Kat Geralis Home Team Wilmington DE Real Estate News Archives

One year ago, the State of Delaware had one of the highest foreclosure rates in the nation. This prompted our State lawmakers to create the Automatic Residential Foreclosure Mediation Program, which became effective as of January 19, 2012.

In December 2011, Delaware foreclosure filings affected 1 out of every 485 homes, according to data by RealtyTrac.

New Castle County had the highest rate of filings. Foreclosures in the State were also swift, averaging only 106 days to process. The average sale price of a foreclosed home was $121,100.

As of November 2012, Delaware foreclosure filings affected 1 out of every 1,166 homes, according to RealtyTrac. Kent County took over the top spot for the highest rates of foreclosure.

While our foreclosure process remains efficient, the timeline can now range up to 6 months. Meanwhile, the average sale price of a foreclose home has improved to $162,140.

Who gets the credit for the improvement? We all do! There are six things that have helped make a difference for distressed homeowners in Delaware:

• Delaware's mandatory mediation program
• Improvements in the regional economy
• Improvements in the short sale process
• Federal involvement with large banks to promote alternatives to foreclosure
• Improvements in Delaware home values
• Slowing rate of new defaults

It's important to note that it took a combination of the above to bring us to the improvement we have today. We must also acknowledge that foreclosure remains a concern in Delaware, and we will be dealing with distressed properties for the foreseeable future.

If you are a homeowner in Wilmington or Newark who is struggling with mortgage payments, or you want to sell your home but you have negative equity - let me help! I have extensive experience in short sales and foreclosures, and I can guide you through the options that are available. I also have tips on avoiding foreclosure on my website.

Have a few questions, or just want to talk about your situation? Contact me today! I will be happy to help you.

After going through a foreclosure, short sale or personal bankruptcy, you may doubt your ability to qualify for another mortgage in the future. After all, getting a mortgage is more difficult than it used to be, even for those who never experienced one of these circumstances. If you've had a foreclosure, will you ever be able to buy another home in Delaware?

In a word - yes! The housing market decline affected an unprecedented number of homeowners. It simply doesn't make sense for mortgage lenders to bar people forever. In cases where the foreclosure, short sale or personal bankruptcy was beyond your control, it's only fair to earn consideration after a reasonable period of time. The Wall Street Journal recently published examples of loan types and waiting periods, which I'm sharing here!

In the case of a Chapter 13 bankruptcy, you may be eligible for a new FHA mortgage in 1 to 2 years, after the bankruptcy has been completed. After the bankruptcy, you'll  need to show good credit and a strong work history, and have funds for a down payment. FHA loans usually require as little as 3.5% down, though a lender may ask you for more to strengthen your loan application.

If you once had an FHA-backed mortgage, but experienced a foreclosure or short sale, you will need to wait at least 3 years before being eligible for another FHA loan. It's important to show good credit and work history after such events, and have enough money down to qualify.

If you had a mortgage backed by Freddie Mac or Fannie Mae, and experienced a short sale or foreclosure, you may be waiting up to 7 years before you are found eligible for another such loan. Because so many new mortgages are currently packaged  for sale to these entities on the secondary mortgage market, you can expect some hurdles no matter what type of mortgage you had before.

Will there be questions, extra paperwork and larger down payments required? Possibly. The most important thing to remember is that you can recover from a foreclosure, short sale or bankruptcy and buy a home again. You just need to stabilize your income, set aside some money, and pay your bills on time, consistently. From there it's a matter of letting time heal the credit wounds.

As your professional Wilmington and Newark, DE real estate agent, I can refer you to reputable lenders who can examine your situation and prepare you for future homeownership. And when you're ready to look at homes for sale in Wilmington or Newark, my professional guidance will help you find the right home within your budget!

Because I have experience in short sales and foreclosures, I always take the time to counsel my clients and keep their best interests at heart. Whether you are buying or selling a home in Wilmington or Newark, I'll be here to help you! Please contact me today!

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
Visit My Website
Contact Me
Find me on Facebook
Follow me on Twitter

While typically the second quarter market stats see a decrease in home values, for the first time since 2007, prices have been on a consistent rise.  This will greatly benefit you when selling your Wilmington, DE home.  The real estate market is showing a steady increase that does not appear to be stopping any time soon.

Based on reports from Zillow's Home Value Index homes have increased in value by .2 percent from this time last year. That is approximately $150,000 per home. This shows that not only are people buying homes, but they are willing to spend the appropriate amount of money on them.  Although prices are increasing, reports also show that they will level off after the mortgage settlement and are not predicted to drop again.

While home prices are on the rise, foreclosures appear to be on the decline. With record low mortgage rates, people are able to stay current on their payments and avoid the foreclosure process.  Currently reports say that about every 5.8 out of 10,000 homes are foreclosures. Since January of 2012 every month has seen a decline in the amount of foreclosed properties.

Selling your Wilmington, DE home will be much more appealing now that prices are starting to go back up. Pricing your home at an appreciated price will help not just your finances but also the entire real estate market. 

Predicting a 1.1 percent increase going into 2013, the market is showing a steady increase.  Throughout 2012 every month has seen growth from the year before. Despite a slight lag in job growth, the real estate market is still going strong as people buy homes and are willing to spend more money on them.

If you have any questions regarding the real estate market, feel free to ask. Also, if you or anyone you know is interested in buying or selling Wilimington, DE real estate, contact me! I look forward to speaking from you.

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
Visit My Website
Contact Me
Find me on Facebook
Follow me on Twitter

Let’s face it: times are difficult for many Wilmington, DE homeowners right now. There are millions of homes in foreclosure in the United States and the number is only continuing to grow. Unfortunately, foreclosure is a very real possibility for those who are unable to stay on top of their mortgage payments. However, if you recognize the seriousness of the situation early on, there are alternatives that are less damaging both emotionally and financially. When possible, a short sale is a much better alternative and I always make sure to discuss this with Wilmington, DE homeowners who come to me for advice.

While I do my absolute best to guide Wilmington, DE homeowners towards a short sale when they’re in distress, foreclosure does happen and the emotional and financial consequences extend beyond the foreclosure process itself.  As your Wilmington, DE real estate agent, I want to share some of the situations you can expect to encounter and provide solutions for dealing with them as responsibly as possible.

1. Finding a new home right away

Probably the most pressing and unsettling obstacle to deal with after foreclosure is where you’re going to live. The good news is even with a low credit score, renting is an option if you have the cash to put down a deposit. As soon as you think foreclosure is a possibility, make plans to either stay with a family member or friend, or look into the “cash for keys” program in which you receive a check for voluntarily vacating your home.

2. Buying another home in the future

If your Wilmington, DE home was foreclosed on, the minimum amount of time until you can obtain a new mortgage is five years. However, foreclosed owners do have the opportunity to prove that the foreclosure was out of their control due to job loss, and potentially get this time period reduced to three years. Your best option for the shortest amount of time between mortgages is to go with a federally insured FHA loan.

3. The emotional toll

While the above issues are logistical, it’s important to note that a period of emotional distress and grieving will occur and shouldn’t be discounted. It’s never emotionally easy to leave your Wilmington, DE home and neighborhood, let alone be in a situation where your financial record will take a hit, too. The silver lining is that because foreclosure is so common in today’s economy, potential employers and even your new neighbors will generally be sympathetic. There isn’t as much of a stigma as there used to be.

As your Wilmington, DE real estate agent, I will always provide you with alternatives to foreclosure. As a short sale expert, I take pride in helping Wilmington, DE homeowners navigate the ins and outs of the short sale process, decreasing stress and saving them time and money. As long as you are proactive and seek the advice of a Wilmington, DE real estate expert at first signs of distress, foreclosure can be sidestepped. If you think you might be in danger of foreclosure, please contact me so we can discuss your options!

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
Visit My Website
Contact Me
Find me on Facebook
Follow me on Twitter

As we move deeper into the Spring season in the Wilmington, DE real estate market, things are really getting busy with buyers on the prowl for a great deal on a new home. I know, when you’re a seller, the last thing you want to hear about is the buyer’s market. This is especially the case if you are in a position where you need to sell your Wilmington, DE home quickly to avoid foreclosure.

In the past I have explained the difference between a short sale and a foreclosure, but to refresh your memory, a Wilmington, DE short sale occurs when a lender agrees to let a homeowner sell their property for less than what is owed on the home, forgiving all other amounts owed after the transaction is complete. Feel free to look back on my previous blog entry for more details as to how a Wilmington, DE short sale works.

While neither is desirable, a short sale is the preferred route when you’re in a situation where you are facing the possibility of losing your home. You will sidestep the major damage to your credit a foreclosure causes, you’ll avoid the humiliation and frustration associated with the foreclosure process, not to mention a load of stress will be taken off of your shoulders. In this type of situation, the guidance of a real estate agent experienced in Wilmington, DE foreclosures and short sales is invaluable.

Selling your home quickly can be stressful, so I wanted to provide you with some negotiating tips to get the best possible result even with the situation isn’t ideal.

1. Keep quiet about your reasons for selling

When you’re approached with the “Why are you selling?” question, be vague about the fact that you’re in a hurry to sell. If other agents and their buyers know you’re in a pinch and need to achieve a sale quickly, you’re giving them an advantage. A simple, “Its just time” or “Moving closer to family” are good responses that will keep you in the clear.

2. Head straight to the lender

If you speak to the bank and let them know you’re actively trying to sell your Wilmington, DE home, there’s a good possibility that they’ll lower your mortgage payment. The lender just wants its money, and the quickest way for them to get it is through a traditional sale.

3. Have Plan B up your sleeve

This ties in with my first tip - you don’t want a potential buyer to know that you’re distressed. Make it known that you have other options, like putting your home on the market for rent, so that the buyer doesn’t know they have you under their thumb. The fact that you have other options and offers makes your Wilmington, DE home more desirable.

As your Wilmington, DE real estate agent, I understand how stressful it is to have financial troubles and be faced with the possibility of a short sale or foreclosure. The important thing to realize is that by putting your property on the market now, you’re being proactive about the situation and will end up with the best possible result. If I can be of assistance in any way, please contact me! I look forward to hearing from you.

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
Visit My Website
Contact Me
Find me on Facebook
Follow me on Twitter

I consider it a priority, as a Wilmington, DE real estate agent, to stay on top of emerging trends in the local real estate market. It’s important that I use the latest market news and statistics when communicating with my clients because it helps me better understand the individual needs of every Wilmington, DE real estate transaction. When I have a strong grasp of what is happening in both the local and national real estate market, I know what my clients’ needs are and can provide them the best service possible. In recent years, that meant that I had to help more people successfully complete their Wilmington, DE short sale transaction, and this is still the case in today’s market.

Each time a new year begins, I sit down and take the time to review what happened the year before and determine what that could mean for the year to come. As a Wilmington, DE real estate agent, it is how I know what areas of expertise I need to use to best service the needs of the people in my community. Over the past few weeks, I have taken the time to figure out that there are a few changes to come to the Wilmington, DE real estate market. With the intention of preparing you for what is to come, I thought that I’d share a few of the major upcoming trends:

•    Home buyers will make a comeback. Now that jobless claims are decreasing and the condition of the United States economy is slowly improving, more home buyers will be stepping up to the plate this year. Last year, Wilmington, DE real estate consumers lost confidence in the market, which caused sales to go down. Now, some of that confidence has returned, and more people will be willing to make the investment on a home. Once consumer sentiment starts to solidify, more buyers will realize that now really IS the time to buy.
•    Wilmington, DE foreclosures and short sales will likely increase. The robo-signing challenges of late 2010 caused a serious delay in the processing of several foreclosure properties, but now that the situation has been resolved, these proceedings will start back up again. This will cause the value of single-family homes to decrease and will put many homeowners underwater, which will create an increase in Wilmington, DE short sales. This sounds scary, but many lenders are already recognizing this situation and are easing the requirements needed for both refinancing and the short sale process.
•    Home values will continue to go down. With the increase in foreclosures and short sales that are about to enter the market, we will likely see the values of single family homes start to go down. This will be great news for buyers as they embark on their Wilmington, DE home search, however for sellers, this will continue to be a frustrating factor. Since the increase in foreclosures will eat up some of the buyer demand in the market and will impact appraisals, it is likely that more homes will be underwater this year.

Now that you know all about the upcoming trends in the Wilmington, DE real estate market, it’s important to be prepared. Stay smart with your finances and keep your credit scores as high as possible in order to avoid trouble with your mortgage payments. If you feel that you’re already underwater on your Wilmington, DE home, now is not the time to panic. Instead, you should contact your Wilmington, DE real estate agent and discuss your options. You may just qualify for a short sale.

Don’t hesitate to contact me with any of your questions or concerns! I’d be happy to help you out in any way that I possibly can. I will make your real estate needs my priority. I hope to hear from you soon!

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
Visit My Website
Contact Me
Find me on Facebook
Follow me on Twitter

As a real estate agent who specializes in Wilmington, DE foreclosures and short sales, I am sympathetic to the fact that going through the foreclosure process is soul-crushing and heartbreaking for even the strongest of individuals. Losing your home is humiliating, devastating and difficult to recover from. If there is one thing that you need to remember if you’re in danger of losing your Wilmington, DE home, it is this:  you are not alone. Several people are having problems keeping themselves above water in their mortgage payments. You also need to remember that it may not be too late to rectify the problem.

Part of my responsibility as a Wilmington, DE real estate agent is to take on the role as a counselor and guide. When I come across a client who is struggling to make ends meet at home, I take it upon myself to be both a sympathetic ear and a strong resource for information. If I can help any of my clients avoid a Wilmington, DE foreclosure, then I absolutely do everything I can to help. These five tips could help you avoid the landmine commonly known as “foreclosure” and get yourself back on track to being a happy homeowner.

1. Don’t deny. Face the problem head-on. If you’re one of those people who throw all foreboding, bad news-bearing mail in the trash, I have one word for you: stop. Denying your financial issues won’t get you anywhere in resolving them. If you address each piece of mail as it comes, then you can possibly find a solution early-on and avoid the initial stages of the foreclosure process.

2. Contact your lender early-on and explain your situation. This sounds frightening, and it may not get you anywhere, but I ask you this: is there any harm in trying? If you call your lender when you realize that there’s a problem and explain your struggle, there’s a chance that they’ll adjust your monthly payments to be more affordable or come up with a repayment plan for missed payments. There’s something to be said about people who take responsibility for their issues early-on, and that will receive a better response than acting as though the problem doesn’t exist.

3. Study up on your mortgage rights. If you find that you’re struggling to make payments, then dig up the pile of loan documents that you received when you first bought the home. They may contain information about what your lender can do for you, should you fall behind on payments. This is valuable information to have, so don’t neglect to be aware of it. It could help you avoid a messy situation.

4. Consider selling your Wilmington, DE home. I know that this sounds extreme, but think about it. Selling your home is much better, credit-wise, than having it taken away from you. You could also use the money from the sale to pay back mortgage debt and selling costs. If your home takes awhile to sell, then chances are your lender will stop all foreclosure proceedings once the house in on the market, relieving stress.

5. Explore a Wilmington, DE short sale as an option! Although it is still bad for your credit rating, going through a short sale is still a much better option than going through a foreclosure. The term “short sale” refers to the process that takes place when a lender is willing to let a homeowner sell their property for whatever they can get. After closing, the lender takes what money the home was able to sell for, and all other debt is forgiven. While there is still a bit of a financial recovery process after a short sale, it is less damaging than a foreclosure, and you will be able to move on with your life much faster.

As a Wilmington, DE real estate agent who specializes in short sales and foreclosures, I do everything I can to ensure that anyone who approaches me and expresses that they are having financial issues avoid the painful foreclosure process. The five tips listed above are only a few of many ways that you can sidestep foreclosure on your Wilmington, DE home. If you have any questions about how you can stay above water in your home, don’t hesitate to contact me! I’d love to help you in any way that I can. I hope to hear from you soon!

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
Visit My Website
Contact Me
Find me on Facebook
Follow me on Twitter