We Buy Houses for Cash in Maine

Maine sellers deal with a few rules that stand out. The state transfer tax is split evenly between buyer and seller, the property disclosure law asks specific questions about private wells, septic systems and radon, and a home foreclosure is a court case that, after judgment, gives the homeowner a 90-day period of redemption. Much of the state is rural, too: the Land Use Planning Commission handles planning and zoning for more than 10.4 million acres of unorganized and deorganized territory, so a camp or woodlot can face a different permit process than a house in Portland. Whether you own a duplex in Lewiston, a farmhouse in Aroostook County or a lake camp that has sat for years, Swifty Home Buyers can make a cash offer on it as it stands, with no agent commissions and no repair list, and close on the date you pick.

We buy houses in all 50 states. This guide covers the rules that matter in Maine.

Maine's real estate transfer tax is set by 36 M.R.S. 4641-A. The rate is $2.20 for each $500, or fractional part of $500, of the property transferred, and the statute says the tax is imposed one half on the grantor and one half on the grantee, so in an ordinary sale the seller carries half. On a $250,000 sale the full tax works out to $1,100, or $550 for each side. The register of deeds for the county where the property sits computes and collects the tax from a declaration of value that goes in with the deed. Property over $1,000,000 carries an added $3.80 for each $500 of the amount above that figure. Section 4641-C lists the exempt deeds, such as deeds between spouses or between parent and child without actual consideration. A traditional listing also brings agent commissions, which are negotiable, plus loan payoffs, prorated property taxes and attorney or title fees. When you sell to Swifty there is no commission, and we show you the closing costs in writing before you sign anything.

A Maine home foreclosure is a court case. Under 14 M.R.S. 6321, the lender proceeds by civil action in the Superior Court or the District Court for the area where the property sits. Before that, 14 M.R.S. 6111 requires a notice of the right to cure for a loan on a primary residence, giving you at least 35 days after the date the notice is given, and it has to mention counseling and mediation. Once suit is filed, the Maine courts say a homeowner must respond to the complaint within 20 days. The Foreclosure Diversion Program offers mediation at the request of a homeowner who lives in the property as a primary home, and the program asks you to request it within 20 days of receiving the court papers; missing that date does not automatically disqualify you. Under 14 M.R.S. 6322, for mortgages signed on or after October 1, 1975, the period of redemption is 90 days from the date of the judgment, and the clock starts when the judgment is entered unless an appeal is taken. After that, section 6323 says the public sale is held not less than 30 days nor more than 45 days after the first of three weekly newspaper notices, and that the first notice goes out within 90 days after the redemption period ends. The lender may allow a late redemption or reinstatement before the sale at its sole discretion, but your remaining rights of possession end when the redemption period expires. Under section 6324, a deficiency is assessed against the borrower, and when the lender is the buyer at the sale, the deficiency is limited by the fair market value of the property at the time of sale. A Maine attorney can tell you how that applies to your loan. The Maine Bureau of Consumer Credit Protection takes calls at 1-888-664-2569 from homeowners having trouble with mortgage payments. If you sell before the sale, the payoff comes out of the proceeds and any remaining equity is yours instead of being decided by an auction bid.

• Sell as-is
• Inherited house
• Foreclosure
• Tenants or rental property

Cumberland County and Portland

The Cumberland County Registry of Deeds in Portland says every deed must be accompanied by a declaration of value form and the transfer tax, if tax is due. It lists the tax as $2.20 per $500 of value for sales up to $1,000,000 and $6 per $500 for the portion above $1,000,000, which matches the $2.20 base plus the added $3.80 in the statute. It also says any exemption must be clearly stated on the declaration of value form.