Listing Courtesy of RE/MAX REALTY GROUP REHOBOTH
The recent Mortgage Credit Availability Index shows a slight relaxation in lending standards — but as most Delaware home buyers and sellers will agree, getting a mortgage is still difficult. With mortgage availability benchmarked at 100, although it’s currently at 111 ½, compared with the 800 it stood at in 2007, today’s is still a tough environment.
That’s why Delaware seller financing is being considered by more homeowners. When a home is owned outright, seller financing can draw a higher selling price (with future interest payments as a bonus). But before making such an offer, Delaware homeowners need to consider all of the ramifications: there is more involved than just the assumption of added risk.
Of course, ordering and examining a buyer’s credit report is the starting point. If the story it tells needs too many explanations, it’s time to walk away. Foreclosing on a seller-financed home can be more difficult than through a traditional foreclosure —particularly if the financing documents are substandard.
At first blush, seller financing might seem to simplify the whole transaction, but in fact some details usually handled by a bank must be hammered out:
Those issues point out why a “handshake deal” can’t be recommended for a Delaware seller financing arrangement. Just consider the last two points: if the deed hasn’t been transferred and taxes are in arrears, whose credit is harmed?
A good attorney will draft an agreement that nails down responsibilities and penalties for a buyer default as well as a detailed payment structure. A well-drafted seller financing agreement protects both parties by preventing misunderstandings and providing an unambiguous inducement for good behavior.
Given the right buyer, clear communicating and a framework cemented by the proper paperwork, Delaware seller financing can provide the missing element that makes a sale possible. If you will be listing your own Delaware home, give me a 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.
Virtual tours in Sussex County can be potent selling tool. To make the best use of those tools, it’s important to prepare your home with the special requirements of the medium in mind. How doing so differs from prepping for in-the-flesh showings is a subtle but real distinction. Some photographers use a couple of tricks:
Close One Eye
Virtual tours are assemblages of still or video shots —raw material that is all filtered through the single lens of a camera. When anyone walks through a home, they do so with both eyes open. They experience a three-dimensional impression of their surroundings.
What the “camera sees” is different — it’s why some people and places are said to be more “photogenic” than others. It’s also why you sometimes see a film director examining the next shot through a single-lens viewfinder — he’s viewing the set the way the camera will. The quickest way to start seeing what your virtual tour will convey is to simply close one eye. Strange but true, when you stand back and view each room that way, you get a two-dimensional (flat) version of what’s there.
Snap a Test Shot
After you have arranged a room to look pleasing in a one-eyed view, take an actual test shot, then view it critically. You will probably notice how the camera lens picks up and seems to magnify any flaws that were less apparent before. You’ll want to -
The goal of virtual tours is to show a comprehensive view of the subject properties, inside and out — a view that will ignite the imaginations of potential buyers. The importance of Sussex County virtual tours can’t be overemphasized! The buyers (and they are out there!) will be busier than usual. 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.