Listing Courtesy of ACTIVE ADULTS REALTY
That housing needs change as people get older goes without saying. For Harbenson Baby Boomers, the "getting older" concept has gradually morphed from the distant abstraction it seemed in the 60’s and 70’s to a more immediate concern. And of all the decisions that will have the most impact on those nearing their golden years, buying the right Harbenson home—one that makes the most sense for the future—tops the list.
Boomers have heard and read much advice about buying a home; advice having to do with downsizing, mobility issues and the like. Most of it is cautionary…and not very cheerful. But suddenly weighing into seniors’ "buying a home" deliberations is a contrary point of view: one that many of them have apparently begun to suspect on their own. It’s news that could be of considerable importance, not only for their own age group, but for younger adults as well:
Growing older doesn’t seem to be nearly as dire as everyone has been led to believe.
Last Monday, "Why Everything You Know about Aging is Probably Wrong" led The Wall Street Journal’s special insert on planning and living "in the new retirement." Its lead article dissected the most common preconceptions Americans have about aging, including the expected declines in mind, body, productivity, and stereotypes of growing loneliness and depression. "Everyone knows that as we age…life becomes less satisfying and enjoyable," the Journal reported…followed by what a wide range of research shows: "Everyone, it seems, is wrong."
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.