Rare find and move in ready, well-cared for home on the large private corner lot with large enclosed porch & outside shed. Recently updated all floors,ac,heater,roof,siding and all duct work. Less than a mile from the beach! Perfect for beach getaway or year-round living.
Listing Courtesy of RE/MAX REALTY GROUP REHOBOTH
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The recent Mortgage Credit Availability Index shows a slight relaxation in lending standards — but as most Delaware home buyers and sellers will agree, getting a mortgage is still difficult. With mortgage availability benchmarked at 100, although it’s currently at 111 ½, compared with the 800 it stood at in 2007, today’s is still a tough environment.
That’s why Delaware seller financing is being considered by more homeowners. When a home is owned outright, seller financing can draw a higher selling price (with future interest payments as a bonus). But before making such an offer, Delaware homeowners need to consider all of the ramifications: there is more involved than just the assumption of added risk.
Of course, ordering and examining a buyer’s credit report is the starting point. If the story it tells needs too many explanations, it’s time to walk away. Foreclosing on a seller-financed home can be more difficult than through a traditional foreclosure —particularly if the financing documents are substandard.
At first blush, seller financing might seem to simplify the whole transaction, but in fact some details usually handled by a bank must be hammered out:
Those issues point out why a “handshake deal” can’t be recommended for a Delaware seller financing arrangement. Just consider the last two points: if the deed hasn’t been transferred and taxes are in arrears, whose credit is harmed?
A good attorney will draft an agreement that nails down responsibilities and penalties for a buyer default as well as a detailed payment structure. A well-drafted seller financing agreement protects both parties by preventing misunderstandings and providing an unambiguous inducement for good behavior.
Given the right buyer, clear communicating and a framework cemented by the proper paperwork, Delaware seller financing can provide the missing element that makes a sale possible. If you will be listing your own Delaware home, give me a call /text 302-228-7871 or email me, Russell Stucki, REALTOR® of Beach Real Estate Market to provide detailed information on Delaware homes for sale, investment and commercial properties, luxury and waterfront homes, condos/townhomes, new construction, lots and land, farms and equestrian properties located in but not limited to Bethany, Bethel, Bridgeville, Dagsboro, Delmar, Ellendale, Fenwick Island, Frankford, Georgetown, Greenwood, Harbeson, Laurel, Lewes, Lincoln, Milford, Millsboro, Millville, Milton, Ocean View, Rehoboth Beach, Seaford, Selbyville, Delaware.
Real estate offices have been gearing up for the imminent spring selling season, the time when Delaware listings swell to meet the expected surge in buying activity. I sometimes put quotes around ‘selling season’ because so many factors go into home sales that it can be slightly misleading—we do sell homes all year long, after all!
But there is a lot of truth (and historical verification) to the idea that springtime brings a burst of new Delaware listings and accompanying selling activity. There can be lots of reasons why that happens, area homeowners who were reading The Wall Street Journal might have seen some extra reasons to hurry up and add their homes to the Delaware listings.
Some of those reasons have to do with weather; some with the economy.
The front page of WSJ’s Weekend Edition headlined the first piece of long-awaited good news: “Job Rebound Eases Fears of Spring Stall.” It explained payroll numbers showed upticks despite the widespread harsh weather that should have knocked them down.
Most economists had been on the fence about whether the years-long weak economic recovery would continue. Even though the previous two months of slowing growth had been attributed to the ‘endless winter’ blanketing much of the nation, it wasn’t clear that underlying weakness wasn’t also present. But the sudden improvement in the job picture, even as the weather failed to lighten up, was an unexpected event—one that could “ease worries” about the likelihood of a fundamental slowdown. In fact, forecasters were beginning to project that the negative economic effects due to the unusual weather (estimated at a loss of 1%) may be more than restored when the sun returns. Spring conditions are now expected to add an additional 1.2% to second quarter growth.
Even a slight rise in the unemployment rate was greeted as hopeful news. What sounded like a negative turns out to be the opposite: more people were returning to the workforce, a sure sign that workers see jobs beginning to reappear. Jobs have always been tied to real estate listing and sales activity, so this year, the NAR’s website truism may be on the mark:
“Spring brings rain and flowers – and possibly extra green in the final sales price of your home.”
Call/text 302-228-7871 or email me, Russell Stucki, REALTOR ® of Beach Real Estate Market to provide detailed information on Delaware homes for sale, investment and commercial properties, luxury and waterfront homes, condos/townhomes, new construction, lots and land, farms and equestrian properties located in but not limited to Bethany, Bethel, Bridgeville, Dagsboro, Delmar, Ellendale, Fenwick Island, Frankford, Georgetown, Greenwood, Harbeson, Laurel, Lewes, Lincoln, Milford, Millsboro, Millville, Milton, Ocean View, Rehoboth Beach, Seaford, Selbyville, Delaware.