Kat Geralis Home Team Wilmington DE Real Estate News Archives

Going through a bankruptcy, foreclosure or short sale is heartbreaking, and for many people in this economic climate, it is a reality. One of the biggest fears of Wilmington, DE homeowners who begin to go through financial hardship is that if they go through one of these three processes, then they won’t be able to ever own a home after the fact. This is not true. You can be a homeowner again. All it takes is two qualities: patience and hard work.

It’s not impossible to buy a home in Wilmington, DE after suffering from a financial hardship, but in order to do so, you will have to clean up your credit and wait for a certain amount of time after the foreclosure, short sale or bankruptcy. As a Wilmington, DE real estate agent who specializes in foreclosures and short sales, part of my responsibility is to reassure my clients that this isn’t the end: they CAN become a homeowner again. It is also my job, however, to let my clients know exactly what they need to do to accomplish this after suffering from a Wilmington, DE foreclosure or short sale. Here are just a few of the more important things they’ll have to keep in mind if homeownership is the goal:

You’re going to have to wait awhile. Those who have suffered a financial hardship in Wilmington, DE could wait anywhere from 1-7 years after the fact before getting a home loan. If you went through a bankruptcy and have a spotless subsequent credit history, then you may have to wait only one year. If you went through a Wilmington, DE short sale or foreclosure and are looking for a conventional loan from Fannie Mae or Freddie Mac, you will most likely have to wait 7 years. In between are 2, 3, and 4 year timelines that all depend on extenuating circumstances surrounding the foreclosure or short sale.

Make sure your credit stays clean. If you miss even one credit card payment after losing your home in a foreclosure or short sale, then you are pretty much ruining your chances of getting a loan in a shorter time span. Make every credit card payment on time and show signs of stable employment. The more spotless your credit is after financial hardship, the more willing banks will be to get you your loan in a shorter time frame.

Consult an expert. Shortly after going through your Wilmington, DE foreclosure or short sale, you need to make sure that you consult a mortgage or loan expert for advice. They can give you a realistic time frame for when you can expect to be a homeowner again, and they’ll also tell you what steps that you need to take before it’s possible to get a loan again. As a Wilmington, DE real estate agent, I know several people in the industry that can help counsel you on a strategy after your foreclosure or short sale.

None of these steps are easy to take, but they are necessary if you want to become a Wilmington, DE homeowner after losing your home in a short sale, foreclosure or bankruptcy. As a Wilmington, DE real estate agent, it is part of my job to help distressed homeowners in the area figure out the appropriate plan for their financial situation and get them on the right track. I also need to help advise them on what steps to take to mend the damage caused after a foreclosure or short sale.

 If you have any questions about Wilmington, DE short sales or foreclosures, don’t hesitate to contact me! I’m happy to lend a helping hand and listening ear for anything that you may need. I’d love to hear from you.

Katina Geralis
Wilmington, DE Real Estate Expert
NextRE Team
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You hear it on the news every day: this is a difficult economy. Due to high unemployment rates and a poor economy, more and more homeowners in the Wilmington, DE area are falling behind on mortgage payments. This has led to a higher amount of delinquent mortgages and an increase in the number of homes going into foreclosure. This has caused a huge and stressful burden for many Wilmington, DE homeowners. The fear of one's home going into foreclosure can be overwhelming and cause high anxiety levels for those who are behind on their mortgage payments each month.

As a Wilmington, DE real estate agent, part of my job is helping those who are in danger of losing their homes avoid foreclosure. Foreclosure is a painful, lengthy process where the party involved loses their home and typically can’t get another one for several years afterwards. As a real estate agent who specializes in distressed properties, I offer the clients who come to me with advice on how they can avoid the foreclosure process. My years of experience in the Wilmington, DE real estate market allow me to ease the stress for several homeowners who are in danger of losing their homes by offering them viable and better options to foreclosure.

Get a loan modification. Load modifications benefit homeowners because it means that they get to keep their home. The lender agrees to modify any or some of the terms of the mortgage, whether it be by extending the term of the loan, changing monthly payments so that they are more affordable or changing the interest rate. The result is that the mortgage becomes more affordable and they can get their home out delinquent status. This option is viable for those who have both proof of hardship AND sufficient income for the re-calculated monthly mortgage payment. This is the best alternative to foreclosure, however in this economy; it is much more difficult for Wilmington, DE’s homeowners to get through this process. Many might be rejected by their lenders for a loan modification. That is where the next option comes into play.  

Go through the short sale process. When a Wilmington, DE homeowner is facing foreclosure and can’t get a loan modification, the next option that they will want to explore is the short sale. A short sale occurs when the lender gives the homeowner permission to sell their home for less that the outstanding balance owed on the mortgage, producing a quick sale. This helps distressed homeowners avoid foreclosure. While this does put a damper on the homeowner’s credit rating, it’s a lot less stressful than a foreclosure, and you can buy a home much faster after the process is over. Many homeowners in the current economic climate are eligible for a short sale, so this could be a very viable option for you! Contact your Wilmington, DE real estate agent with questions about short sales and see if you qualify for one.

The foreclosure process is trying, stressful and lengthy for all involved. As an expert on Wilmington, DE foreclosures and short sales, I do the best I can to give all of my clients alternative options that are both viable for their financial situation and will cause the least stress or anxiety. I make it my responsibility to make sure that all of my clients are aware of all of their options. If you feel like you’re in danger of losing your Wilmington, DE home, or you have questions about the local real estate market, don’t hesitate to contact me. I’m here to help you through this difficult time, even if it’s only to lend a few words of advice. I hope to hear from you soon!

Katina Geralis
Wilmington, DE Real Estate Expert
NextRE Team
Wilmington Real Estate
Wilmington Homes for Sale
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As a Wilmington, DE real estate agent, I see my share of nervous home sellers. Particularly in a buyer’s market, marketing a home is tricky. The competition is fierce and you want to make sure that everything goes perfectly. This way, your home will be sold faster for the best price possible. I make it my responsibility to educate those who are interested in selling their Wilmington, DE home about the various tactics and techniques one should use before, during, and after marketing their listing. There is one step that I always recommend: Before listing your home on the Wilmington, DE real estate market, get a home inspection!

Home inspections are an inevitable part of selling your home. It’s understandable. A buyer wants to make sure that their Wilmington, DE home is up to code and ready to move into, but they can also use the inspection results to try and get more out of the seller. The only way to avoid such an unfavorable outcome is to get an inspection before listing your home. Here are some of the benefits to getting your Wilmington, DE home inspected early-on in the selling process:

•    Buyers will perceive a greater value on the home. If the home has already been through an inspection, then the buyers will see that as one less thing to worry about. As a result, you can ultimately get more money from the sale.

•    You can avoid buyer’s remorse. If you complete a Wilmington, DE home inspection well in advance, then you can address all of your home’s defects early-on. This can help avoid buyer panic after the contract is submitted and negotiations are completed. This can help you avoid catastrophes and headaches down the line.

•    It keeps the transaction positive. If a buyer is more focused on the positive, fixed aspects of the home, then they won’t get caught up in the home inspection and try to negotiate more out of you, the seller. It cuts down on buyer demands and gives you the opportunity to get the most value possible out of your Wilmington, DE home.

There are no perfect houses. No matter how amazing you feel that your property is, I can guarantee that a home inspection will find something that needs to be fixed. This isn’t something that you should worry about too much. As your Wilmington, DE real estate agent, I have contacts and connections with several home repair companies in the area. I can help you find the right professionals to fix any and all problems found during your home inspection. It’s the best way to get your Wilimington, DE property ready for the local real estate market!

As always if you need any help with your Wilmington, DE home sale, or you want more information about getting a home inspection, don’t hesitate to contact me! I’d love to help you in any way that I can. I hope to hear from you very soon!

Katina Geralis
Wilmington, DE Real Estate Expert
NextRE Team
Wilmington Real Estate
Wilmington Homes for Sale
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Foreclosure. Short Sale. REO. All three are real estate terms that you hear in the news every day, especially during the rough real estate climate we are currently in. “Foreclosure” is a term that most people know very well. When a homeowner stops paying the mortgage payments on their home, the bank then starts to foreclose on their home. This is a very stressful and painful experience for those who are struggling financially. Once you lose your Wilmington home, it could be incredibly difficult to get back on your feet and own a home again. That’s where the short sale comes in.

As a Wilmington real estate agent, I have taken an active interest in helping many struggling homeowners through what can be a much better alternative than foreclosure: the short sale process. Short sales occur when one of two things happens:

1.    The amount owed on your Wilmington property is worth more than its market value.
2.    A negotiation occurs between the homeowner’s mortgage companies to accept less than the value of the loan. A buyer closes on the property and is sold for less than the total value of the mortgage.

http://www.kghometeam.idxbroker.com/idx/search/advanced" target="_blank">Wilmington short sales are great options for investors and first time homebuyers because they are sold at low prices. They’re also an attractive option for struggling homeowners because it can help them avoid the painful foreclosure process, and it allows them to get back on their feet much faster. Here are three things that you need to qualify for a short sale in Wilmington, DE:

Proof of financial hardship. You need to be able to prove to your lender that there is a situation that is causing you to miss your mortgage payments. Whether you were laid off at work, suffered a costly tragedy or have another financial drain, you need to be able to prove to your mortgage company that you are physically unable to pay your mortgage payments for a valid reason.

A monthly income shortfall. A basic way to put this is that you need to show that you have more “month than money.” Before you qualify for a short sale, your lender will want to see that you don’t have the income flow to continue to pay your mortgage or pay off missed payments. Have a few copies of your bank statement and a breakdown of your monthly income ready to show your lender.

Proof of insolvency. Your lender wants to make sure that you do not have enough money in assets to liquidate in order to pay off your mortgage. Your belongings will be assessed, so before you begin the short sale process, make sure that you don’t have enough in liquid assets to make mortgage payments.

Of course, going through a Wilmington short sale isn’t without its pitfalls. The process can oftentimes be timely and drawn-out. The more prepared you are going into the process, however, the faster your short sale will get approved. Using a Wilmington short sale expert will help ease the stress and tension surrounding a short sale.

If you are overwhelmed by your mortgage payments and feel like you need some guidance, don’t hesitate to contact me! I’d be happy to answer any of your questions regarding Wilmington short sales and help guide you on the path to recovery. If you start looking at your options now, then you can avoid the hardships and stress that come with foreclosure. I hope to hear from you soon!

Katina Geralis
Wilmington, DE Real Estate Expert
NextRE Team
Wilmington Real Estate
Wilmington Homes for Sale
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If you’re looking to buy one of the many beautiful homes on the Wilmington, Delaware real estate market, now is the time to do so. Why? The main reason is that right now, home buyers in Wilmington have the opportunity to be in the driver’s seat. They have a little more leverage right now than those selling their homes, and that’s because right now, we are in what is commonly referred to as a buyer’s market.

For those of you who don’t know, a buyer’s market refers to a real estate climate where the supply of homes on the market is greater than the demand to buy them. At this time, the prices of homes all across the nation are low, so if you’re looking to buy a Wilmington home, you have an opportunity to have your pick of houses on the market, in a price range that otherwise might not have been affordable to you.

As a Wilmington real estate agent, it is part of my job to help home buyers in the area navigate their way through the Delaware real estate market. It’s also my responsibility to let home buyers know how they can best take advantage of the current buyer’s market to find the home of their dreams in the Wilmington, DE area. Here are just a few ways you should be using the buyer’s market to your advantage:

You can take your time. In this current real estate climate, Wilmington’s home buyers don’t have to jump to make an offer on the first property they like. Instead, they can feel free to take their time searching for the right home, asking the right questions, and even wait for the price to go down on a home they like.

Get foreclosure properties for bargain prices. Due to the nationwide spike in foreclosures, many homes sit vacant and are being offered for low prices. Many people in the Wilmington DE area who don’t feel that they can afford a regularly-priced single family home could still be a homeowner, if they were willing to purchase a foreclosure property! Several of these homes have a lot of potential, and some of the new REO regulations insist that homes be move-in ready before they’re sold to their new owners. It is a great option that more of Wilmington’s home buyers should take advantage of!

Don’t be afraid to ask for more time. If you need a few weeks’ breathing room to get yourself ready for the move or to make some last minute inspections, don’t be afraid to ask for it! In this buyer’s market, people are looking to sell their homes as quickly as possible, but they also want to make sure their property gets sold!! If you need some breathing room, this market presents the perfect conditions to ask for it.

You can ask for a written warranty. There’s a chance that some repairs will need to be made to the house after you purchase it, so use the buyer’s market in Wilmington, DE to ask for a written warranty. A year of coverage on appliances and structural repairs could be extremely valuable, and it will save you the stress of paying for repairs on a house you just bought. If a seller is motivated enough in this market, they may be willing to give you a warranty on the property.

These are just a few of the many reasons why Wilmington home buyers shouldn’t hesitate to start their property search now. The current real estate climate suggests that there are more homes on the market in Wilmington than people who want to buy them, so if you begin your home search now, you can probably find the best property at a low or fair price. As your Wilmington real estate expert, it is my job to help guide you through your property search, so if you have any questions, or want to see some gorgeous homes on the market in Wilmington, DE, don’t hesitate to contact me. I’m here to answer any and all of your questions and to guide you through your home search.

Katina Geralis
Wilmington, DE Real Estate Expert
NextRE Team

Wilmington Real Estate
Wilmington Homes for Sale
Visit My Website
Contact Me