Real Estate Information

Does Your Insurance Cover Your Assets?

With recent events many homeowners who thought their insurance protected them are finding that it did not cover them sufficiently. As of March 16, 2015 FEMA has enacted new Base Flood Plan elevations.  Homeowners, who have flood insurance, should check with their carriers to see if their policies are going to increase and what they should do to prevent and cover themselves in the event of a hurricane or flood.

Here are a few tips on making sure you are protected;

1. Research: Ask your insurance agent “What doesn’t my policy cover?” This way you will know what else is necessary to purchase for your protection.

2. Rebuilding: Find out the average square foot building cost in your area.

3. Replacement: Get insured for the replacement value of your personal items and document them.

4. Relocation: Have coverage to get housing if you are displaced for a period of time.

These few tips could save you a lot of heartache and money in the event of a natural disaster.

Please share this with your friends.  You could be doing them a big favor!

As always, give us a call if we can be of assistance here in the Bethany Beach, Fenwick Island and surrounding Delaware resort areas.

Audrey & Frank Serio, CRS

REMAX By The Sea

Bethany Beach DE 19930

Direct: 302.537.3171

Frank@TheSerios.com

A Daily Email List of New Homes for Sale as they Hit the Market in Bethany Beach – Fenwick Island and the Resort’s Surrounding Areas!

Just Click Here…

RE/MAX National Market Update

May 2015

Published on May 21, 2015

RE/MAX researches 53 major metropolitan markets and analyzes the data to get a pulse on the US housing market. Here are some highlights from this month’s report. To download the full report Click Here. For more information about your local real estate market and what these trends mean for you, contact Audrey & Frank Serio, CRS at REMAX By The Sea, Bethany Beach Delaware.

Audrey & Frank Serio, CRS

REMAX By The Sea

Bethany Beach DE 19930

Direct: 302.537.3171

Frank@TheSerios.com

A Daily Email List of New Homes for Sale as they Hit the Market in Bethany Beach – Fenwick Island and the Resort’s Surrounding Areas!

Just Click Here…

Published on Apr 27, 2015

RE/MAX researches 53 major metropolitan markets and analyzes the data to get a pulse on the US housing market. Here are some highlights from this months report. To download the full report click here. For more information about your local real estate market and what these trends mean for you, contact Audrey & Frank Serio, CRS with REMAX By The Sea   Serving Bethany Beach, Fenwick Island and the surrounding Delaware resort areas.

Audrey & Frank Serio, CRS

REMAX By The Sea

Bethany Beach DE 19930

Direct: 302.537.3171

Frank@TheSerios.com

A Daily Email List of New Homes for Sale as they Hit the Market in Bethany Beach – Fenwick Island and the Resort’s Surrounding Areas!

Just Click Here…

Published on Mar 27, 2015

RE/MAX researches 53 major metropolitan markets and analyzes the data to get a pulse on the US housing market. Here are some highlights from this months report. To download the full report Click Here. For more information about your local real estate market and what these trends mean for you, contact Audrey & Frank Serio, CRS with REMAX By The Sea, Bethany Beach Delaware.  Selling the fine homes of Bethany Beach, Fenwick Island and the surrounding resorts. 

Audrey & Frank Serio, CRS

REMAX By The Sea

Bethany Beach DE 19930

Direct: 302.537.3171

Frank@TheSerios.com

A Daily Email List of New Homes for Sale as they Hit the Market in Bethany Beach – Fenwick Island and the Resort’s Surrounding Areas!

Just Click Here…

DSHA Announces Big Changes to Homeownership Programs

During a Lender’s Meeting today, DSHA announced the following changes to Homeownership Programs:

Effective immediately, Homeownership program income limits will no longer be based on county and family size. The new statewide income limit is as follows:

New Homeownership Program Loan Income Limit Effective March 10, 2015

DSHA has also announced the elimination of Homeownership Program Purchase Price Limits and has replaced that limit with a statewide maximum loan amount.

New Homeownership Maximum Loan Amount Limit Effective March 10, 2015

End of Advantage 3 and the launch of Advantage 4 grant program

Also announced during the meeting was the Advantage 3 grant program would be replaced by Advantage 4. Advantage 4 will provide a larger grant amount equal to 4% of the 1st mortgage that is used to cover down payment and closing costs. Advantage 3 reservations will be accepted until 5:30 PM on March 13^th and Advantage 4 reservations will begin being accepted at 9:00 AM on March 16^th. 

Changes to Second Mortgage Assistance Program (SMAL)

Also announced were the following changes to SMAL. Effective immediately, SMAL income and purchase price limits will no longer mirror the Homeownership Program limits, but will be tied to the limits established for the Delaware First-Time Homebuyer Tax Credit program. This means in some cases, borrowers who are eligible for a first mortgage through DSHA may exceed income or loan amount limits for SMAL.

Advantage 4 eligibility criteria will match those of the Homeownership Program, so borrowers who do not qualify for SMAL may want to consider using Advantage 4 instead.

Also announced, while DSHA strongly encourages a home inspection it was announced this was being eliminated as a requirement for SMAL applicants effective immediately.

Faster Purchase at US Bank with Doc Velocity

During the meeting, US Bank provided information on the Doc Velocity system that they are rolling out to lenders. Doc Velocity is a closed loan delivery system that will provide greater efficiency in reviewing closed loans for purchase and clearing any deficiencies. The result of the initial roll out is that loans are received and purchased in half the time as the paper process.

Audrey & Frank Serio, CRS

REMAX By The Sea

Bethany Beach DE 19930

Direct: 302.537.3171

Frank@TheSerios.com

A Daily Email List of New Homes for Sale as they Hit the Market in Bethany Beach – Fenwick Island and the Resort’s Surrounding Areas!

Just Click Here…

38245 Keenwik Road

Keen-wik on the Bay

West Fenwick Island DE 19975

5 Bedroom 31/2 Baths

Fabulous bay and Ocean City skyline views.Open & airy floor plan-lots of living spaces and 5 bedrooms which includes 2 master suites. Featuring gourmet kitchen, sunroom, upgraded master bath,office/bedroom/bonus room. 75'bulkheaded lot with docking for more than one boat. A MUST SEE

Being Offered For Only:

$849,900

Features

• Granite Kitchen Counters with Glass/Aluminum Tile Backsplash.

• Updated Kitchen Appliances!

• First Floor Bedrooms Carpet installed in 2014!

• Hardwood Floors in Living Area.

• Granite/Marble Master Bathroom and Shower!

• Schluter Shower Drain system in Master Bathroom.

• WAUPACA Elevator.

• Whole-House Water Filter and Water Softener!

• Three Exterior No-Maintenance Decks and a 3-Season Room!

• 75 ft Boardwalk Bulkhead replaced in 2004!  W/ 25’ Pier.

• 15’ X 55’ Side Expansion of House available.

​​

Lot Size: 7405 sq ft

Home: 3362 sq ft

For Additional Information Call

Audrey & Frank Serio, CRS

REMAX By The Sea

Bethany Beach DE 19930

Direct: 302.537.3171

Frank@TheSerios.com

Audrey & Frank Serio, CRS

REMAX By The Sea

Bethany Beach DE 19930

Direct: 302.537.3171

Frank@TheSerios.com

A Daily Email List of New Homes for Sale as they Hit the Market in Bethany Beach – Fenwick Island and the Resort’s Surrounding Areas!

Just Click Here…

Time Saving Tips for Getting Started on Your Home Purchase

Buying a home or second home today can be a complex and stressful process, but it doesn’t have to be. With a little preparation, you can save a lot of time and hassle by having all of your documents ready when your mortgage professional needs them.

Understanding the process and the items required today for a mortgage certainly helps save a lot of time and energy.

To start with, the lender will need personal information to verify employment for you and your co-borrower (if there is one). They will also need Information regarding all of your debts and assets in order to expedite the paperwork process, start gathering the following items:

• Most recent pay stubs for one month.

• W2's from the last two years.

• Signed copies of your last two years

• Tax returns, including all schedules that were filed.

• Homeowner's insurance company name and number. (If you already own a home)

• Most recent bank statements for two months. (All pages)

• Most recent statements from any retirement and investment accounts for two months. (All pages)

So, what costs are involved?

Within 3 days of your application, your Loan Officer must provide you with a good faith estimate of closing costs. Along with any down payment you may have to pay closing costs at your closing as well. This is a brief rundown of some of the fees that could be associated with your new mortgage:

• Application/Processing FH -Charged by the loan officer to process your loan application.

• Appraisal Fee-Charged by the appraiser to determine the current value of the property.

• Closing Fee - Charged by the closing agency (escrow, attorney, and tittle) to ensure the close of your transaction.

• Credit Report Fee - Charged by the credit reporting agency to provide your credit report to your loan officer and/or lender.

• Title Search/title Insurance Fees - Charged by the title company to ensure the property is free from liens or title defects.

• Origination Fee - Paid to the originator to obtain a lower interest rate. This is usually expressed in the form of points. One point equals 1% of the loan amount.

• Discount Points- Paid to the lender to secure a lower interest rate.

• Miscellaneous Fees-VA and FHA loans may have other fees associated with them. Private Mortgage Insurance (PMI), document preparation, notary, recording and tax service are other fees which may fall under this category.

We can help you find a mortgage lender to help evaluate your personal situation and assist you in finding the loan program that works best to meet your individual goals and needs.  Just give us a call!

Audrey & Frank Serio, CRS

REMAX By The Sea

Bethany Beach DE 19930

Direct: 302.537.3171

Frank@TheSerios.com

A Daily Email List of New Homes for Sale as they Hit the Market in Bethany Beach – Fenwick Island and the Resort’s Surrounding Areas!

Just Click Here…

What Is Freeboard?

Recently there has been a lot of discussion in coastal communities all over the United States on the subject of rising sea levels and the impact on homeowner’s flood insurance coverage.  This conversation is not just limited to towns here in the Bethany Beach and Fenwick Island communities but across the nation.

FEMA is “highly” recommending (note FEMA does not require towns to act but the towns will lose their eligibility for flood insurance if they do not comply) that towns adopt building codes that require homes to be built above Base Flood Elevation (BFE) and to add Freeboard (see definition below) to better protect the homeowner in the case of higher than calculated flood levels.

Understanding the severity of the issue and rising sea levels virtually all coastal communities are meeting the recommendations from FEMA.  It is important to note that today's floodplain is not necessarily tomorrow's floodplain.

Definition of FREEBOARD by Merriam Webster Dictionary;

1 :  the distance between the waterline and the main deck or weather deck of a ship or between the level of the water and the upper edge of the side of a small boat

2 :  the height above the recorded high-water mark of a structure (as a dam) associated with the water

FEMA Defines Freeboard as;

Freeboard is a factor of safety usually expressed in feet above a flood level for purposes of floodplain management. "Freeboard" tends to compensate for the many unknown factors that could contribute to flood heights greater than the height calculated for a selected size flood and floodway conditions, such as wave action, bridge openings, and the hydrological effect of urbanization of the watershed. Freeboard is not required by NFIP standards, but communities are encouraged to adopt at least a one-foot freeboard to account for the one-foot rise built into the concept of designating a floodway and the encroachment requirements where floodways have not been designated. Freeboard results in significantly lower flood insurance rates due to lower flood risk.

 Elevation;

Communities must require that all new construction and substantial improvements of residential structures within Zones A1-30, AE and AH Zones on the community's Flood Insurance Rate Map (FIRM) have the lowest floor (including basement) elevated to or above the Base Flood Elevation (BFE). Common elevation techniques include elevation on file, elevation on piles, piers or columns, and elevation on extended foundation walls such as on a crawl space.

In areas designated as Zone A, the community must obtain, review, and reasonably utilize BFE data available from a Federal, State, or other source and use these data as criteria for requiring that new construction and substantial improvements of residential structures have the lowest floor (including basement) elevated to or above the BFE.

All new construction and substantial improvement in Zones V1-30, VE, and also Zone V (if BFE data is available), must be elevated on pilings and columns so that the bottom of the lowest horizontal structural member of the lowest floor (excluding the pilings or columns) is elevated to or above the BFE.

For residential structures in AO Zones, the lowest floor (including basement) must be elevated at least as high as the depth number specified in feet on the community's map, or at least two feet if no number is specified.

For additional information please visit StormSmartCoasts article;

Using Freeboard to Elevate Structures above Predicted Floodwaters

And the following link;

Raise Your House, Lower Your Payments provided by the DNR of Maryland

Audrey & Frank Serio, CRS

REMAX By The Sea

Bethany Beach DE 19930

Direct: 302.537.3171

Frank@TheSerios.com

A Daily Email List of New Homes for Sale as they Hit the Market in Bethany Beach – Fenwick Island and the Resort’s Surrounding Areas!

Just Click Here…