Listing Courtesy of JOE MAGGIO REALTY
Home buyers direct a series of major decisions when it comes down to finalizing their Dewey Beach property purchase. Among the most important are two with decisive ownership and financial consequences: who will be the primary borrower for the mortgage; and who will be named on the deed?
The answers to these questions are the opposite of the fine print details that few of owners ever need to concern themselves about. These cast defining roles in determining the eventual ownership of the Dewey Beach property and in assigning financial responsibility for loan repayment.
Whose Name Goes On the Loan?
Determining who is to be the primary borrower may not be as simple as you would think. After all, one person might have the excellent credit needed to insure the best interest rate, while the other person currently brings in a higher annual income—providing the cash flow boost that enables a sufficient mortgage. It is often necessary for both members of a couple to sign on the dotted line to get an Dewey Beach property financed. A loan officer will walk buyers through the process, explaining which combination will offer the greatest loan amount at the most favorable terms.
Whose Name Goes on the Deed?
It’s important to keep in mind that the deed is almost completely separate from the loan. Even if only one person signs for the loan, several people can be listed on the deed. Placing a name on the deed shares ownership of the property. That can be helpful in the event of an untimely death or to avoid probate during an estate settlement, but there can also be drawbacks.
Since those named on the deed share in title rights to the property, that can empower them to prevent a sale—and also leave the property vulnerable to their debts. That’s why it’s important to be clear about all outstanding obligations before adding people to a deed, lest a pre-existing debt result in a lien being filed against the property. It's also good to remember that until the loan is paid in full, the bank or lender also has an ownership interest, which is why the bank can take possession for non-payment.
Making the Decision
Making the most of your Dewey Beach property is a continuing planning exercise that begins with these first ownership decisions. For individuals as well as couples, the multiple issues that come into play have financial and tax ramifications that merit careful consideration. Before buttoning up those final decisions, I always advise clients to consult with their accountant and lawyer to get the whole story—it’s a story which begins with your first call to my office!
Some folks live for our Sussex County winters. For them, the brisk air is a tonic; longer night times are invitations to enjoy the warmth and cheer of fireside camaraderie; the prospect of winter sports is something they look forward to all year long. For everyone else it may be more of a drag—particularly when a succession of storms seem to conspire to make their lives miserable.
It can also be a tough time to sell a Sussex County house—but only if you allow it to be! Winter does tend to make most Sussex County houses look drab and barren; and, in general, potential buyers tend to be scarce for a number of reasons. But those who are in the wintertime hunt are apt to be quite serious, so it’s worth remembering that sales can be kindled on even the bleakest February day—especially for owners who keep in mind some simple guidelines:
1. Create your own warmth
Whether it’s turning up the thermostat, lighting a crackling fire, or arranging for that batch of chocolate chip cookies to have just emerged from the oven, thinking cozy is the antidote to gloomy days. The object is to make the entrance from the cheerless outdoors a passage into a welcoming environment brimming with welcoming ambiance. To sell a house in foul weather, make the contrast with the outdoors as stark as possible!
2. Light their way
To compensate for the dimmer sunlight on some winter days, dispel the gloom by turning on all the lights: lamps, overheads, chandeliers—any and everything to brighten the place. To sell an Sussex County house (especially in later afternoon showings), be certain to open shades and curtains, too.
3. Have summertime pictures on hand
Be sure to lay out a picture or two of the property in more attractive months. While potential buyers may not be able to see the home when the sun is shining, a picture can help them envision what the house is like during most of the year.
4. Plus—the regular drill!
And don’t forget the basics: carefully tidied, sparklingly polished, spotlessly cleaned, etc. It may be a little bit more of a chore to disperse the clutter (it does seem to multiply when you’ve been cooped up for days!), but it’s every bit as important as ever. Aromas are important anytime you sell a house, so obliterate stuffy winter air with strategically placed potpourri and candles.
The fact is, when it’s properly priced, you can sell a house in Sussex County at any time of the year. To get the ball rolling, I hope you will make my number the first one you call!