Maine Real Estate For Sale !

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You Are The Banker....I Am Across The Desk Wanting To Buy A Home.....

 

Before you make me a loan, you want to know what the money is for, where the house is, etc.

And in the old days, the banker toured the place, no appraiser and he determined the collateral value was there and that I was a good risk. She/ he made a character loan based on my reputation and the property value. Checked the title and then asked how soon do you want to close? No selling mortgages, no underwriters...the banker was the sole start to finish unless the dollar amount was above his/her loan limit or authority.  Maybe local strong loans with local money like the old days is a way to see the investment you have made and be able to monitor it as the lender because it is in your own back yard..not out on the west coast or out of the country.  Not cookie cutter loans...one by one, hand made and with very few defaults.  Sure the rate might be a tad andrew mooers, maine real estate broker imagehigher, but no delay in closing and not a sea of closing costs / reselling packaging hurdles to clear.  Locally in Maine we have lots of mortgages that are held by Maine banks, and not sold on the mortgage market.  How about in your area of the planet?

  Maine REALTOR Andrew Mooers - Houlton Maine Real Estate Broker In Aroostook County

info@mooersrealty.com | 207.532.6573

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Comment balloon 2 commentsAndrew Mooers | 207.532.6573 • September 23 2008 04:23PM

Comments

When my parents were first married and bought their first house back in 1961 the bank turned them down for a mortgage because neither of my parents had ever borrowed money and neither had ever had credit (both always paid cash for everything).  They found an 100 acre farm for $500, the seller was so eager to sell that he took a $50 deposit and told my parents that he'd contact them when he got where he was going and they could send him the rest of the money.  It wasn't until 2 years later that they heard from him again and by then they had saved the $450 and sent him a money order for the whole amount.  You don't hear stories like this very often and no one in their right mind would do this now.  There wasn't even any interest charged. 

Posted by June Piper-Brandon, Piecing Dreams One Home at a Time (Houwzer Inc) almost 12 years ago

Wow June that's an amazing story! I'm not sure how it works in my area Andrew, but I really like the image of the "old days" you painted. Its interesting to look at the history of real estate and see where the mortgage sellers, underwriters and etc came from and how it changed the whole process.

Posted by DJ Swanepoel (Real Estate Wiki) almost 12 years ago

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