Every evening, Wilmington daily commercial., 1920-03-10
REAL ESTATE MAN
REVIEWS THEC CITY'S
HOUSING PROBLEM

So many small homes have been TRADED
in during the Inst year, md 70 many u The
landlords, who bad block after block 81
houses, are nov sold out, that an inwsti-
CATION seemed worth while u deterAlnf
The degree of substance there y bark oi
these transactions.
There has not been single f0reciosure
sale In more than two years, w9s tbe
comment Of the first real estate broker ~
whom inquiry was addressed; "and thai
carries fs own comment,
To another broker tbig inquiry war ad-
dressed: What percentage Of cash ie
usually required IN buying hotsesg
In most instances 10 per cent OF ~
per cent of the selling price; but wlSerc
the buyer has not enough 70 pay 40 per
cent several u the sayings and lO8n 81
soclauOns have made l0ang. payable
weekly, under their rules, and thus 10 per
cent ~ - per cent is often acquired, but
OF least % per cent must be IN buyer
pocket ready 10 pay Oyer in cash.
Then there is small danger II fore
closure sale sif the bottom should drop out
n this marketY was asked; 10 which .he
dealer replied: "'rhere is need FOR 1900
houses ia Wilmington today, and not
fifty arc bring built. 50 ] can see nothing
70 cause the bottom 70 drop out 81 this
market, and for two to three years theso
prices arc 70 be sustained
To another broker the quest FOR infor-
nation waa ptrsued and Samuel Schwartz
Of the schwartz Investment o. was asked
~ explain The Worknas Of the second
mortgage plan of buying homes.
'Our business Is based On this principle
One profit and fair one. 20 ourselves
and we PIT our customers IN pich position
that we practically guarantees them in
every turn they make; We watch their
payment ~ citv taxes. county taDes
water rates and sever assessments -
that city treasurer crunty treasurer
bureau of water and Street and Sewer Dp-
partnent carry none of our people o.
their books r. one ont u hundred falls
down We pay IT, and adjust The MATER
right here with our customer
We check the payment Of interest on
first nortgsges, and upon the slightes'
suggestion that one nf orr customers ls 81
day late in paying interest on The frs
mortgages our check goes Imuediatr'iv
70 that mortgage. 80 az the business Oh
legations of our customers are kent punr-
tuaisv.
How do you FIX your profit in III
LfAstNaFNtyNt WIS N@Etft.
Simplicity ifseif said Mr.. Schwartz
Sc broker agrees 20 sell a property but
finds bilyer Lacks capital. sufficient 20 meet
wishes Of the seller. and the deal i about
20 feH. to the loss of seller. broker ami
buyer Tho seller mlsst negotiate ali
over. the broker must readvertise and
show the property 80 more prospective
buyers and he btfver with limited cash
must keep on the hunt
THAT j. q case whore the Schwartz
Investment Co. steps In. 4 fixed sum,
800 $50. 500. depending on the size
of tho deal, is added 20 the price "a OIr
charge aud then our nOw famGus rate
Of sale ls applied: 10 per cent down. on
any home bJTver wants and one per cent
per month on account 81 the principal.
Our ann Is this. To take eare Of every
honest seeker for q home.
We have rot turned one person awsv
because he had too little money.
We looked at the buyer, not solely how
much money he kas.
we DO not advertise that fact. because
we do not want 70 be imposed upon o.
put in d position where we must say no
to anyone.
Our records show one csse where p
Dartv bought q house on WOodlawn
avenue. through n local real estate man.
He was paid ms commission and the BUY
er had enough only 20 pay us $50. and after
psving attorneys charges there was 81
left 10 apply on purchase price, We decided
house and lot 20 that husband and vie
and took their mortgage for $3.50.
Since that tine thew have been offered
$500 profit on that purchase, 20 no re-
grets have ceIEe 10 the buyer. -Four
instaIlments have come due uu
the mortgages we took. and every pay
ment has been met promptly, 50 We have
no regrets.
Our profits on that deal. the burden
We put on the buyer. or the trivial sum
the buyer paid for tins accommodation.
the monef-naking chance We gave them
and enabling another family 70 he per-
housed view IL as sou viii, was
1925
"Out Of over one hundred deals. iu
which we took second mortgage 20 enable
The buyers 10 get homes for themselves
1nlv two DELAYED paving interest or ir-
,tallments maturing during last year. and
hose delsys were only for few days
Besides that situation, which has proved
adequate security from a mons y-lending
standpoint. more that half OF our customer
ye have had, have received offers Of $500
% $1,000 in excess Of the sums at which
hey bought For this reason we consider
he present market abundantly sound
I'm not one inEtsnce have we aided any
NE except a customer buying for occu-
,ancy 80 there has been no speculation
" our Customers.
Our confidence in human natune ia,
Ken fully JUSTIFIED, concluded Mr.
schwartz.