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Georgetown Real Estate Law Blog

A general timeline when buying a home

The process of buying a home in Delaware or any other state may depend on a variety of factors. Those factors may include a buyer's ability to get a loan and find a home in a timely manner. It can then take about 30-45 days to close on a deal after the seller accepts a buyer's offer. However, buyers should start thinking about what they need to buy a home several months before they start the process.

For instance, it can be a good idea to start saving for a down payment as soon as possible. It can also be a good idea for an individual to take a broad look at his or her credit and financial situation. Doing so can make it easier to take the steps necessary to maximize the odds of getting approval from a lender.

What to expect when buying waterfront property

There can be many advantages to buying a home close to the water in Delaware. Of course, there can also be many downsides to having a home in such a location. While the views may be beautiful, the cost to buy a home will be higher than in other parts of a town or city. If a body of water is vulnerable to hurricanes or other natural disasters, an individual will need to pay more for homeowners insurance.

Other downsides to buying a waterfront property include the possible need to buy flood insurance or buy special finishes for the home. Furthermore, the water may attract a lot of traffic, which means that it can be harder for homeowners to maintain their privacy. One of the key benefits of buying a home on the water is the greater potential for price appreciation.

Selling a home during the busy season

For real estate professionals in Delaware and throughout the country, the summer months are a busy time of year. This is because most buyers and sellers want to have a transaction concluded before the start of the new school year. However, there are a few tips that sellers should know about prior to listing their homes. First, it is important to make sure that the home is clean.

It can be a good idea to spend time cleaning out attics, basements or any other room in the home that has a lot of stuff in it. It can also be worthwhile to remove any items from a living room or other space that may be seen as nothing more than junk. The next step is to look for any issues that could scare a buyer off and to take care of them prior to listing the home.

Minimizing fraud during a real estate transaction

A lack of security measures could result in fraudulent real estate transactions in Delaware or any other state. In many cases, a scammer will learn about a transaction after hacking an email account or by otherwise obtaining unauthorized access to an online account. They will then pretend to be an attorney or other party relevant to the purchase or sale of the property. The final step in the process is to instruct a person to send closing costs or other payments to a fraudulent account.

There are ways for buyers and sellers to avoid scams. For instance, it is important to insist that everyone involved in the transaction have secure passwords and use two-step authentication. Individuals can also protect themselves by making sure to call anyone who has supposedly asked for a payment to be wired.

People who lost their homes returning to homeownership

The financial crisis caused many people in Delaware and across the country to lose their homes to foreclosure or short sale. It was especially devastating for those with sub-prime mortgages in communities that were part of the "housing bubble." Now that it has been years since the recovery, many of these buyers are looking to return once more to the real estate market. Homeownership can be an important way of building wealth. While many people are wary of losing out again, they are also taking precautions to protect themselves, like seeking more affordable homes.

These home buyers are being referred to as "boomerang buyers" because they are returning to the residential real estate market after being cast out. Experts say that this group of people could help to boost a real estate market that was showing signs of slowing down. In the first part of 2019, home sales were down 6.6 percent over the year before. One analyst said that he expected buyers aged 35 to 64 to drive recovery in the market. Many of these people were hesitant to buy due to their prior experiences with buying a home.

Youngest adults want to be homeowners

Young people in Delaware and throughout the country would have a home as opposed to a vacation or dream wedding. According to a survey from Bank of America, 59 percent of those between the ages of 18 and 23 say that they will buy a home within five years. This would mean that those within this age range would be homeowners before they turn 30. The study involved about 2,000 people who own a home or are planning to.

To accomplish their goal, younger people are planning to go to a less expensive college or live with their parents while saving for a down payment. Individuals who are considered part of Generation Z are more likely to want to buy a house to start a family compared to other generations. This was true for over half of study participants born after 1995 compared to just 40 percent of Millennials.

A guide to buying a short sale property

Between 2008 and 2012, it was not uncommon to see a home being sold through a short sale. Since then, short sales have become less common as the economy and housing market and become more stable. However, those who purchase a home through a short sale may be able to get a good deal on a property. A short sale is often preferable for a seller because it means less damage to his or her credit score when compared to a foreclosure.

The lender may prefer a short sale as opposed to foreclosure because it can help to minimize the loss it takes on the property. Short sales generally occur when the home is worth less than what a borrower owes on it. Furthermore, they can typically only occur with the permission of the mortgage lender. This is because the lender is agreeing to take less than what it is owed.

Selling a home during a divorce

Many divorcing people in Delaware often wonder what to do with the marital home. One option is for someone to buy out his or her spouse and keep the home for him or herself, which is sometimes done to maintain stability for children. Another popular solution is for both parties to agree to sell the home and divide the proceeds. Regardless of what decision is made, the most important step is for both soon-to-be-ex-spouses to get on the same page, which is something that's sometimes easier said than done.

Selling residential real estate after a divorce can present several advantages for splitting couples. For starters, proceeds from the sale can allow both people to invest in new homes while also being able to move on faster. Also, the profits from a sale could ease the burden of other joint obligations that may still exist post-divorce, such as joint credit card or student loan debt.

How to avoid paying too much for a home

Home buying is a complex process in Delaware and around the country. One of the biggest hurdles for a buyer is getting a seller to agree to his or her offer price. According to a 2019 report from NerdWallet, 45 percent of buyers paid more than the asking price on a home. The respondents had all purchased their homes within the last five years.

Among those who were buying their first homes, 56 percent said that they had to pay more than a seller's asking price. However, there are steps that buyers can take to improve their chances of having an offer accepted. Flexibility when it comes to other terms can be helpful. For instance, those who are willing to move in quickly or solve other problems a seller may have could have an advantage during negotiations.

Real estate tips can help move a property quickly

Some Delaware homeowners may be looking to maximize their opportunities to sell their homes quickly. When people first try to sell a house, they may be surprised by how long the process can take. For many sellers, it can take weeks or even months, as carrying costs and other expenses accumulate. In addition, the success of the sale can depend on many factors, including the local real estate market. Some sellers may bring in less than they were hoping to obtain in the sale, while others may find proceeds consumed by associated expenses.

It takes a significant amount of work to make a home an exciting property on the residential real estate market in all but the hottest of areas. Sellers need to photograph and video the property, clean and repair various areas and prepare to market their property in person and online, even when they are working with real estate professionals. At the same time, this kind of preparation can be one of the most important factors in a successful sale, including completing renovations and staging the home with proper furniture and decor.