Getting a loan today usually requires a little more time and effort. If you have refinanced or purchased property elsewhere over the last few years then you are familiar with this process. You may want to use your home town lender because they already have your paperwork or they are a friend. The unique aspects of getting a loan on OBX property may be worth reconsidering your decision. Here are some reasons why you should use an Outer Banks lender. Flood Zones Outer Banks lenders are … Continue reading...
How do vacation rentals work for an owner?
How do vacation rentals work? Renting your second home makes affordability much easier. Thousands of dollars each year can be earned to offset the mortgage or other vacation home expenses. Here’s some information about vacation rentals that will help you when thinking about buying a vacation home on the OBX. When a property is a vacation rental the listing agent has a few additional fields they can complete showing rental income. Many of the national real estate web sites do not carry these … Continue reading...
Top Five things to know about Outer Banks Short Sales
Knowing a few key facts about short sales may help you decide if you want to include these types of properties in your Outer Banks real estate search. Here are the top five facts about Outer Banks Short Sales: Under contract continue to show: Often they already have at least one contract on them. The local Multiple Listing Service has listing agents put their under contract short sales in an under contract continue to show status. Properties with this status are included in the data feeds … Continue reading...
Is it time for an Outer Banks Purchase?
In just about any market you can find an article about why now is a good time to buy. It’s easy to be cynical when you hear calls to action today after what has occurred in the real estate market over the last five or six years. What makes this particular fall unique compared to just about any of the other times you’ve been told to purchase Outer Banks real estate? Rarely do so many market variables favor buyers. Here’s some information on a few of these variables. Historically low interest … Continue reading...
What is the best season for an OBX purchase?
If you are thinking about purchasing a home on the Outer Banks, then you are also probably thinking about timing. What season is best for your OBX purchase? The two busiest seasons for an Outer Banks purchase are Spring and Fall. That's partially due to the convenience of purchasing. In the summer it can be difficult to get in most vacation rentals. Access to those homes is just between vacation renters, (changeover days). Changeover days are filled with traffic. Also, the window of time to … Continue reading...
What does “under contract continue to show” mean?
Often today a buyer will notice the status of a property has changed to under contract continue to show. It sounds fairly self explanitory. The seller wants other buyers to view the property and perhaps make an offer. Just having that information is not enough for most buyers. I'll explain what I mean by that in a moment below. Here are the majority of the reasons why a listing staus is "under contract continue to show". The property Is a short sale: Once a buyer and seller agree on a … Continue reading...
How to keep from missing out on great Outer Banks deals
Believe it or not missing out on great Outer Banks deals is becoming a more common issue in today’s market Outer Banks real estate market. Well priced properties get almost instant interest and often may have more than one buyer making an offer. Recently a local agent listed a house in Nags Head on a Sunday. By the following Wednesday there were two offers on the property. One potential buyer even took a day off from work and drove down from Richmond to see this particular house. It went under … Continue reading...
North Carolina’s Residential Offer to Purchase
It's common in most state Offers to Purchase for earnest money to be paid by the buyer at the time of the contract. North Carolina is the same. However, there is another type of money that is also listed in North Carolina's Residential Offer to Purchase. That's due diligence money. Due Diligence This residential offer form is similar to commercial contracts where buyers pay for a period of time to reserve the property. During this time the buyers should complete all their inspections and … Continue reading...
3 Mistakes Buyers Make When Purchasing OBX an Home
Without the proper help, it’s easy to make mistakes when purchasing a home on the Outer Banks. Some mistakes are bigger than others but almost all can cost you money in the long run. Here are three common mistakes OBX buyers make. Not getting a market analysis: Prior to buying most buyers look at numerous homes. During their home search they’ll compare the features of each property and make a judgment call on which one is the best value and/or best suits their needs. If you are basing your … Continue reading...
Four tips to getting a great OBX Value
OBX property values have come down over the last few years and there are many great values available today. Even in these great buying times, getting the best value for your money is of utmost importance. Here are a few tips to getting a great OBX value. Get Pre approved: Sellers are most concerned about your ability to purchase the property. When a seller is unsure if you can get a loan to purchase their property, they’ll be less likely to negotiate and/or accept your offer. A pre-approval … Continue reading...