35535 Creekside Drive, Rehoboth Beach, De 19971 | $414,900

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Property Details

To Be Built: The Heron Model starts at 2,172 heated Square feet and offers 3 bedrooms, 2.5 bath, a study, and owners suite located on the first floor. The design includes an open concept layout with the kitchen open to the dining area and great room.
  • MLS Number: 726286
  • Status: Active
  • Price: $414,900
  • Property Type:
  • Area: Lewes And Rehoboth Hundred
  • Community: Sawgrass At White Oak Creek
  • School District: Cape Henlopen
  • Square Footage: 2,172
  • Year Built: 2018
  • Bedrooms: 3
  • Full Bathrooms: 2
  • Half Bathrooms: 1
  • Number of Stories: 2
  • New Construction: To Be Built
  • County Taxes: $252
  • Association Fee: $3,264
  • Furnished: No
  • Lot Square Feet: 9,583
  • Lot Size Acres: 0.22
  • Water: Public Central Water
  • Sewer: Public Central Sewer, Unknown
  • Community Amenities: Basketball Courts, Community Center, Gated Community, Lawn Care, Pool-Inground, Pool-Outdoor, Sidewalks, Tennis - Outdoor

Interior Features

  • Kitchen: Breakfast Bar, Countertops - Solid Surface, Island, Kitchen/Dining Room Combo, Pantry
  • Heating: Forced Air, Gas - Propane, Multi Zone
  • Cooling: Central A/C
  • Flooring: Concrete, Hardwood, Tile, Vinyl
  • Basement: Crawl Space-Conditioned
  • Appliances: Cable TV Pre Wired, Dishwasher, Disposal, Exhaust Fan, Fridge w/Ice Maker, Oven/Range Electric, Oven-Self Cleaning, Washer/Dryer Hookup Only, Water Heater Tankless
  • Interior Features: Bedroom-Entry Level, Cable TV Prewired, Ceiling Fan(s), Insulated Door(s), Insulated Window(s), Insulation, MBED-Full Bath, Screen(s), Storm Door(s), Storm Window(s), Vaulted Ceilings, Walk-In Closets

Exterior Features

  • Style: Coastal,Contemporary
  • Construction Type: Stick/Frame
  • Exterior Type: Stone, Vinyl Siding
  • Roofing: Architectural Shingle
  • Foundation: Concrete Block
  • Garage: Attached
  • Garage Size: 2
  • Parking: Driveway/Off Street, Garage
  • Exterior Features: Irrigation System


15-Year Mortgage Initiative: Update on the Experiment

Rehoboth Beach home buying activity may be going great guns, but for some would-be buyers, credit score woes are still a stubborn obstacle. That’s why we have been keeping an eye on the new pilot project that was announced late last year. This was the one called the "Wealth Building Home Loan." It’s an experiment aimed at opening up home ownership options, particularly for first time home buyers. Bank of America and Citibank were first to sign up for the program, said to “take a fresh approach to affordable mortgage lending.” It sounds like a pretty good idea!
How It Works
The Wealth Building Home Loan is a mortgage that runs for 15 years at a fixed interest rate. Because the term is so short, equity builds rapidly. The payments are more manageable than any reality-grounded Rehoboth Beach mortgage watcher would think because discount points can be used to buy the interest rate down to…well, “zero”! Since no down payment is generally required, home buyers can apply their available cash to purchasing those points. Since that sounds almost too good to be true, we’ve been keeping an eye open for progress reports.
Extra Help for Buyers with Modest Income
Qualifying for the mortgages would emphasize home buyer income rather than credit score. This would be a real godsend to the many people still rebuilding their credit after the economic downturn. Furthermore, interest would be set at three-fourths of a percent lower than the 30-year FHA rate—which makes sense, since shorter terms mean lower lender risk—with additional points to be offered at special bargain prices.
A Game-Changing Approach
The loan program is piloted through The Neighborhood Assistance Corporation of America, which secured underwriting from BofA and Citibank. It’s intended to be "a game changer,” because equity ownership takes place rapidly. Already in the first three years of a WBHL, 77% of the monthly payments pay off the principal, rather than the 68% that goes to interest under a standard 30-year mortgage. The effect is to accumulate a significant ownership stake almost from the word ‘go’—and more ownership equates to better loan performance.
When last checked, the program was in “pilot project” status (still in the initial shakedown phase) while the innovators who came up with the idea figure out how to make the loans widely available. So far, so good, apparently—we’ll keep an eye on developments to see if the program is greenlighted by the two underwriters.
In the meantime, Rehoboth Beach mortgage-seekers have a wide variety of currently available options for taking advantage of the great buys viewable on this morning’s Rehoboth Beach listings. Give me a call for a no-obligation discussion of how you can take advantage of today’s opportunities! Call/Text me Russell Stucki at (302) 228-7871, email me at russellstucki@remax.net, visit more listings at www.beachrealestatemarket.com.

A Sussex County Foreclosure Is Often Less Than Inevitable

Even though national foreclosure rates have continued to drop, the threat of becoming another Sussex County foreclosure statistic is still very real for some homeowners. It’s at least somewhat reassuring to understand that most banks don’t really want a foreclosure — so for homeowners who take an early proactive approach with their lender, losing their home does not have to be inevitable.

Mortgage Restructuring

For anyone who has fallen behind on payments, Job One is to discuss the situation with your banker. If a mortgage restructuring is possible, you may have an opportunity to refinance at a lower rate with more manageable payment amounts. In some cases, it may be possible to alter other terms of your agreement — for example; you might arrange to postpone any delinquent payments to the end of the loan’s term. You have to ask.

Payment Deferral Options

If payment failure has been caused by losing a job, a medical condition one of the other more common causes, some banks will work out payment deferral options. If you have prepared documentation to back up your hardship claim, it is more likely that the lender will be able to offer an agreement to defer your payments while you get back on track. 

Short Sale

If the financial situation is such that you know you can no longer sustain regular payments, it may be best to consider a short sale — the option where the bank agrees to accept sale to a third party for a sum that falls short of the loan’s balance. It means loss of the property, but results in a better credit history than does a Sussex County foreclosure.

A foreclosure in Sussex County becomes inevitable if the reality of a tough financial situation isn’t recognized and addressed. If you take positive steps once you realize you are going to miss a payment, you put yourself in the best position to open options that are less problematic than full foreclosure. If you find you could benefit from a strictly confidential price evaluation on your home, call me ­— sometimes a property can be worth more than you think!  

Savvy shoppers and sellers; don’t sit on the sidelines, 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.