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Knowing When to Sell Your Wilmington Home

Thursday, May 31, 2012
by Katina Geralis

If you're a Wilmington, DE homeowner who is concerned about your property value, you're not alone. Between 2009 and 2011, Delaware experienced an alarming increase in foreclosures, averaging 300% above historical norms.

Recent improvements in short sale timelines, along with stronger pre-foreclosure mediation, are helping to slow the tide. But for many Wilmington homeowners, the questions remain: Should I ride this out? Should I sell before my home value gets worse? What if I can make my mortgage payments now, but my neighborhood is declining? What should I do?

If you're agonizing over these questions, take heart: the first step involves gathering all the information you can. Having solid facts and professional guidance will go a long way towards curing indecision. Here's how I can help you:

  • Provide the most recent sales activity and prices for homes in your area
  • Perform a market analysis of your home's value
  • Provide compassionate counseling about your options, addressing the what-if scenarios
  • Present the honest pros and cons of selling now vs. selling later

Ultimately, the decision to sell, or stay put, is yours. Your risk tolerance for real estate market changes will depend on your personal resources and how secure you feel about your income. If there is any possibility that you may struggle with your mortgage payments in the near future, educating yourself about the options now will save you stress down the road.

As your Wilmington, DE real estate agent, I have helped many sellers successfully navigate short sales and avoid foreclosure. My experience with short sales and foreclosures can help protect you from the uncertainties surrounding complex transactions and changing markets. If you have questions about your home value, or you'd just like to talk about your situation, contact me! I will be happy to help you.

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
Visit My Website
Contact Me
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Using a Buyer's Agent to Buy New Construction in Wilmington, DE

Thursday, May 17, 2012
by Katina Geralis

If you’re looking to buy a home and have been driving around Wilmington, DE you’ve probably noticed there are many new construction homes on the market. Your first instinct is to drive around, pick up some brochures and speak to sales representatives about the properties, right? Well, this isn’t technically incorrect but the smartest move you can make is to work with a Wilmington, DE buyer’s agent first.

Just as a buyer’s agent works with a seller and his or her agent on the sale of a pre-owned home, a buyer’s agent can help a buyer through the process of purchasing a new construction home. When it comes down to it, a buyer’s agent is someone on your team looking out for your best interests. Purchasing a home is a big step and there can be a lot of complicated paperwork and negotiations involved. Why go through that alone when you can have an expert in the Wilmington, DE real estate market guide you through the process?

While sales representatives at each new construction development site are informative about the floor plans, prices, builders and area, their loyalty lies with the developer. With a Wilmington, DE buyer’s agent, you have access to the same information from someone who isn’t trying to make a sale. The duty of the buyer’s agent is to simply help the buyer, not sell to him or her. Best of all, a buyer’s agent’s services are free to the buyer and are paid by the seller only if a sale is made.

So, how do you choose a Wilmington, DE buyer’s agent to help you select a new construction home? Here are some key characteristics to look for:

  1. Expertise in the local market: Make sure your buyer’s agent knows the Wilmington, DE real estate market inside and out. This way you’ll be sure you’re getting the most comprehensive information when choosing your new home and neighborhood.
  2. An excellent negotiator: Part of your buyer agent’s job is to help you get the best deal on your new home. He or she should be able to make some accommodations with even the toughest sellers and developers.
  3. Someone who will walk through the contract with you: Remember, those sales representatives are loyal to their builders. Work with a buyer’s agent who will take the time to go through the contract with you in detail and answer any questions you have.

I hope these tips help you when thinking about your search for a new construction home in Wilmington, DE. Choosing the right real estate agent to represent you in your home purchase is a key step towards success. I’m always happy to help homebuyers find the perfect home in Wilmington, DE and there are hundreds of new construction properties waiting to be discovered. Just let me know what you’re looking for and I can narrow down your options, saving you the time and money from driving around town and seeing homes that don’t meet your needs.

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
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Tips for Moving Past a Wilmington, DE Foreclosure

Thursday, May 3, 2012
by Katina Geralis

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.

  1. 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.

  1. 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

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