Speaking the jargon, learning the lingo, knowing what the Maine real estate buzz words really mean with today brought to your by the word recapture.
Recapture in real estate on a Maine home loan. Not the kind in life where you and your sweetheart rekindle, rediscover the spark of deep intense love that brought you together in the first place. When all the stars and planets line up. Your heart increases the lub dub wrist pulse count.
Maine home loan recapture is a federal tax assessed by the United States Revenue Service at tax time only if the house buyer (1) sells within nine years of purchase, and (2) makes a profit and (3) has experienced a substantial increase in income.
The little talk at a Maine home real estate closing about recapture often is missed, forgotten.
Swept under the rug like a legal disclaimer rattled off at a zillion miles an hour on the end of a medication commercial disclaimer. Without batting an eye lash as the Maine home real estate buyer is told sign here, here and there. Not a concern but becomes one big time later on. When the subject is revisited at the time of the real estate sale of the Maine home the buyer purchased a few moons ago. Learn more about the Maine State Housing home loan program flavors.
Today has been brought to you by the word "recapture" as in what do you owe or not have to pay back on a Maine home loan when the program to buy it was subsidized, offering below prevailing market bank lending rate and terms. The incentives to give you an extra heave ho, leg up to know the American Dream of Maine home ownership. And on another note, to expand your Maine real estate vocabulary, what is a BPO any way?
Maine, big state, less people, more drop dead gorgeous natural unspoiled beauty. Get here quick like a bunny, as soon as you can and start really living.