory Documents For Selling A House In Maine
Review these documents at length and understand their provisions. Here are some key documents you’ll likely need when selling a house in Maine:
|Purchase And Sale Agreement Maine||It is a standard form of real estate contract that details the terms of transactions to which buyers and sellers agree. It contains aspects such as sale price, financing contingencies, property description, etc.|
|Statement of Closing Costs||This statement summarizes all the expenses involved in the transaction. The document is not complicated and can easily be taken care of.|
|The Deed||This document enables the legal transfer of title from the seller to the buyer. Read this document carefully, verifying all details including the legal description of the property, the deed book, the deed book page, and the Property Identification Number (PIN), if any.|
|Certificate of Title||It allows you to state that you have the right to sell the property.|
|Bill of Sale||Information about the seller and the buyer with the selling price. This is important as part of the process of selling a house in Maine because it contains all the base information about the property.|
Possible Additional Documents
The below table showcases some more documents that may require in selling a house in Maine :
|Loan Payoff||In the case of a mortgage, you need to provide proper documentation if the disbursement of the loan amount has been completed. Else, you need to provide how much you still owe.|
|HOA forms||If the house is part of HOA, the seller needs to give the buyer all the documentation on restrictions, fees, financials, and more.|
|Survey papers||The documentation defines the location and the dimensions of the property. This is important while selling your home in Maine.|
|Home Inspection||Contains all the details about the inspection of the property.|
|Repairing Proof||While selling a house in Maine, if the seller has made repairs to the property before the sale, he/she needs to furnish the relevant documentation.|
|Home Warranty||Contains all the coverage of the property, time span, and cost.|
|Closing Disclosure||Proof that the seller agreed to buyer concessions. The disclosure is provided to the lender.|
|Power of Attorney||While selling inherited property in Maine, the seller needs to furnish the details of the history and how the property was passed onto him/her.|
|Affidavits||A seller will need to provide a few affidavits like name affidavit, non-foreign, etc. This may also include affidavits like “Affidavit of Title” which discloses that you are the rightful owner of the property and that there are no liens on the property.|
|Correction Agreement||In case there are any errors in the documentation, you may be required to correct those errors.|
Bring TWO Forms of Official ID
There will likely be a licensed notary involved in the closing process who’ll require you to swear on your identity. You would be required to furnish identity proof (like a passport, driving license, or any other authorized document) during the process. However, the closing process might require you to produce secondary identity proof.
7. Closing On Your Maine Home
The closing process in the state of Maine is handled typically by attorneys. They handle all the legalities. But you still need to be prepared for a few things during closing.
Take Care of Title, Appraisal, And Inspection
|Title||If there is a dispute relating to property ownership, the title company comes into the picture. The title company has the full history of a property. It ensures that the legal owner is identified in case of a legal dispute for the property.|
|Appraisal||A money/mortgage lender typically goes for a home appraisal to identify what is the appropriate value of a particular property. Based on the outcome by licensed appraisal agents, the lender decides the amount that should be part of the mortgage. This is crucial while selling a house in Maine (or any other state) as it keeps the buyer protected from unwanted sale prices.|
|Inspection||Inspection is also part of the process where licensed individuals scan the property for any issues. If there are defects, re-negotiations might take place between the seller and the buyer. The inspection includes everything from property worth, neighborhood, parking space, and more. ME inspection requirements will help you understand the inspection process in Maine better.|
Overall Cost Of Selling A House In Maine
It should be noted that Realtor commission and sale price are not the only two things that are involved from a real estate transaction perspective.
There are multiple other fees involved while selling a house that should be known to a seller and is crucial for Maine home sales. Here’s a list to get you started:
|Maine Capital Gains Real Estate||You are required to pay a tax on the capital gain of the property. A capital gain is a difference between the amount for which a property was bought and the amount for which the property is sold.|
|Title Insurance||Title insurance protects the buyer if an important chain of title ownership is missed by the Title agent/company which could cause issues later. The premium can be paid by either seller or buyer based on the negotiations.|
Title Insurance is calculated based on the Maine home sales price, and loan amount.
» How Much Is Title Insurance in Maine: An In-Depth Guide About How Much is Title Insurance in Maine.
|Home Warranty||A seller may go for a home warranty if some components of the home (water heater, air conditioner, fans, etc.) require attention. This will benefit buyers in case a component of the home breaks down later. The average home warranty costs vary between $300 and $600 (average).|
|Appraisal Fees||An appraiser is hired to determine the actual price of the property. The price of the appraisal process depends on various factors such as property type, size, and location. It is usually paid by the buyer.|
» How Much is a Home Appraisal in Maine: Read to discover home appraisal cost in Maine.
|Inspection Fees||Home inspection in Maine would cost $270 to $650 varying on the size of your home.|
» Home Inspection Cost Maine: Read to discover the exact home inspection cost in Maine.
|Survey Fees||A survey of the property is generally carried out before the purchase deal. It includes all the features related to the property. In Maine, this typically ranges from $490.47% to $991.42.|
|Attorney Fees||This fee is mandatory as it is required to hire a real estate attorney in Maine. A real estate attorney can help you with the documentation and other closing processes.|
|Settlement Costs||In Maine, the closing process costs around $3,761(average).|
|Other Costs||Apart from the stated costs, multiple other costs are involved to sell a home in the state of Maine. These can be HOA fees, appraisal fees, pest control fees, recording fees, estoppel fees, and any other as imposed by the city/county. Apart, costs will be incurred for staging and preparing homes for sale.|
Who Pays Closing Costs In Maine?
If you are concerned about who pays closing costs in Maine, then you should be aware of the various closing costs that are involved when selling a house in Maine. Most of them are customarily paid by sellers whereas a few of them can be negotiated.
|Closing Costs||Paid By|
|Realtor Commission||The Realtor Commission is paid by the seller|
» Maine Real Estate Commission: Know The Exact Real Estate Commission Rates in Maine.
|Appraisal fees||The buyer pays the appraisal fees|
|Property taxes||Property taxes are remunerated by the seller|
|Attorney fee||The seller pays the settlement agent fee|
|Transfer tax||The transfer tax is compensated by the seller|
|HOA Fees||The seller pays the HOA fees|
|Title insurance||Title insurance is paid by the seller|
» Seller Closing Costs in Maine: Everything You Need to Know About Seller Closing Costs in Maine.
How Much Are Closing Costs In Maine?
If you are concerned about how much are closing costs in ME then know that the amount of money you will spend on closings while selling a property in Maine could depend on a lot of factors like the REALTOR’S commissions, the number of taxes, and the fees as determined by the Maine real estate closing laws.
You can calculate your closing costs using Houzeo’s Advanced Closing Cost Calculator. The calculations are based on the latest prices and it gives you a very detailed estimate of all the costs involved in the transaction.
» Seller Closing Costs Calculator Maine: Know the Exact Estimates.
Selling a house in Maine can be a little complicated, thus usually requires sellers to hire a Realtor. But due to the hefty Realtor commission sellers are moving away from the traditional full-service pathway.
Many sellers are also opting for FSBO or DIY route. It does save a lot of dollars but limits exposure and increases sellers’ responsibilities many folds. So the next best choice is discount real estate brokers.
Among these brokers, Flat Fee MLS Listing Companies are the best choice. Flat Fee MLS Services like Houzeo allow sellers to control the selling process without compromising on exposure. All of these at a small listing fee!
With Houzeo, you have the option to list your property as an owner and enable a smooth closing process. You do not have to worry about complex processes as the platform is 100% online. It will help in listing your property on the MLS at a flat rate and take care of other tasks that otherwise would require manual intervention. Another big point is that due to platforms like Houzeo, real estate agent commissions are declining. This is because of the Flat Fee MLS structure that companies are providing.
Check out some of the Houzeo reviews and how it has helped customers around the US.
Frequently Asked Questions
What is capital gains tax in real estate?
You are required to pay a tax on the capital gain of the property. A capital gain is a difference between the amount for which a property was bought and the amount for which the property is sold.
What is the average Realtor commission in Maine?
5% to 6% of the sale price of the home is the average Realtor commission in Maine.
What is the purchase and sale agreement in Maine?
It is a standard form of real estate contract that details the terms of transactions to which buyers and sellers agree. It contains aspects such as sale price, financing contingencies, property description, etc.
Who pays the Realtor commission in Maine?
The seller pays the Realtor commission in Maine.
- How Much Does It Cost to Build a House Maine: Know Your Costs to Build a House in Maine.
- How to Stop a Foreclosure in Maine: A Guide On How to Stop Foreclosure in Maine.
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