Kat Geralis Home Team Wilmington DE Real Estate News Archives

A recent article by Inman News predicts that short sales will be more numerous this year, due to streamlined rules and a recovering economy. This means lenders will be busy and organized short sale applications will have the best chance of success.

If you are a Wilmington or Newark homeowner who lacks equity and needs to sell, these short sale tips will help you get started! Also, please see my prior blog posts on September 6 and January 24 for more information!

1. Ask your mortgage lender about their short sale requirements. They will send you the paperwork to get started. Please remember that it isn’t enough to be underwater in home value; you must also have a qualifying hardship.

2. Your mortgage lender may ask for copies of your recent bank statements, paycheck stubs, tax returns and a list of your household expenses. Be cooperative and send in the requested documentation asap.

3. If you have other liens against the property, from a second mortgage, or an unpaid debt or tax obligation, let your mortgage lender know. 

4.  If the ownership of the home had any changes since your original purchase, as the result of a divorce or other situation, declare this up front. Lien and title issues can be time-consuming to resolve.

5. Work with a Certified Distressed Property Expert who has the professional experience to help you!

6. Share information about your home’s condition with me. Honestly is the best policy. Also, if you have made repairs or upgrades that should be considered, share that too!

7. Stay in contact so the process keeps moving. I will do everything possible to help you, and I will follow up with your lender regarding the short sale process. But there may be times when your lender needs additional documentation from you, or needs to ask you a question. Make sure your lender has your current phone number and mailing address, and pay attention to everything they send to you.

Short sales can be a good solution to a difficult problem. As your professional Wilmington and Newark, DE real estate agent, I understand that selling your home can be an emotional decision, especially when your life has been disrupted by other events. This is why I provide professional guidance with compassion, so that you can make the best choices.

If you owe more on your home than what it is worth, my experience in short sales and foreclosures can help you! It's never too early to talk to me, so please contact me today with any questions you may have!

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
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Have you been waiting to buy a home in Wilmington or Newark? If you have been waiting to see if home prices will come down, or you are waiting for spring, you could be missing a golden opportunity to buy a Delaware home! Here are 5 reasons why right now could be the best time to buy!

1. Home prices are moving higher. According to Trulia, Wilmington home prices between Nov 2012 and Jan 2013 were 7.2% higher than a year ago. Nationally, economists expect home prices to continue to gradually appreciate.

2. Mortgage interests rates are rising. The Mortgage Bankers Association predicts that rates will trend higher throughout 2013.

3. Rents are expected to go up. Nationally, rents averaged a 4% increase during 2012. As the economy continues to improve, monthly rents are expected to follow suit.

4. Mortgage rules are changing. New guidelines exist for FHA loans. Meanwhile, the Consumer Protection Act may influence the type of mortgage products that are available in the future. Another new rule, called the Qualified Residential Mortgage, could change the requirements for credit scores and down payment amounts.

5. Closings are faster off-season. Real estate sales have lower volumes this time of year, meaning there are few backlogs in mortgage underwriting, appraisals, and home inspections.

6. Sellers are motivated. New listings are coming on the market in February! There are homes on the market today that must be sold; there are banks waiting to approve short sales, but they need offers!

Your ideal home could be on the market right now! Why not take a look at the Wilmington and Delaware homes for sale?

First-time buyers should give themselves an advantage by attending a free home buying seminar! Be prepared for the opportunities in Delaware real estate by attending one of the upcoming seminars below. Just register for the date and time that work best for you!

Join one of the TOP REAL ESTATE TEAMS in Wilmington!

We are looking for enthusiastic, dedicated associates for the following positions at The Wilmington Homes Group of Keller Williams:

Buyer's Agent: If you don’t have more leads than you can handle, let’s talk!

Do you have patience, perseverance, and people skills? Do you enjoy helping first-time home buyers and trade-up buyers accomplish their goals? In this position, I need a champion who can charge into the field on behalf of our buyer clients. You need to be a good listener and have excellent follow-up skills on buyer leads. Your mission is to convert leads to appointments, appointments to buyer agreements, and buyer agreements to home purchase contracts. 

This year is going to be HUGE for Delaware home buyers and I need a pro that doesn’t let go! Buyer Agent experience preferred, but top performers who truly care about delivering excellent service will be considered. You will also get the benefit of high-caliber KW training and have an unlimited earning potential.

Distressed Property /REO Specialist: 

Do you have excellent organizational skills and like detail? Do you work well with structure, tasks and deadlines? Experience with using programs like Equator or RES.NET are a plus! In this position, you will be responsible for processing and managing Bank Owned, foreclosures as well as communicating with various Asset Managers on a regular basis.  Only those with a strong work ethic and a high degree of integrity should apply. Experience in REO sales preferred, and you are more than welcome to transfer your current properties into our system. Bring your best efforts to the table and I’ll show you unlimited income potential in Delaware’s distressed property market!

For All Positions, You Need the Following:

• Delaware real estate license 
• Thorough understanding of contracts and negotiable elements 
• Knowledge of mortgage types and loss mitigation practices (REO Agent)
• Knowledge of mortgage types and qualifying basics (Buyer Agent)
• Excellent written and verbal communication
• Positive, can-do attitude
• Results driven
• Genuine concern for clients
• Organizational and time-management skills
• Personal motivation for success
• Professional behavior and attire 
• Reliable transportation
• Local knowledge of schools, community resources, quality of life

What You Can Expect in Return:

• Best training and coaching in the industry through KW systems
• Six-figure income potential plus bonuses
• Residual income potential 
• Personal mentoring
• Qualified leads through our systems
• Opportunity to lead as your business grows
• Administrative support / access to specialized virtual assistant team 
• Access to professional network of attorneys, lenders, title companies, etc.
• Positive, encouraging environment 

Click Either Image Below to Read More About Our J.D. Power and Associates
or Our Top 10 Best Places to Work Awards!
 

10 Compelling Reasons to Become a Keller Williams Associate!

Do you want to take your real estate career to a higher level? Would you like the opportunity to be a business partner in the #1 real estate company in the United States? Here are 10 compelling reasons to become a Keller Williams Associate!

1. Keller Williams offers the best compensation structure in the industry, giving you the opportunity to keep 100% of your commissions!

2. Keller Williams offers Profit Share and Growth Share programs that enable you to create a passive income stream for life!

3. Keller Williams associates are treated as business partners – not employees!

4. Keller Williams provides unsurpassed training, education, and coaching, with resources available on demand!

5. Keller Williams is “agent-centric” – meaning that the company puts the best interests of its agents at the forefront of company decisions.

6. Keller Williams created eEdge, the industry’s first comprehensive lead-to-close system, for the exclusive use of its agents.

7. In 2012, Keller Williams was ranked #1 in customer satisfaction by home buyers for the third consecutive year. Keller Williams was also ranked #1 by home sellers during 2012, for the second consecutive year.

8. Keller Williams fosters a “Culture of Caring” by giving back to local communities during the annual “RED Day” event. There is also a Keller Williams charity to aid associates and their families during times of unexpected and extreme hardships.

9. Keller Williams is a global company in the midst of expansion! Lines of business include Keller Williams Realty, Luxury Homes by Keller Williams, and KW Commercial.

10. As your Keller Williams recruiter for Delaware, I will help you succeed!

Have a few more questions? Contact me! I’ll be happy to tell you more about my own career with Keller Williams Realty, and why I’m convinced they are the best real estate company for professional real estate agents, home buyers, and home sellers!

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty

Careers@WilmingtonHomes360.com
Wilmington Real Estate
Wilmington Homes for Sale
Visit My Website
Contact Me
Find me on Facebook
Follow me on Twitter
 

You may recall from a prior blog post that short sale changes were in the works for mortgage loans backed by Freddie Mac and Fannie Mae. Those rule changes became effective November 1, 2012, and Freddie Mac is calling the new short sale process a success!

While it hasn't been quite three months since the new processes became official, Freddie claims that short sale timelines are now faster by 50 to 75%!

This has many positive implications for Delaware real estate. A faster, more effective short sale process means that more deals will be successfully completed, instead of falling through due to delays. As a result, we will see fewer homes entering foreclosure, which is good news for property values.

Since the Mortgage Debt Relief Act has been extended, there is good incentive for distressed homeowners in Wilmington and Newark to pursue a short sale. All together, this news brightens the picture for Delaware home sales in 2013!

Here are highlights of the new short sale process for loans backed by Fannie and Freddie:

1. Homeowners who successfully complete a short sale can get up to $3,000 in relocation assistance.

2. The mortgage servicer on the "front lines" - namely the company that collects your mortgage payments - is authorized to approve short sales for qualifying situations. No more second-level reviews by Fannie/Freddie.

3. The mortgage servicer must acknowledge receipt of a short sale request within 3 days of its arrival.

4. If your home does not have any additional mortgages or liens that require third-party approval, the mortgage servicer needs to either approve or deny your short sale request within 30 days. If they need more time to make a decision for any reason, weekly status updates must be issued to the homeowner.

5. The short sale process should not exceed 60 days, even if another lien holder is involved.

There's just one catch to all this: in order for the above rules to apply, you must have a mortgage loan that is backed by Fannie Mae or Freddie Mac. You can use the loan look-up tool on their websites to determine this; just click on the links above.

If you are a homeowner in Wilmington or Newark with a personal hardship, and 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.

First-time buyers who may be interested in purchasing a home through a short sale should attend a free home buying seminar! Be prepared for the opportunities in Delaware real estate by attending one of the upcoming seminars below. Just register for the date and time that work best for you!

There was good news for Delaware homeowners in the recent budget deal passed by Congress. While debates still continue over other fiscal policies, the Mortgage Debt Relief Act of 2007 has been extended! I'll explain why it matters to Delaware short sellers and homeowners alike!

Say for example you do a short sale, and the bank has a loss of $40,000. If your lender forgives this debt, you're off the hook, right?

Not in the view of the IRS. They consider forgiven debt as "income" because you received the benefit of the money without paying it back. Imagine having to pay income tax on $40,000 when you've already been through a hardship! This is exactly why the Mortgage Debt Relief Act is so important, as it keeps the IRS at bay.

The MDRA is also important to Delaware home owners! It makes short sales an attractive alternative to foreclosure - and short sales do not impact the market as harshly. When a bank sells a foreclosed home, the price can be discounted up to 30%. The discounted sale becomes a part of the market comparisons used by property appraisers. Homes located near foreclosures witness a steep drop in value as a result. Even if you are not planning to sell your home immediately, it can take years for your home value to recover.

Short sales are the better alternative because they list for current market value and are not discounted as sharply, if at all. They also keep homeowners engaged in a solution, which prevents home abandonment and neighborhood blight!

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.

Need more information about buying a Wilmington or Newark home? As your experienced real estate professional I'm here to help you! I can also refer you to FREE home buying seminars! Take a look at the upcoming schedule, and register for the date you prefer!

Contact me for neighborhood price trends, recent sales, and expert guidance in our fast-changing real estate market!

If you are a first-time home buyer, you may already be leaning towards an FHA-backed mortgage to finance your Wilmington or Newark home. Recently, the Federal Housing Administration announced changes to their mortgage guidelines, which are being made to stem the losses from sour loans.

In case you are not familiar with it, the FHA is a government entity that insures mortgage loans made by banks and other front-line lenders.

Without the FHA, home buying would be tough for buyers who cannot meet high down payment and credit score requirements. After the collapse of subprime lending and the tightening of credit, FHA-backed mortgages became the only game in town for many first-time home buyers.

FHA guidelines are also more forgiving when it comes to credit history, making it the only practical option for home buyers who had a prior bankruptcy, foreclosure, or short sale in the past few years. For these reasons it's a good idea to understand the FHA role in our housing market!

Here are the 4 FHA rule changes slated for 2013, and how they may affect you:

1. FHA loans require the borrowers to pay for mortgage insurance. This insurance protects the lender in the event you default on the loan. It used to be that you could get the monthly mortgage insurance premium waived after you achieved a certain amount of equity. This is no longer the case; effective in 2013, the mortgage premium will be on your mortgage payments for the life of the loan.

2. The cost of monthly mortgage premiums will go up by .10 basis points. This is a relatively small amount; it would add an extra $20 a month to a $200,000 mortgage. Keep in mind that this is only the increase effective in 2013, and not the entire premium.

3. For large mortgages, the FHA will require higher down payments beginning in 2013. The minimum down payment for a $625,500 mortgage will be 5%. This is an increase from the prior minimum of 3.5%.

4. Those who have credit scores in the 580-620 range will face stricter debt-to-income ratios in 2013. In other words, the less debt you have, the better.

The good news is, these changes shouldn't derail anyone's plans to buy a Delaware home. Even with the new changes in 2013, FHA-backed mortgages remain attractive.

Need more information about buying a Wilmington or Newark home? As your experienced real estate professional I'm here to help you! I can also refer you to FREE home buying seminars and help you find the best home for the right price.

Contact me for neighborhood price trends, recent sales, and expert guidance in our fast-changing real estate market.

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.

Looking for family events during the holidays? You don't have to go far to find holiday fun in Wilmington or Newark! Here are a few suggestions for you!

Enjoy a free screening of three cherished, animated holiday classics at the Theatre at Nemours, Saturday December 1st! The show starts at 11:00 a.m. and features A Charlie Brown Christmas, How the Grinch Stole Christmas, and Rudolph the Red-Nosed Reindeer. While the presentation is free, registering for complimentary tickets is recommended to save your seat. Get there early and enjoy the show!

Don't miss Winterfest in Newark, Friday December 7 from 6:00 p.m. to 8:00 p.m.! This hometown holiday tradition includes caroling, hot chocolate, carriage rides and a tree lighting ceremony. Rumor has it that Santa himself is going to be there! There will be storytelling in the children's area of Barnes and Nobles.

See the splendor of the 28th Annual Holiday House Tour, Saturday December 8th! 10 Wilmington homes will be artfully decorated for public touring. There will also be displays by 12 talented regional artisans at the museum, with hand-crafted items available for purchase. Tickets required, see the website for details.

There's more going on, but this will get you started! As your professional Wilmington and Newark, DE real estate agent, I'm happy to share community events with you. Wilmington and Newark have a lot to offer and these events are just a small sample.

When you are ready to buy or sell a home, I'll be here to help you! You can trust my professional guidance to make your home buying or selling experience smooth and efficient. For more information about Delaware homes and our wonderful communities, please contact me today!

The University of Delaware employs over 4,000 people, including faculty and hourly staff. Newark, DE benefits by the economic and cultural contributions that the University of Delaware provides to the community.

There is a consistent demand for homes near campus from a wide range of buyers.

The area attracts relocation buyers, retirees, and commuters who are drawn to Newark's college-town charm.

There are several Newark, DE neighborhoods worth your consideration, and I'm going to introduce you to one of them here! If home value and proximity to campus are among your priorities, consider the established neighborhood of Arbour Park.

Bordered by the Delaware Turnpike, Elkton Road and falling just shy of the Christiana Parkway, Arbour Park is a short distance away from the University of Delaware Stadium, the David M. Nelson Athletic Complex, and the Allen Biotechnology Lab.

Arbour Park is only minutes away from downtown Newark and the Christiana Mall. Commuters have access to Philadelphia, Baltimore and New Jersey. There are also large public parks in the neighborhood, such as Iron Hill Park and Rittenhouse Park.

What about the homes? Glad you asked! Homes in this area of Newark have a variety of age and construction, but are generally well-maintained. Median home prices are running right around $292,000.

To find out more about Newark, DE and the Arbour Park neighborhood, contact me! Being UD alumni myself, I am very familiar with this area. As your Newark and Wilmington real estate professional, I will help you find the best home in the right price range.

Ready to look at Delaware homes for sale, or just have a few questions? Contact me for neighborhood price trends, recent sales, and expert guidance in today's fast-changing real estate market.

When the subject of relocating for retirement comes up, most people assume the top choices are sunshine states in the far South and West. But if you do your homework, you'll find that one the top states for retirement is the "First State" - Delaware!

In fact, we have an excellent selection of Active Adult home listings on the market in Newark and Wilmington. New developments are under construction, and there's a wide range of prices and amenities for just about any budget.

Why do so many seniors and retirees choose Delaware? Here's a quick rundown that I put together from Kiplinger's recent article, along with local data:

1. There is no State or local sales tax.

2. State income tax rates are modest; highest rate is 6.75% on annual incomes over $60,000.

3. Social Security benefits are not taxed.

4. Taxpayers 60 and older can exclude $12,500 of investment and qualified pension income.

5. Homeowners 65 and older can get a credit equal to half of the school property taxes, up to $500.

6. The DE property tax rate is significantly lower than MD, NJ, PA, NY, and VA.

7. Baltimore, Philadelphia, Washington, D.C. and New York City are within an hour or two's drive; accessible without being too close to the congestion.

8. The University of Delaware offers a Higher Education for Senior Citizens program. Citizens 60 years of age or older, who are formal degree candidates, may attend classes for credit tuition free.

9. There's ample history to explore in Delaware - we've been making history since 1787!

10. Recreational opportunities abound, with ample beaches, parks, wildlife areas, golf courses, performing arts venues, dining, shopping, gaming, and more!

Don't just take my word for it - visit Delaware for yourself! If you are considering relocation, the communities of Wilmington and Newark have much to offer, and I would be happy to show them to you. You can also explore our beautiful homes for sale and compare the broader market to the unique advantages of a 55+ residential community.

As your professional Wilmington and Newark, DE real estate agent, I have the local expertise and dedication to service that will make your relocation experience a smooth transition. You can trust my professional guidance to help you find the right home within your budget, and respond to your needs!

For more information about Delaware homes and our wonderful communities, please contact me today!