If you’re looking for a superior deal on a new home, you may find that a Delaware bank-owned home is a serious contender. Today’s real estate market includes a variety of foreclosed homes, some of which can be had at prices well below baseline levels.

Adding to the activity in that sector is the virtual disappearance of any degree of the stigma formerly attached to the bank-owned home market. By May of 2012, Realtor Magazine was already reporting how the rise in distressed inventories had brought about an increased appetite for the sector: “Nearly 65% of buyers say they’re likely to buy a foreclosure today compared to 25% who said that in October 2009.” And 92% of those surveyed were interested in a bank-owned home as their primary residence, rather than as an investment vehicle.

If you thinks a Delaware bank-owned home could be a serious contender for your attention, you should be aware of how to best prepare for the opportunities to be had among them.

Get Pre-Qualified

Pre-qualification not only speeds up the purchase of a Delaware bank-owned home, it also produces a concrete range for your home-buying budget. Some banks charge a fee for the credit-checking procedure, while others simply build that into the bottom line.

Beware Potential Property Issues

The biggest issue facing the buyer of a foreclosed home is the potential for damage to the property. If it’s been vacant for some time, issues tied to improper weatherization or pest infestation can have resulted. A bank-owned home is typically sold as-is — so ordering a thorough, professional home inspection is an absolute must. 

Be Patient!

Buying a bank-owned home in Delaware can precede on a different timetable than does a regular home buy, so be prepared to be patient. It’s also particularly helpful to have a buyer’s agent on your team to help answer questions as they arise.

If you are in the market for a new home — whether it be a bank-owned home or not — call/ text 302-228-7871or email Russell Stucki, REALTOR ® of Beach Real Estate Market to provide detailed information on Delaware homes for sale, investment and commercial properties, luxury and  waterfront homes, condos/townhomes, new construction, lots and land, farms and equestrian properties located in but not limited to Bethany, Bethel, Bridgeville, Dagsboro, Delmar, Ellendale, Fenwick Island, Frankford, Georgetown, Greenwood, Harbeson, Laurel, Lewes, Lincoln, Milford, Millsboro, Millville, Milton, Ocean View, Rehoboth Beach, Seaford, Selbyville, Delaware.

When most people picture how they will buy a Delaware house, they imagine visiting properties with their real estate agent, zeroing in on a suitable home in a neighborhood they like; making an offer; purchasing the home.

But there are also less straightforward ways to go about buying a Delaware house. One way people purchase houses today is at a local auction. Homes usually go on auction because they have been foreclosed upon or have unpaid tax liens; but there are any number of possible reasons. For the buyer, a real estate auction presents an opportunity — but also hurdles to clear. 

A first possible drawback can be a real showstopper: the relative difficulty of thoroughly checking out the home’s interior. When it proves impossible to inspect inside, some research about the neighborhood, the history of sales in the area, and even visiting other open houses in the neighborhood can give some feel for what comparable neighborhood homes are like.

Too, auctions in Delaware are usually geared toward cash buyers. In many cases, companies require you to register before you may join the bidding. As with car auctions, it’s almost always necessary to come prepared with cash (in the form of certified checks). Most auctions require the entire sum to be paid immediately, while others specify a set portion or amount. In short, Delaware real estate auction buyers need to have done their homework beforehand.

There can also be vagaries in timing. For any homebuyer who needs to move in right away, an auction may not prove to be a feasible option. Especially with foreclosures, if the home is not vacant at the time of auction, the eviction process can turn into a lengthy court battle if the occupants are unwilling to leave.

Buying a home through a Delaware auction can be a great way to nab a home at a bargain basement price, but being aware of the complicating factors is a must. There are many ways to find the perfect home – and I’m here to help guide my clients through the choices that will work best for them. Call/text 302-228-7871 or email me, Russell Stucki, REALTOR ® of Beach Real Estate Market to provide detailed information on Delaware homes for sale, investment and commercial properties, luxury and  waterfront homes, condos/townhomes, new construction, lots and land, farms and equestrian properties located in but not limited to Bethany, Bethel, Bridgeville, Dagsboro, Delmar, Ellendale, Fenwick Island, Frankford, Georgetown, Greenwood, Harbeson, Laurel, Lewes, Lincoln, Milford, Millsboro, Millville, Milton, Ocean View, Rehoboth Beach, Seaford, Selbyville, Delaware.

It’s the kind of “problem” many would like to have: a buyer has just made an offer on your home — and you hadn’t even listed it for sale!

Turns out, it’s not all that uncommon for “house-stalkers” (or their determined agents) to slip notes into owner’s mailboxes or just knock on the door and ask to buy the house. It’s a house-hunting strategy that has worked for all kinds of buyers who are unimpressed by the homes they find on the market.

For anyone up in the air about selling your home in Delaware, here are some questions that can lead to a rational decision:

Were you planning to sell in the future?

If so, how far into the future? 20 years? If that’s the case, unless it’s an astounding offer, better stay put. But if you were considering selling your area Delaware  home within the coming 5 years, seriously entertain the offer! Making the most of unexpected happenstances is a calling card of successful people from time immemorial.

Is the return on your investment substantial?

Except in a financial emergencies, selling your home in Delaware is never a good idea unless you are getting a solid return on your initial investment. (Not just the initial price: include renovations, additions and your own sweat equity). If the offer qualifies on this dimension, it’s time to engage a professional home appraiser to give you an expert view of what your property is really worth in the current market.

Are you ready to move?

We all have emotional connections to our homes, especially after we’ve invested much effort into shaping its look and feel. Part of your decision that’s as important as the financial side comes with considering where you would live after the sale. Gauge whether your excitement over a new house, neighborhood and even a new city outweigh the feelings you have for your current home.

If opportunity comes knocking at your door, it never hurts to consider! And if you are thinking of selling your home in town in any case, give me a call to go over the numbers!

Call/text 302-228-7871 or email me, Russell Stucki, REALTOR ® of Beach Real Estate Market to provide detailed information on Delaware homes for sale, investment and commercial properties, luxury and  waterfront homes, condos/townhomes, new construction, lots and land, farms and equestrian properties located in but not limited to Bethany, Bethel, Bridgeville, Dagsboro, Delmar, Ellendale, Fenwick Island, Frankford, Georgetown, Greenwood, Harbeson, Laurel, Lewes, Lincoln, Milford, Millsboro, Millville, Milton, Ocean View, Rehoboth Beach, Seaford, Selbyville, Delaware.

Even when it is clearly necessary, if you’re like most of us, you feel a built-in reluctance to sell your Delaware property. Those four walls (okay, I know there are more like 40 or 80, but bear with me) contain all the furnishings and other possessions we gather through the years to create our family’s unique environment. When we come through that front door, we feel more comfortable than anywhere else on Earth.

But your home is also an investment (and what a colossal one it is!). That’s why the decision to sell your Delaware property—disconcerting though it may be—ought to be much more a business proposition than an emotional one.

When you choose me as your Delaware real estate agent, it becomes part of my job to point out the smart business decisions that will help you sell your property—even when that means altering some of what has always made the place feel like home to you.

Fortunately, sometimes there are really simple things that increase a home’s perceived value:

The front door is frequently absent from renovation lists, but as the point of entry, it does much to influence potential home buyers. Installing a bright, shiny new brass doorknob, giving the door a fresh coat of paint, or adding a traditional mailbox out at the curb can make your entire home seem more inviting.

Buyers are attracted to spacious rooms. If you have a cramped hall or dining area, think “mirror. Adding one or two large wall mirrors automatically make any home that much more expansive.

If you enjoy your oversized television, you’re part of a not-so-silent American majority. That’s all well and fine, but unless the room is a man-cave, it’s likely that a television which overpowers the space will make buyers feel that the room is too small. Consider swapping for a size-appropriate set to help you sell your Delaware property.

Even on a miniscule budget, minor changes like these can attract interested buyers in this market. Looking for more creative ideas to sell your Delaware property?  Why not call me today?

Call/text 302-228-7871 or email me, Russell Stucki, REALTOR ® of Beach Real Estate Market to provide detailed information on Delaware homes for sale, investment and commercial properties, luxury and  waterfront homes, condos/townhomes, new construction, lots and land, farms and equestrian properties located in but not limited to Bethany, Bethel, Bridgeville, Dagsboro, Delmar, Ellendale, Fenwick Island, Frankford, Georgetown, Greenwood, Harbeson, Laurel, Lewes, Lincoln, Milford, Millsboro, Millville, Milton, Ocean View, Rehoboth Beach, Seaford, Selbyville, Delaware.