Opportunities expand in Delaware for homebuyers and investors

In the early stages of what some call an economic recovery, would-be homeowners and investors in Delaware have several opportunities to get their hands on affordable properties. 

“There are buyers out there.  This is absolutely a buyer’s market,” says Glen McDonald of Max Spann Real Estate and Auction Company, which is handling an auction of 37 properties next week in Wilmington.  “They’re looking for a deal.”

That deal, McDonald says, could be found on the list of homes, townhomes, condos and business properties now held by WSFS Bank.  McDonald says the sites no longer fit the purposes of the bank, which would like to see them occupied by individuals, families and entrepreneurs.

They include a 6th- floor two-bedroom high-rise condominium in Wilmington, residential and golf course parcels in Middletown, and a former restaurant on Little Creek Road in Kent County.

Some properties open with no minimum bid, while others start at $35,000.  Most  are in Delaware, with a few available in nearby parts of Pennsylvania and Maryland.

They are also in a variety of conditions.  Some are move-in ready, while some require quite a bit of work.

“The bank sees this as an opportunity to sell these 37 properties, and transfer them to hard-working homeowners, operators and business personnel,” McDonald says.

CLICK HERE to find out more about the available properties.  The auction is being held May 25th at 1:00 p.m. at the downtown DoubleTree Hotel, 700 N. King St.

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If affordability is an issue, the City of Wilmington has announced a new homebuyer assistance program.  It offers assistance of up to $10,000 for qualified homebuyers toward acquisition of a qualifying property in zip codes 19801, 19802 or 19805.

“There are properties available in Wilmington and there are individuals and families that would very much like to establish a home,” says Mayor James Baker. “Sometimes, in this current economic climate, it just takes a little bit of assistance for a potential homebuyer and a mortgage lender to come together and strike a deal.”

Funding for the effort is being provided by the city, utilizing federal dollars from the Neighborhood Stabilization Program.

To find out more about the application process and income guidelines, CLICK HERE or call the Wilmington Department of Real Estate and Housing at 302-576-3000.

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