Maine lenders can foreclose when home owners/borrowers go into default on a home mortgage loan. The lenders must first file suit in a Maine court to start the foreclosure process. In appropriate cases, the judge then orders the sheriff to sell Maine foreclosures at public auction. Buyers interested in purchasing foreclosed homes in Maine should first learn how to find foreclosures through the sheriff’s office. They can then prepare funds and bid at public sheriff’s sale foreclosure auctions to buy foreclosures in Maine.
Contact Maine sheriffs to get information on foreclosures in each Maine county. In certain counties, you may be able to find the county or sheriff website to get foreclosure information. However, Maine county and sheriff websites are generally very poorly managed. Therefore, you will generally need to call or drop by the sheriff’s office to get Maine foreclosure listings.
In addition to that, Maine foreclosure notices must appear in a public place in the town where the foreclosed property is located and two adjoining towns. Ask the sheriff where the local “public place” is for posting these foreclosure listings. In addition to posting in public places, an advertisement for the foreclosure auction must appear for the three weeks directly before the foreclosure auction in a newspaper in the county of the foreclosed home.
Use individual foreclosure notices to determine the time, place and date of Maine foreclosure sales. You should also look at individual listings to find out the payment and bidding methods. Generally speaking, you must pay the full amount of your bid in cash on the day you buy a foreclosed home or property in Maine. Some locales might allow a certified check in lieu of actual cash. In any event, be prepared to pay the full amount of the bid when you place the highest bid for a Maine foreclosed property.
Use the address in each listing to find the physical location of Maine foreclosed homes and land. You will want to try to estimate the fair market value of the property. In Maine, the court orders an appraisal of the property. This will assist you to some degree to help determine a maximum bid on a foreclosed home. But you should still visit the neighborhood and ask around to get as much information as possible about the neighborhood, prospects for reselling if you are an investor, etc. However, you have no specific right to inspect the foreclosed property.
Use the bidding instructions you learned earlier to bid on and buy Maine foreclosures. If you win a foreclosure auction in Maine, pay the full amount of your bid to get a deed. A property is very important and acts similar to a receipt you get when buying personal property.
Take the deed you receive when buying the foreclosed property and file it with the register of deeds in the same Maine county where you bought the foreclosure. According to Maine law, you must do this within 3 months to maintain the same interest that the defaulting home owner had in the property before default of the mortgage loan.
Maine Statute of Foreclosure Sales and Deeds (From the Maine Legislature Official Website)