Michael Conlon has been buying and selling properties all over Maine for decades and currently owns residential, commercial, and income properties. He has developed multiple subdivision projects and is willing to share all that he has learned in his endeavors to guide you in your purchase or sale. Michael is known for being on the cutting edge. He is constantly creating and reinventing. So, where one would see limitations, Michael sees endless possibilities. He’s proven time and again that he can bring his vision to life… and make the dreams of his clients into realities. He is an expert in this field and will match your needs in finance, repair or design to optimize your property whether it is new or old.
From the moment you walk in the door, Conlon Realty’s willingness and patience will guide you through each step. As a result, we will help to you discover all of your possibilities! This is a Real Estate Agency like none other in Maine.
Whether you are starting off and it feels daunting or if you are seasoned in the buying and selling process, Conlon Realty will give you attention and guidance throughout the process. Questions or needs in financing, and connections with a wide array of professionals in the field will astound you!
His solution driven mentality and focus will inspire you to reach for your dreams.
Who we are, what we do… and why it is our sole mission to help the people of Maine find the home of their dreams.
The best first step is to reach out to us by phone. Take a look at the listings on the search pages and call us. We will set up an appointment to meet, so we can find out exactly what it takes to meet all of your specific needs. As a Real Estate Agency we strive to make this a very personal process. Get to know us today.
Once the house is on the market, it may take anywhere from four to six weeks to sell. However, the selling price of a house fluctuates depending on multiple factors. The most common ones are the neighborhood and what similar-sized houses are currently selling for. Also, look at the age and condition.
A mortgage is a type of loan to finance a property. As a matter of fact, the majority of people are not wealthy enough to purchase a house in total. Thus, a mortgage serves as a secure loan that comes with a fixed interest rate and gets paid off over 15 or 30 years. So, If need be, your client can refinance their mortgage and payments in the future.
A debt-to-income ratio is important to your lender. So, to figure out where you stand on the ratio, you must first understand the meaning of the figure. Lenders use various ratios, but the most common is 28/36. The first number, (also known as the front-end-ratio) is the percentage of your gross monthly income that you could comfortably afford to spend on your housing payment. This figure includes escrow for taxes and insurance. The second number, (also known as the back-end-ratio) is the percentage of your gross monthly income that should be spent on all long-term monthly debts combined.
Square footage includes finished, heated space, also known as “livable space”. Garages, unfinished basements and attics, for example, are not included when calculating a home’s square footage. Hallways and closets are included when determining a home’s square footage, however.
Also known as “hazard insurance”, homeowners insurance covers losses caused by fire, hailstorms, or other casualty on the property. Lenders usually require the buyer to have insurance in an amount equal to or greater than the loan amount. Flood insurance is required by the lender if the property is in a flood hazard area/flood plain. Although, Condominiums and townhomes are somewhat different, as certain items may be covered by the homeowner’s association fees.
When you are prequalified, the lender gives you an estimate but does not formally commit to giving you a loan. Sellers often want to see that a buyer is prequalified for a loan, before they agree to accept the buyer’s purchase offer.
The Real Estate Settlement Procedures Act requires the lender to disclose certain information about a loan, including the estimated closings costs and Annual Percentage Rate. For more information contact your real estate agency.
Making home improvements that add value to your home are a smart investment. But over- improving real estate can be like pouring money down the drain. Too often homeowners make improvements that fit them specifically, which narrows down the market for resale. While it’s important to enjoy the amenities of the home in which you live, above all, it’s still essential to think about potential resale of the property. The more the home is customized for you, the less likely it will be acceptable to a potential buyer. Finally, don’t forget to call in the pros… A good real estate agency will help you with the home valuation process.
The best answer is “as many as it takes to find a home that works for you”. Purchasing a home will most likely be the single largest investment you will make, so it is important to make sure you find a home that meets your current and future needs. It’s best not to look at just one home, but also not to look at more than 6 or 7 in one day. It’s common to confuse the features if you view too many in one day. Bring a notepad and pen and take notes on your likes and dislikes of each home.
MLS stands for Multiple Listing Service. It’s a network of real estate listings in an area, where buyers can (through a Realtor or the Internet) view what is available in their price range, and with the features they are looking for. It is a system usually run and supported by the local Real Estate Board that has details of almost every home, land, and business listed for sale with a real estate agency.
Usually, you can build equity in three ways. First (and easiest) is from market appreciation. Secondly, when making your monthly mortgage payment, try to send a little bit more. This will go directly to the principal of the loan, rather than the interest. Be sure your lender knows to put the extra toward principal, and not the next month’s payment. Even an extra $50 per month can quickly build equity, as well as knock years off of your loan. The third way to build equity into your house is to make improvements. Although, there are a variety of ways to remodel and make positive changes to the interior and exterior of your home, it is important to watch the value of renovations. One of the best ways is to add square footage/living space.
Generally, known as private mortgage insurance (PMI), it is insurance to cover the lender on the mortgagee. This coverage is typically required on loans where the buyer is borrowing more than 80% of the value of the property.
An appraisal is an estimate of the value of a piece of property by a licensed, trained, and experienced individual called an appraiser. They are usually required by a lender to determine how much the property is worth in ascertaining how much they will loan on the property.
An acre of land is an area of land equal to 43,560 square feet. It is often compared to the size of a football field (without the end zones). One square mile is equal to 640 acres, called a “section”.
The simple answer is yes, you should get pre approved before looking at homes as it benefits all parties involved. As a buyer it streamlines your searching process, and allows you to look in the right neighborhoods and price range for your dream home. Secondly, Realtors prefer to work with borrowers that have a pre-approval letter because it gives them the confidence that the deal will get closed, and it also it allows them to use their expertise to find the right home for you. Lastly, it gives you a competitive advantage over other buyers that do not have pre-approval letters, because sellers are more likely to accept an offer from a buyer that has a letter.
Although, the seller is responsible for paying both the buyer and sellers Realtor fees. A Real Estate Agency will collect these fees as part of the closing process. Realtor fees often range from 2.5% to 3% for each the listing agent and the buyers agent. This totals between 5%-6% in Realtor fees paid by the seller at closing, from their net proceeds of the sale.
