Kat Geralis Home Team Wilmington DE Real Estate News Archives

Tuesday marked the first day of spring, and with the change in season comes an increase in real estate activity. More people begin to think about buying or selling their home in time for summer, and as a Wilmington, DE real estate agent, I can honestly say that I get incredibly busy during this time of year. This spring has seen a different trend, however. Despite the longtime buyers market that we have been in over the past year, recent activity has suggested that we are in a temporary sellers market. Conditions are improving for sellers and ideal for buyers at the moment, so if you’re thinking about entering the Wilmington, DE real estate market, now would be the time to do so.

There are a number of economic factors that have contributed to the recent upswing in home buyer activity over the past few months, but here are a few that stand out strongly in my mind:

•    A mild winter. Warmer temperatures and ideal weather during the dreaded winter months have been incentive for buyers to leave their homes and begin their search for the perfect Wilmington, DE home earlier than they would have in past years. Whether you’re looking for a single family home or distressed property, the weather has been anything but a deterrent from pursuing your property.
•    Sellers are getting smarter. Despite all of the statistics and market conditions that have been proving price points are lower than average, sellers are now starting to realize that in order to attract buyers, they need to price their homes reasonably. The asking price needs to fit market conditions. Since more sellers have come to this realization, more homes are being priced correctly from the get-go. As a result, buyers are starting to make offers on these properties.
•    An improving economy creates a sense of urgency with buyers. Home prices are gradually starting to go back up, and so are mortgage insurance premiums and the number of jobs. These are all signs that the housing market is about to improve, and when that happens, home prices will begin to rise again. Buyers want to take advantage of the market while the conditions are still ideal for them, so they will likely want to buy a home sooner rather than later.
•     Consumers are a bit better informed than in the past. With housing woes taking over the headlines over the past year or so, consumers have taken an active interest in getting more educated about the nature of the housing market before making the decision to enter a transaction. This includes seeking the advice of real estate agents and mortgage professionals. Since consumers have become more knowledgeable about housing conditions, many buyers are now realizing that the market is fantastic for them at the moment, and they are acting accordingly.

As a Wilmington, DE real estate agent, I think that it’s important to keep my community informed about current housing conditions. All of the national housing activity suggests that right now, the market is ideal for buyers. With the improving economy and ever-changing conditions, buyers would be smart to act NOW while the market still works to their advantage.

If you need help finding a Wilmington, DE home, don’t hesitate to contact me! I’d be happy to help you navigate through each transaction with ease. I hope to hear from you soon.

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
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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
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In a housing market where many are having trouble obtaining the financing that they need for a home, short sales are a desirable option. The trouble is that many people have a view of short sales that is less than favorable. They believe that the property will be in bad condition or that the process to close the sale will take far too long. As a Wilmington, DE real estate agent who specializes in short sales, I think it’s important to say that while these two things can be true on occasion, the majority of short sale transactions can actually go smoothly, and that not all short sale properties are in bad condition.

There are a few tricks of the trade that I have picked up in my many years of working in Wilmington, DE short sales that I thought I’d share with you! If you follow these ten steps closely, you can close your short sale quickly and with little stress involved. Just remember one thing: in every real estate transaction, patience is important, so trust your Wilmington, DE real estate agent to guide you and get the job done.

1. Search for short sales in your area! There are plenty of short sales available in the Wilmington, DE area, so use an online database, courthouse listing or legal ads to locate properties that you may be interested in and let your agents know which ones you would like to look at!

2. Take a look at the property. Pictures and ad copy can be misleading, so it’s incredibly important to see the property for yourself before you decide to purchase a short sale. Is the house in decent condition? Will it need major work, or just a few minor repairs? If you’re in a position where you want to buy the property in order to fix it up and put it back on the market, then a house that needs work won’t be a problem. If you’re looking for something more move-in ready, however, then you may need to move on.

3. Do your research and run the numbers. How profitable will this Wilmington, DE short sale be in the long run? Even if you’re a first-time homebuyer who is looking to live in the home, there is a chance that you may want to put this property on the market one day. Is there potential for its value to go up? What is the property worth now? These are all questions that you should ask yourself before making an offer.

4. Find all liens and mortgages. You need to ask the seller or their agent what liens are on the property and who the primary lien holder is.

5. Figure out your financing. Now it gets a little tricky. You need to figure out how you are going to pay for the property. Are you going to be a cash buyer or ask the existing lender to give you a loan? If you’re a good credit risk, the latter may be a great option, and it will expedite the financing process. In order to close a short sale, you need to move quickly, so this stage is not the time to start shopping around for a mortgage.

6. Contact the lender. Either you or your Wilmington, DE real estate agent needs to contact the loss mitigation department of the existing lender and discuss the situation on the property’s current mortgage. Before doing so, get the existing owners to sign an authorization letter stating that you are allowed to contact the lender to sort this out.

7. Complete the lender’s short sale application, if needed.

8. Assemble the proposal. This is where your Wilmington, DE short sale agent will come in handy! Besides the application and authorization letter, you will need several more documents that the lender will use to review your offer. You need the purchase and sale contract between you and the seller, stating that you agreed on a price. You will also need a letter of hardship proving that the homeowner can’t pay what’s due, a statement of the property’s value, a detailed explanation of all of the costs and liabilities and a settlement statement put together by a closing agent. Have everything lined up before submitting anything to the lender.

9. Negotiate. It’s really not uncommon to go back and forth with the lender. They will likely counteroffer your initial, proposed price. Figure out what your highest limit is beforehand and stick to it. If the lender won’t meet your figure, it may be time to walk away.

10. Seal the deal. Once you’ve reached an agreement that you, the seller and the lender all approve of, then it’s time to close and claim your new piece of property!

The process might seem long and drawn-out, but if you go into your Wilmington, DE short sale transaction prepared, then you will find yourself a property owner sooner rather than later. As a Wilmington, DE real estate agent who specializes in short sales, I feel that it’s important to prepare my clients for the process ahead in order to ensure success in their transaction. Hopefully, by breaking down the process a bit, you will see that these transactions are manageable, provided that you have the right real estate agent to help you through it.

If you have any questions about Wilmington, DE short sales, don’t hesitate to contact me! 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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With a new year comes a fresh look at what will happen in housing! Due to the fact that mortgage rates are set to stay low throughout 2012, many Wilmington, DE homebuyers are thinking that now is the time to start thinking about buying a home. This is an exciting and big step to take, however there is one thing that could potentially stop you from finding the Wilmington, DE home of your dreams, and that is obtaining a mortgage.

Getting a mortgage loan has been and will continue to be a challenge. The key to getting the financing you need for your Wilmington, DE real estate transaction is to become a savvy borrower. Although financing will likely be a bit challenging, if you approach your lender prepared, you will likely have success in obtaining a loan for your dream home. As a Wilmington, DE real estate agent, I feel that it’s important to help my clients through every phase of the home buying process. These six tips will help you get the financing you need for your future home.

Know your credit backward and forward. The most important step in obtaining a loan is having a good credit score. Have your most recent credit reports ready and on-hand, and if you need to, start taking steps to improve your score now.  If your credit is bad or you need some time to rectify your score, then now may not be the best time to apply for a mortgage loan.

Have your paperwork ready to go. Every lender requires very specific documents for their mortgage application. Don’t wait for your bank to ask you for them! Have all the important paperwork ready to go early and your lender will see how prepared you are.

Have a realistic price point. It’s important to know how much you can afford before approaching your lender. Calculate what you can afford ahead of time, create a budget and leave a little wiggle room for unforeseen expenses. This will help you better estimate your monthly mortgage payments and will help you get the best loan possible for your financial situation.

Don’t settle for the first lender you meet. Shop around for a mortgage. It’s important to get a few different perspectives on what loans you qualify for. Don’t rely solely on interest rates; there are other factors that should go into your decision. Meeting with a few different lenders and brokers will help you pick the best possible combination for your financing needs.

Work in a timely fashion. You could lose out on the house you want or on your loan if you don’t work within an efficient timeframe with your lender. Ask for an estimated closing date and keep following up with your lender until the transaction is closed.

Keep your credit intact…even after approval. Once you get financing, you will be relieved, but it can be taken away if your credit rating doesn’t stay put. Don’t take out new lines of credit, finance a new car or have a slew of late bill payments. Stay on top of your finances.

These are just a few of many ways that you can become a savvy borrower! Obtaining financing for a new Wilmington, DE home can be challenging, but with the right guidance and smart strategies, you can get the mortgage you need to move in. As your Wilmington, DE real estate agent, I think that that it’s important to let you know the best way to deal with any obstacles that could come your way throughout your real estate transaction.

If you have any questions about what homes are available on the Wilmington, DE real estate market, don’t hesitate to contact me! I’m happy to help you whenever you need me. 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