Georgetown, DE Home Sale Safeguards Vanish Overseas
When we shop for Georgetown, DE homes for sale, we’re able to take quite a lot for granted. If we choose to be represented by a licensed Georgetown, DE Realtor® to act as our buyer’s agent, we know that our interests are being looked after in a multiplicity of ways—they’re spelled out in stringent Georgetown, DE regulations. Likewise, the seller’s agent will be duty-bound to be scrupulously honest in how she or he represents the property being offered. Too bad for any Georgetown, DE agent who tries to play fast and loose with the rules governing Georgetown, DE homes for sale: that’s an agent who won’t be licensed for long!
We’re able to rely on the time-honored protections afforded U.S. real estate buyers and sellers because their observance is invaluable to all. That rock-solid reliability adds incontestable value to the transactions. It’s been so for centuries.
Unfortunately for members of the public, it’s awfully tempting to bring similar assumptions to real estate dealings in other countries. Recently it’s been notable how mistaken that assumption can be. Even though it might seem to be commonsensical for other nations to want to protect the integrity of their own real estate markets, unscrupulous individuals can seek to make quick profits by scamming foreigners. And they might even get away with it when they partner with equally unscrupulous politicians.
According to AARP, one recent foreign scheme has cost U.S. victims more than $100 million. They report that “even sophisticated consumers” were persuaded to buy into land and retirement homes in Belize—90% of which were never built. They were tricked by “sophisticated promotional materials in print, online, and on television.” The resulting scheme is the largest rip-off of its kind ever targeted by the Federal Trade Commission. The FTC’s involvement comes too late for U.S. buyers “who regularly lost their entire investment” or were forced to sell back to the scammers at a loss. Equally dismaying is what the Wall Street Journal describes as questionable Belizean court rulings that stymied investors—a development that’s less surprising when you learn that the developers’ law firm is part-owned by the nation’s Prime Minister.
Of course not all foreign real estate dealings turn out so badly—but U.S. buyers who assume they have our level of protection—or even the chance to have a fair day in court—need to look before they leap.
- Written by Jimmie Bachand
Laurel, DE Listings Might Reflect a New Phenomenon
Overall, the U.S. residential market has behaved itself predictably for a couple of years. As a result, there’s been little chance for commentators to point out any new phenomena that might affect our own Laurel, DE listings. In general, price growth has remained moderate while the volume of homes changing hands has been relatively quiet.
That might be headed for a change if CNBC’s Diana Oleck is right. In a brief report last week, she made the case for a new trend that could have an effect on the home-selling picture—including the number of our own Laurel, DE listings.
The trend is an uptick in one choice seniors are making—in this case, the tendency of retirees to stay put in their current home. “Why seniors ‘aging in place’ is affecting home sales” was the report’s headline. It pointed to an emerging housing trend which has older Americans eschewing the urge to downsize or move to retirement communities, instead choosing to stick it out in their current homes.
That’s a trend that “would remove 1,600,000 homes from the housing market” according to government-sponsored Freddie Mac. That would equal the total number of housing units constructed yearly. If that estimate proves to be valid, it could indeed affect the volume of new Laurel, DE listings we might expect to see in coming years.
The reasons retirement-aged homeowners might choose not to move are the traditional ones: they love their home, which is probably their chief investment—and they prefer to remain in the community they know and love. There’s another reason in 2019, too: it’s increasingly difficult to find affordable alternatives.
- Written by Jimmie Bachand
6 Question Quiz Tests Your Fenwick Island, DE Real Estate Vocabulary
Although the typical adult spends at least a fourth of his or her income on Fenwick Island, DE real estate-related matters, many basic real estate terms—even basic ones—aren’t widely understood. We probably accept that fact because that is just the way it’s always been—but it really is astonishing that many of the material terms Fenwick Island, DE real estate professionals use remain unfamiliar to most everybody else.
If there were an introductory freshman class called “Real Estate 101,” I think a good first week would be spent on getting the vocabulary straight. That knowledge really would help clarify how we think about this most important purchase and holding.
To illustrate in a light-hearted way, here’s a short quiz on terms any Fenwick Island, DE real estate professional might use:
1. Best answer to the difference between real property and personal property is—
a) You can touch real property, unlike personal property
b) Personal property can be moved; real property is immovable
c) People have a right not to disclose their personal property
2. Best answer to the difference between a freehold estate and non-freehold estate:
a) A freehold estate is one which can be purchased for no down payment
b) A freehold estate gives its owner ownership rights
c) A non-freehold estate is one which is heavily taxed
3. The Right to Encumber Property is
a) The right to build something weighty (like a building) on a property
b) The right to transfer interest in a property
c) The right to add another property into a single deed
4. Riparian Rights refers to
a) Ripening fruit tree ordinances
b) The bundle of rights connected to land that abuts flowing water
c) Clothing repair ordinances
5. Littoral Rights refers to
a) The right to fine strangers who leave waste on your land
b) Same as 4 b) (except that the water isn’t flowing)
c) The ability to copyright stories or books about your land
6. The word estate in real estate means
a) A mansion or large ranch
b) The accumulation of assets or wealth
c) A dead person’s land
- Written by Jimmie Bachand