Skip down to page content. ↓

Real Estate Information Archive

Blog

Displaying blog entries 31-40 of 63

Tips for Buying a Home in a Hurry!

Wednesday, December 4, 2019
by Tucker Robbins


Sometimes your circumstances change, and you find yourself needing to buy a home ASAP!  In the past, you’ve looked at houses for a month online before you start actively looking, taking your time to find an agent.  Now, however, your new job needs you as soon as you can get there, but how quickly can you buy a new house?  Faster than you think if you follow these tips! 

 

  • - Find a buyers agent that has a reputation for handling sales efficiently.  You want someone who understands your need to buy quickly, but who will also make sure you’re not making huge mistakes in the process. 
     

  • - Make sure your credit score is in good standing, and gather all paperwork necessary for the lender:  tax returns from past years, current pay stubs, bank statements, documentation for rent payments if you’re a renter, gift letter if someone is gifting part of the down payment, and proof of any assets you may have. 
     

  • - Don’t just get pre-qualified for a mortgage--get pre-approved.  This way, you’ll know exactly what you can afford, and when you make an offer, the seller will be certain you are serious about buying the house. 
     

  • - You might have to forgo the perfect house dreams, but don’t sacrifice your must-haves.  That said, not being extremely picky with what you want in a house will see your success a few steps closer.   
     

  • - When you talk to your agent, ask them to look for homes that have been on the market for a while.  This may give you some leeway in the offer process because the seller is likely somewhat anxious to sell. 
     

  • - If you have any equity in the home you will be moving from, and you don’t want to lease or rent it, selling as quickly as you are able will give you a head start on the purchase of a new home. 
          

  • - Be prepared to put your belongings in storage if you do sell before you buy, and talk to friends or relatives about staying with them temporarily. 
     

  • - You’ll want a transaction without a lot of contingencies so there isn’t a lot of time-consuming negotiating, but be careful about what you are willing to let go to buy the property.   
     

  • - Don’t go AWOL during the process--sure you’ll be busy getting packed up and prepping for a move, but you need to be available to your agent so no time is wasted.   

 

The best tip is to get started as soon as you know you have to move--the more time you have to take care of buying a new home, the better the outcome will be, saving you time, money, and future headaches.   

 

Courtesy of New Castle County DE Realtors Tucker Robbins and Carol Arnott Robbins.  

 

Photo credit: moneyunder30.com

Add Comment

Before You Buy a Foreclosure

Wednesday, September 4, 2019
by Tucker Robbins


While looking through real estate listings, you might be curious when you see a property up for auction or one that is “real estate owned,” and wonder if the price is too good to be true.  There is a process of buying a foreclosure house, and you need to prepare yourself, so read on for some pointers on what’s involved before you make your decision: 

 

  • - A “Bank-Owned Home” is just that:  the owner stopped making payments, and the lender is in the process of auctioning the home to try and recover the money they loaned.  Houses that are “Real Estate Owned” mean that the bank’s auction didn’t result in a sale and is being sold through a real estate agent. 
     

  • - Vacant homes can have all sorts of issues: mold, vandalism, pest issues, stolen copper piping, and neglected landscaping are just a few.  Before you make a bid, go and see the home for yourself, and decide if you can afford the sale price plus the cost of repairs. 
     

  • - Hire an inspector to go to the house with you so you’ll have an idea of exactly what needs to be done.  You don’t want to underestimate renovation costs. 
     

  • - When considering the asking price, and you have taken steps to get a contractor bid on all the rehab, use this formula to calculate your offer:  80% of the appraised value minus the cost of repairs. 
     

  • - Investing in a foreclosure as a rental will require less trendy but rugged materials and flipping to resell might be more expensive (and more headache!).  Moving into the home yourself can keep initial costs in check if you’re willing to do what’s necessary before moving in and holding off on upgrades. 
     

  • - Some foreclosure purchases must be made in cash, and that can put investors at an advantage.  In case cash isn’t a requirement for the purchase, have proof of pre-approval from your lender when you make your offer. 

 

Whatever your reason for your interest in buying a foreclosed home, make sure you do your research, and talk to your bank as well as an experienced REALTOR®.  Search for foreclosures by locality and beware of anyone offering to sell “their property” that is in foreclosure.  Con artists are smart enough to find vacant properties to pass off as their own, sell them, and take the money and run. Educating yourself on the foreclosure purchase process will make for a smoother process, less stress, and hopefully an investment that will pay off for you! 
 

Courtesy of New Castle County DE Realtors Tucker Robbins and Carol Arnott Robbins.   

Photo credit: fox-property-investments.com

Add Comment

Workshops for First Time Homebuyers

Wednesday, April 10, 2019
by Tucker Robbins


That’s right--classes for home buyers!  If you’re just starting out on your home-purchase process, you may get overwhelmed when you find out all that’s involved.  Sadly, it’s not as easy as finding a house, paying for it, then moving in.  It’s a great idea to learn all you can about the process as well as being a homeowner. 

 

  • - Don’t wait until you’ve found a house you want to purchase before signing up!  Find a course that will help you learn the ropes from house-hunting to closing so you’ll feel confident when you contact a RealtorⓇ to begin your search. 

  • - Credit counseling is best done about six months before you start looking at homes, so you can learn about improving your credit score, as well as creating a budget and sticking to it.  You want the highest credit score possible so you can receive pre-approval for a mortgage. 

  • - Don’t have enough saved for a 20% down payment?  A workshop will help you find a program that will assist you with finding low down payment programs, as well as if there are any grants available in your community. 

  • - HUD-approved counseling agencies usually offer one-on-one sessions so you can get a better understanding of your own personal financial situation, as well as answer any specific questions you may have. 

  • - Many workshops have more than one “instructor;” you will hear from lenders, appraisers, inspectors, and insurance agents that will discuss their roles in the home-buying process. 

 

When dreaming of buying your own home, don’t let all of the information overwhelm you and keep you from even trying! If you are pressed for time with work and family, online course may be for you!  All it takes is this first step, and you’ll find that a home-buyer course will show you won’t be alone on the road to home ownership.   

 

Courtesy of New Castle County DE Realtors Tucker Robbins and Carol Arnott Robbins.   

Photo credit: solitashouse.com

Add Comment

For Sale By Owner for Sellers and Buyers

Wednesday, March 13, 2019
by Tucker Robbins


Some homeowners think they’ll be saving a ton of money by choosing to sell their home themselves, and unless they’re a real estate agent, that may be so.  If you are interested in a house that is offered for sale by the owner (FSBO) what’s the risk for you?  Read on to find out why it’s not a good idea for seller or buyer: 

 

Sellers 

  • - According to realtor.comⓇ, the listing agent and buyer’s agent split about 6% of the home’s sale price.  You’ll need to calculate how much it costs you to stage and photograph your home, get an MLS number, market the house, take time from work to schedule showings as well as host the showings, do all of the paperwork involved, and contact and pay attorneys and others who are involved in a home sale, and compare it to the commission you believe you’ll give up to an agent.   

  • - To be fair, the seller should offer a 3% commission to the buyer’s agent.  Otherwise, most agents won’t bring anyone who’s interested to your home for a showing. 

  • - Sellers are responsible for any mistakes that have occurred once the transaction is in motion.  If you don’t purchase errors and omissions insurance, you may end up paying out of pocket in court or settle out of court for those mistakes. 

  • - Pricing your home takes more than just an online search for sold homes in your area, and not only can you overprice your house, but you can lose thousands by underpricing. 

  • - Scammers abound and can cost you in many ways.  These criminals target FSBO homeowners, because the scammers are savvy enough to make their offer look legitimate.   

 

Buyers 

  • - Beware the owner’s asking price.  Since the majority of FSBO sellers don’t have the experience to set a good market value on their home, their quote will likely be too high. 

  • - Be prepared to wait some time to see the home.  Most homeowners have full-time jobs, and you’ll have to view the home on their time, with them as your host. 

  • - If a seller tells you their house is in perfect condition, and you can save money by not hiring an inspector, walk away.  Every house even brand-new houses should be inspected before changing hands. 

  • - Ask the seller what fees they plan on paying, and in the case that they ask to share the costs with you, it’s time to find another house. 

  • - Do your own research on the house, make sure the person you’ve talked with is the actual owner, and proceed with caution.  There are scams that involve an empty house, FSBO signs, and scammers who will take your money and run, because they aren’t the rightful owner. 

 

The best advice: hire a RealtorⓇ.  Not only are they the ones taking the risk in selling your home (or not), licensed real estate agents know everything you don’t know about selling and purchasing, devote all their working hours to home-buying, and can protect your investment as well as a buyer’s interests. 
 

Courtesy of New Castle County DE Realtors Tucker Robbins and Carol Arnott Robbins

Add Comment

Terms First-Time Home Buyers Need to Know!

Wednesday, February 13, 2019
by Tucker Robbins


The time has come to begin the steps of buying your first home and looking around the internet and other real estate-related media, you’re finding there’s a lot more to know than finding a house, getting a loan, and signing papers.  There are some key words that can be unfamiliar to a first-time home buyer, so familiarize yourself with these lesser-known terms so you’ll have fewer questions and stumbles along the way: 

 

  • - In order to be certain that the home is worth the amount of the loan, there will be a home appraisal performed by an unbiased inspector of the lender’s choosing. 

  • - At the final paper-signing, the buyer is required to pay closing costs, which normally include attorney fees, surveyors, inspections, and title insurance, among other things.  Be prepared to have 2-5 percent of the purchase price for closing costs. 

  • - If you’d like to pay less interest over the time of your loan, you can purchase discount or mortgage points.  To learn more about this option, check out these tips from the Nerd Wallet website. 

  • - Earnest money is money that will be paid to the seller to show good faith of the buyer towards the home purchase.  It will be applied to your down payment. 

  • - When you have funds in escrow, you will have given funds to a third party to hold until they have verified that inspections, disclosures or any disputes have been resolved.  Keeping it in escrow protects your deposit before you sign the final contract to buy your new home. 

  • - Pre-approval is very important and differs from being pre-qualified.  If you’re pre-approved for a loan amount, you have a realistic expectation of what you can buy. 

  • - If your down payment is less than twenty percent of the purchase price, you will pay private mortgage insurance typically until that amount reaches twenty percent of the loan or home value. 

  • - Your lender will require the purchase of title insurance, which protects real estate owners and lenders against any property loss or damage for whatever reason.  Learn more about what title insurance is and what it covers from the CFPB. 
     

There are other terms and abbreviations you may find in your search for a house in their descriptions and about real estate in general that you won’t be familiar with.  Here’s a longer, more comprehensive list from realtor.comⓇ.  The more you know before you get started, the smoother the home-buying process will be!


Courtesy of New Castle County DE Realtors Tucker Robbins and Carol Arnott Robbins.   

Photo credit: activerain

Add Comment

Buying an Older House in New Castle County DE

Wednesday, January 30, 2019
by Tucker Robbins


Many people dream of living in an older home, whether it be a 100-year old farmhouse, or a vintage ranch from the 50’s.  There are certain things that should be taken into consideration, good and bad, when that dream starts to become a reality, and you’re on the hunt for an old new home.  

 

  • - If the house was built before 1978, make sure the home inspector looks for lead paint and asbestos, as both can be health hazards. 

  • - Have the foundation thoroughly checked if it is original to the house.  Even the most solidly-built houses can have settling, water damage or corrosion. 

  • - Not only are older mechanical systems likely to fail since they’re at the end of their lifespan, they are less energy-efficient.   

  • - Plumbing and electrical systems can be old enough that they need to be replaced; old pipes can affect water quality and worn out wiring can be a fire hazard. 

  • - Unsafe features that may be charming may not be up to current code.  Check for steep stairs, non-working fireplaces, and laundry chutes, especially if you have younger children. 

 

While all those things are expensive solutions, there are some things that you can’t get with a newer home: 

  • - Older homes are usually in established locations, and are in good school districts, as well as being close to shopping and restaurants. 

  • - Houses built before the 1970’s are generally sturdier, simply because the lumber used to build them was made from old growth hardwoods, something that isn’t available today. 

  • - The lots in areas where you find older homes are usually larger, and that may mean more maintenance, but it also means more room for playing, pet exercise, and outdoor entertaining. 

  • - You just don’t get the charm and character in new construction like you do in an older home, even if the styles are similar. 

  • - Prices of older homes are usually lower, unless there is historical significance to the house itself or to the area. 

 

Do your research, list the pros and cons as they pertain to your life.  No matter what age house you finally decide to buy, the choice should be made because it’s what is best for you and your family. 


Courtesy of New Castle County DE Realtors Tucker Robbins and Carol Arnott Robbins.   

Photo credit: myoldhouseonline.com

Add Comment

Real Estate Disclosures and You

Wednesday, November 28, 2018
by Tucker Robbins

Zillow.com defines the term disclosure as “...the buyer’s opportunity to learn as much as they can about the property and the seller’s experience in it.”  In most states, this simply means that the seller must let the buyer know about problems that they are aware of.  Whether you’re selling or buying a house, disclosing issues with the house is an extremely important part of the process.  

 

What Disclosure Means for the Seller 

  • - Your listing agent will provide a form for you to fill out, answering questions with either yes, no or I don’t know about different aspects of the house.  This form should be filled out truthfully and to the best of your knowledge. 

  • - Items that most states ask you to disclose to the buyer:  lead paint or asbestos, previous repairs or additions, mold or water damage, pest issues, drainage problems, foundation cracks, problems with HVAC and other appliances, and if the roof is leaky. 

  • - If you think there might be a problem, say possible mold in the crawlspace, have an inspector come and have a look.  It’s better to be safe than sorry here. 

  • - While you’re going over the disclosure form, if you’re not sure if you should report something, report it anyway.  It’s best to err on the side of caution. 

  • - Have the disclosure ready before you’ve accepted an offer for your own protection. 

  • - Your listing agent will be aware of all government disclosure requirements--federal, state, and local--so be prepared to report all that these laws ask of you. 

 

Disclosure and the Buyer 

  • - Once you receive the disclosure statement, go over it carefully and ask questions if you’re not sure about anything listed, because you must sign the disclosure. 

  • - The extra expense of having an official inspection done on the house is vital to this part of the sale.  Have the disclosure form information with you when you meet the inspector at the house, so you can go over the problem places with a pro. 

  • - In the case of any additions to the home, check the local government building permit and zoning information to make sure the addition was done the legal way by licensed people. 

  • - If you have any issues with the seller’s answers on the disclosure statement, and don’t want to make the repairs, and can’t come to an agreement with the seller, it may be best to walk away and look for another house. 

  • - Once you are satisfied with the disclosure and have the peace of mind that the sale should go through, sign off on the disclosure. 

 

A disclosure should be a seller’s protection plan, and smart sellers will be completely honest, and maybe even over-disclose.  Also, be aware that some states even ask sellers to disclose things like traffic noise, and even paranormal activity!  Your Realtor will know everything you need to provide to buyers, so the sale of your home goes smoothly.

Courtesy of New Castle County DE Realtors Tucker Robbins and Carol Arnott Robbins.   

Photo credit: davesellsmetrodenver.com

Add Comment

New Castle County DE Real Estate Market Watch For September 2018

Thursday, September 27, 2018
by Tucker Robbins

New Castle, De Sales Activity

Q2 2016Q3 2016Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017Q1 2018Quarter50100150200

New Castle, De Home Sales Price Trends

Q2 2016Q3 2016Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017Q1 2018Quarter120K140K160K180K200K
 Median      Average
Period Total Sold Average Price Median Price
2018      
JAN-MAR 83 $154,348 $120,000
Total 83 $154,348 $120,000
2017      
OCT-DEC 142 $182,089 $140,650
JUL-SEP 173 $181,614 $150,000
APR-JUN 142 $163,863 $139,950
JAN-MAR 135 $140,735 $124,900
Total 592 $168,148 $139,900
2016      
OCT-DEC 126 $193,530 $158,950
JUL-SEP 187 $188,611 $162,500
APR-JUN 180 $161,890 $137,500

Courtesy of New Castle County DE Realtors Tucker Robbins and Carol Arnott Robbins.   

Add Comment

New Castle County DE Real Estate Market Watch For August 2018

Friday, August 31, 2018
by Tucker Robbins

New Castle County DE active listings are down 21% from last year and did not change from the previous month. The median listing price was just under $270,000 and the median sales price was just under $230,000. Compared to last year, the average days on market is down 19%. The number of units sold was consistent year-over-year and decreased 14% month-over-month. 

Courtesy of New Castle County DE Realtors Tucker Robbins and Carol Arnott Robbins.   

Add Comment

Home-Buying After Foreclosure or Bankruptcy

Wednesday, August 22, 2018
by Tucker Robbins

If foreclosure or bankruptcy has been part of your past, and you’re ready to jump back into buying a new home, welcome to the “boomerang buyer” club!  There are several factors to buying a home after these losses, so before you start house-hunting, make sure you’re not only emotionally ready, but financially ready! 

 

  • - Be absolute certain your credit has been rebuilt by paying all your bills on time and in full. Check your credit score, and keep an eye on it.  Aiming for a minimum score of 580 improves your chances of qualifying for a home loan. 

  • - Get every penny you can into savings! 

  • - Consider taking a course in financial management.  Not only does this help you become more financially stable, it shows a lender that you’re serious about it. 

  • - If your last home went into foreclosure, there are waiting periods for applying for a mortgage: three years for FHA loans, seven years for Fannie Mae/Freddie Mac loans, two years for Veterans Affairs loans, three years for USDA loans, and other lenders have different waiting periods. 

  • - Buying a home after bankruptcy depends on what type of bankruptcy was filed, so there are different factors when it comes to each situation. 

  • - If you have experienced a short sale with your last home, depending on the lender, the waiting period to apply for a mortgage is two-seven years. 

  • - Some lenders may ask you to write a letter explaining the circumstances for the foreclosure or short sale, as well as what you learned during the process.   

  • - Extenuating circumstances that caused a foreclosure or bankruptcy, such as a major illness or job loss can make a difference in how long you must wait to apply for a mortgage, depending on the lender.  Be prepared with any paperwork that shows your loss of income or increase of debt. 

 

Before you begin this second chance on homeownership, talk to a RealtorⓇ who is experienced with assisting those who have experienced financial hardship and lost a home in the past.  They have a wealth of knowledge to help you every step of the way on the path to a fresh start! 

 

Courtesy of New Castle County DE Realtors Tucker Robbins and Carol Arnott Robbins.   

 

Photo credit: homes.com

Add Comment

Displaying blog entries 31-40 of 63

Syndication

Categories

Archives

Quick Search

Contact Information

Photo of Tucker Robbins Real Estate
Tucker Robbins
Berkshire Hathaway HomeServices
3838 Kennett Pike
Wilmington DE 19807
(302) 777-7744 (direct)
Send an Email