Buyer's Guide

The first step is to get pre-approved for a mortgage. This helps determine your budget and shows sellers that you’re a serious buyer. I can also connect you with trusted local lenders if you need assistance.

If you are an all-cash buyer, then you will need Proof of Funds, typically account statement(s) showing where the money is coming from.

Down payment requirements vary based on the loan type:

Conventional loans: Typically 5-20%.

FHA loans: As low as 3.5%.

VA loans (for veterans): No down payment required.

Down payment assistance programs are also available in Delaware for eligible buyers.

Delaware has a 4% real estate transfer tax, which is generally split evenly between the buyer and seller (2% each). This cost can sometimes be negotiated in the purchase agreement.

• Closing costs typically range from 2-7% of the purchase price and include:
• Transfer taxes.
• Loan origination fees.
• Title insurance.
• Attorney fees.
• Prepaid property taxes, insurance and utilities.

A home inspection evaluates the property's condition, including the roof, foundation, HVAC system, plumbing, and electrical. I recommend attending the inspection and reviewing the report carefully to identify potential issues or necessary repairs.

The market can vary by location. Coastal areas like Rehoboth Beach and Lewes tend to be highly competitive, while smaller towns may have more inventory. In a competitive market, being pre-approved and ready to act quickly is essential.

• Delaware offers programs through the Delaware State Housing Authority (DSHA), including:
• Low-interest loans.
• Down payment and closing cost assistance.
• Tax credits for first-time buyers.

On average, it takes 30-45 days from the time an offer is accepted to closing. However, this timeline can vary depending on financing, inspections, and negotiations.

Yes, sellers in Delaware are required to provide a Seller’s Disclosure Form, which details the property’s condition, including any known defects or past repairs.

Yes, Delaware law requires an attorney to be involved in the closing process to ensure all legal requirements are met. Your attorney will review contracts and handle the title transfer.

Delaware has relatively low property taxes compared to other states. Rates vary by county, but on average, you can expect 0.56% of the home’s assessed value annually. In 2024 Delaware underwent a reassessment, so the tax rate will change.

Yes, most purchase agreements include an inspection contingency that allows you to negotiate repairs, request credits, or cancel the contract if significant issues are discovered.

Delaware offers diverse communities, from beach towns, suburban developments, urban areas to country farms. The right neighborhood depends on your budget, lifestyle, and priorities. I can help you in any of these areas that fit your needs.

Yes and No, as a buyer, you typically don’t pay your agent out of pocket. Most agreements of sale are written so the real estate commissions are deducted from the proceeds of the sale at settlement. Be aware that working with an agent in any state requires a Buyer's agreement be signed.

To make a competitive offer:

• Be pre-approved for a mortgage of have proof of funds.
• Include a strong earnest money deposit.
• Limit contingencies where possible.
• Writing a personal letter to the seller used to be helpful, however now these letters are not as recommended as in the past in order to prevent any potential fair housing violations.