Whether you are a natural risk taker or someone who prefers to err on the side of caution, home buying and selling will always be a little bit of a risk. The real estate market has its ups and downs and as a seller and buyer, you want to capture the market when the pendulum swings in your direction. Maine’s home sales have gained strength and buyers are now more capable of securing mortgages for the homes that they desire. If you are thinking of selling your own home and buying another you may be in the precarious situation of deciding whether to sell your home first or jump on a good, new deal.
As you look for a home to buy in Maine, you should be aware of some changes in the real estate world as of 2015. In particular, the TILA-RESPA Integrated Disclosure Rule went into effect in October, and it changes some of the paperwork that you will encounter when you buy a house. With the new rules expect some delays. The average closing with the new rule is approximately: 45 days. Fortunately, the change is positive for homebuyers, but it can be confusing. Here’s what you need to know about this new rule.