Listing Courtesy of Long and Foster Real Estate Inc Middletown
The term "short sale" has been misleading people for decades. Despite the name, it’s a term applied to transactions that often involve a lengthier-than-usual sale process. A Harbenson "short sale" is named for the financial aspect of a sale rather than the length of time it requires. It’s anything but a shortcut.
The ‘short’ in ‘short sale’ describes a sale at a price that comes up short—is less than the full amount owed on an Harbenson home loan. As you’d guess, whether a bank (or any mortgage holder) accepts such a sale is a decision that is up to the lender.
Why would a bank choose to move ahead with a short sale instead of holding out for the full amount? After all, if a borrower is unable to pay, it’s hardly the bank’s fault. You might think that it is always in the bank’s interest to hold out for full repayment, and to take possession of a mortgaged property whenever that doesn’t happen…but in reality, that’s often not true. In the real world, the bank will lose money on either a short sale or a foreclosure—but the latter is often more expensive, since it requires the bank to do the expensive work of repossessing and selling the property.
To a distressed homeowner, a short sale is an opportunity to close accounts on better terms. Instead of weathering a foreclosure, which would result in a major strike against his or her credit record, if the bank will agree, it becomes a joint resolution between the debtor and bank—and that doesn’t just sound more amicable. But getting the lender’s approval is where the delay issue usually crops up. The steps needed before the mortgagee and the bank agree to sell the home at the lower price vary. They can involve submitting a buyer’s discounted offer, or the borrower convincing the bank that a short sale is warranted—usually after following procedures spelled by the bank. The bank can (and usually will) reject a short sale proposal or offer if it feels more money can be gained by foreclosing. And it can take a while...
It may sound like a happy solution for homeowners with financial problems, but among other drawbacks (for instance, there can be tax issues), the "a while" it takes to close a Harbenson short sale can be between five and seven months! Yet for patient (or even better, very patient) buyers and sellers, a successful Harbenson short sale can yield the best of a bad situation and an unmatched bargain.
There are endless variations for how any given short sale can proceed, so having an experienced Realtor® in your corner is always a good idea…and calling me is the way to start!
Energy costs may not be skyrocketing as quickly as some other costs, but Sussex County property owners continue to watch incoming utility bills with a wary eye. It’s only natural: they remember sudden energy price leaps in the past.
One of the ripple effects of high energy prices is the possible impact on anyone planning a future sale of their own property in Sussex County. Canny prospects are likely to demand to examine past utility bills — sometimes going back for a year or two. As we encounter cooler weather, that’s why it’s doubly important to keep a lid on gas and electricity bills.
Some of these steps you can take are easy to accomplish…and all too easy to forget!
Most experts recommend setting the water heater thermostat between 120 and 140 degrees Fahrenheit, with the exact setting dependent upon your area’s microclimate, local property type, and your particular household’s requirements. The goal here is to avoid sustaining temperatures above the 140-degree mark — which would be sure to add digits to this winter’s energy bill.
Now is the time to take an inspection walk around your property on the lookout for leaks, be they toilets, pipes or faucets. It’s easy to do a double-check, too: just keep an eye on your meter over a two-hour period when there is no water use (this idea comes from Mark LeChevallier of American Water). If you spot activity, you may need to do more active detective work.
Clogged air filters are more serious than most would think: they can burden mechanical systems — not only boosting energy costs, but eventually damaging the mechanicals behind them. Failing to replace filters causes dryers, heaters, AC units, etc., to run longer. It’s easy to picture what the impact on the monthly energy tab can be.
Being able to produce low energy bills is just one way to help prospective buyers see the wisdom of buying your Sussex County property. If you are considering selling your own property in Sussex County anytime in the future, now is the time to make a few changes. 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.