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Lewes, Delaware
Jim's Towing Service
November 30, 2012     Cape Gazette
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November 30, 2012

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cape azette BUSINESS & REAL ESTATE FRIDAY, NOVEMBER 30- MONDAY, DECEMBER 3, 2012 37 Dear Edith: I will be selling my house early next year and may have a buyer. Should I use a broker or an attorney to handle the paperwork? - ]. Answer: More than just pa- perwork is involved. The only question isn't, "Does X want to buy my property?" Just as im- portant is, "Can X finance the purchase?" Your best bet is to list the property on the open market, with a written agreement that no commission will be due if the house is sold to X within 30 days. If you can't make a deal yourself in that time, you may want to turn your agent loose on X anyhow. Many brokers are willing to list with that exclusion in the contract. You get exposure on the market without losing sales time, there's some pressure on X to decide, and you'll have feedback from the public about market value. In the event X does want to buy, you may want to retain the broker anyhow, at a re- duced fee or by the hour. You may need help with negotia- tions leading to a contract, and with the details - appraisal, in- spections, mortgage advice and the like - needed on the way to a successful transfer of title. Dicey situation Dear Ms. Lank: We own a house where the first floor is for our business, and the second floor is a rental. Problem: We recently had an appraisal for fi- nancing, only to discover our tenants are hoarders. It used to be a really cute second floor, but now it looks like a dump, and has devalued the property. The appraiser simply said, "Welt, I've seen worse." They pay the rent on time, and one of them works for us. What should we do, as this is obviously a dicey situation? - email Answer: The appraiser's esti- mate of market value is based on more solid considerations than your tenants' housekeep- ing. If that's what worries you, you can relax. Beyond that - if you nee i to let them remain as tenants, you might as well relax again, be- cause you're not going to make them change their habits. If some day you need to re-rent, or plan to sell, you can freshen up the vacant apartment so it's really cute again. Refinance or not Dear Ms. Lank: I have a chance to refinance my mort- gage at 2.8percent. At the same time I have my eyes open for a bigger ranch, one with two baths versus the one I now have. Should I refinance to grab the low interest rate, or should I hold out until I find another ranch? - A. Answer: How much will it cost you to refinance? How much interest will you save every month? And then divid- ing these, how many months will it take until you've saved enough to make up for those fees? Let's say, for example, that you'd recoup your cash outlay in 18 months. After that the fi- nal question would be - are you likely to move within the next 18 months? If you were, it wouldn't be worth refinancing. But if you expected to remain where you are for at least 18 months, then you'd go for the lower interest rate. After the 18 months were up, you'd be sav- ing money every month until you sold the house. Walkthrough for closing Dear Edith: We are buying a new home (well, new to us) and will have a final walkthrough just before closing. What sort of things are we looking for? - R. L )! ~ 51' . GREAT OCEANFRONT VALUE - NORTH SHORES Rare Opportunity To Build Your Dream Home On One of The Last Oceanfront Lots Available In The Coveted Community of North Shores in Rehoboth Beachl 75' X 250" Lot Dimensions Offer Great Potential For a Large Oceanfront Home, Community Tennis, Pool, Marina and Private Beach. (6257C) $3,750,000 WATERFRONT ESTATE Gorgeous Private 20 Acre Estate SRuated On Red Mill Pond. Appealing FIoorplan & Finishes. Lg. Kitchen, Hdwd Firs, Swimming Pool, & Potential For Subdivlsionl (6066R) $1,7S0,000 WATERFRONT RBYCC HOME Attention To Detail Throughout. Seemingly Flawless Floorplan, 1st Fir Master, Lg Kitchen, Direct Boat Dock With Lift Access From Your Back Doorl (6303J) $1,399,000 NORTH SHORES PENTHOUSE UNIT Conveniently Located Within Walking Distance Huge Kitchen, Open Floorplan, Large Great To The Beach and State Parkl 3BR, 2BA, Room, Sunroom & Office. Full Laundry Room, Screened Porch and Large Backyard Great For Master Suite with Luxurious Bath. Minutes Entertainingl (6742C) $895,000 from the Beach1 (4702A) $299,900 Answer: Take your sales con- tract along, to see if the seller is leaving everything promised in the contract: carpeting, win- dow blinds, whatever. You also want to check for damage that may have occurred since you viewed the house: newly bro- ken windows, for example. And you should receive the place in "broom-clean" condi- tion, without piles of stuff in attic or cellar. If you see prob- lems, contact your broker or closing agent immediately. Continued on page 40 Pat Hearn Home-Buying Power at the Delaware Beaches Search a complete list of homes at the beach at For details, call me at 800-321-38391 167i2 Kings Highway, Lewes, DE 19958 302-645-666 I, ext. I 14 302.236-1143 (direct) I~ CANAL FRONT - THE ACRES Charming Classic Colonial Cottage in the Serene Setting of'Henlopen Acres. Pine Tongue & Groove Paneling, WB FP, Built-ins, Sunroom, & Dock! (6817D) ~2,200,000 FANTASTIC FRENCH COLONIAL In Henlopen Acres! 5 BRs, I.g. Formal Dining Room, 2 WB Fireplaces, Year-Round Sun Rm, Gourmet Kitchen. 1.8. Landscaped Backyard, Great For Entertaining! (6412D) $1,795,000 NEW USTING! HENLOPEN ACRES Enjoy A Quiet & Peaceful Setting In This Spacious & Cozy Home That Features Hdwd Firs, 2 WB Frieplaces, LS, Master Suite, 2-Car Garage & Morel (71271)) $1,595,000 OCEAN BLOCK - S. REHOBOTH Great South Rehoboth Beach Housel Never Rented, Good Condition, Open Floorplan, Deck Screened Porch & More. Only Steps to The Beach & Boardwalkl (6908F) $1,590,000 HENLOPEN ACRES Own and Build in Prestigious Henlopen Acresl Lot is over 30,000 Sq Ft. On the Corner of Fields End & Tidewatersl Walk to Downtown Rehoboth & The Beach l (4368D) $1,399,000 OCEAN BLOCK INVESTMENT! Walk To The Beach From This 6BR, 3BA Ocean Block Home. Multiple Decks Great For Entertaining. Rooftop Deck W/Ocean Viewst Rental Machinel (6898H) $899,000 EAGLES LANDING Conveniently Located Within Biking Distance From The Beach & Downtown Rehobothl Open Fioorplan, Private Rear Deck, WB FP & Well Keptl Excellent Rentall (6693J) $259,000