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Residential Real Estate Archives

When might earnest money not be refundable?

Ready to buy a home in Delaware? Those who are need to be prepared to put down earnest money to get the house taken off the market in order for it to be appraised and inspected before the sale goes through. Just be careful when agreeing to pay earnest money, as it may not be refundable if one decides not to buy the property.

Disclosures matter when selling residential real estate

Selling a home can be a very stressful experience. When needing or wanting to sell a home as quickly as possible, one might be tempted to leave potential buyers in the dark about any problems with the property. In Delaware, disclosures matter when selling residential real estate. Those who fail to be honest could end up hurting the sale or finding themselves in some legal trouble after the deal goes through.

Avoid these mistakes when shopping for residential real estate

Buying a home for the first time is an exciting experience. Of course, it can also be difficult to navigate the world of residential real estate, which is why many people choose to work with real estate agents. However, it is still important that potential homebuyers in Delaware avoid certain mistakes.

Inspections important when buying residential real estate

Buying a home is an exciting step for a Delaware family. Whether it's a first-time residential real estate purchase or a subsequent one, it is critical for a buyer to be cautious throughout this process. Before signing the final purchase agreement, a home inspection can help a buyer know exactly what to expect after moving in or reveal problems that could lead to financial loss down the road. 

Include this contingency in a residential real estate contract

Buying a home here in Delaware should be an exciting and joyous experience. It can be, but there are still numerous items to address before the deal can close. One of them is making sure the home does not have any significant defects that could end up costing buyers in the future. For this reason, they ought to seriously consider a home inspection. However, more than that, they should consider a home inspection contingency in their residential real estate contracts.

What to know about down payments

Those who are looking to buy a home in Delaware or any other state may need to make a down payment as a condition of getting a mortgage. The down payment is simply the amount that a buyer contributes to the purchase price when the transaction closes. Buyers can use savings, money acquired after selling assets or other sources of funding to make this payment.

It's important to research a neighborhood before buying a home

Prior to purchasing a home in Delaware, buyers are encouraged to learn more about the neighborhood it is located in. They are also encouraged to learn more about the town or city where the home is located. This can help an individual feel more confident about his or her decision to make an offer on a home. Ideally, those who are looking for a home will find out ahead of time if there are young children in a given neighborhood or a high rate of crime.

What to consider when buying a home on a busy street

Homes on busy streets in Delaware and throughout the country are often seen as less than desirable. However, there may be good reasons to purchase a home in an area that is highly active. For instance, it could be closer to a major highway or a bus line. This can make getting to work, school or local attractions faster and less stressful. It can also be closer to grocery stores, which means that an individual won't have to travel several miles just to get milk.

More women pursuing solo home ownership than ever before

For generations, couples represented the typical home buyers in Delaware and elsewhere in the United States. As of 2019, a new trend has become clear: Increasing numbers of single women are buying homes by themselves. Approximately 17% to 20% of home buyers were single women compared to 9% of single men in 2019. A survey conducted by Bank of America indicated that 73% of women considered home ownership a top priority above marriage and having children whereas 65% of men had similar feelings.

Equity can play a role in timing a home sale

Those who own property in Delaware and throughout the country may sell their homes even if they owe money on their mortgages. Ideally, a homeowner will owe less on a home loan than his or her home is worth at the time of the sale. This is because the primary lender is the first to be paid when the sale closes. If there are any other home loans or lines of credit attached to the house, they will be paid off next.