For Buyers

Financing

It is important that you know how you are going to pay for your Outer Banks property. You need to get pre-qualified for a loan as soon as you make the decision to invest. It will save you the heartache of falling in love with a more expensive property than you can afford, and it will give you peace of mind to know that the amount in your savings account will cover the down-payment and the closing costs.

Even though it sounds like a trip to the dentist, prequalification really is painless and can be completed over the phone by most Outer Banks lenders. Our local lenders have vast experience financing property in our unique environment. There are very sophisticated loan products available and selecting the right one for your situation is important. After you select the right financing vehicle for you and get pre-qualified, you’ll know exactly how much you can mortgage and how much cash you’ll have to put down on the loan.

Furthermore, in this fast-moving Outer Banks market, you need to be prepared to make a reasonable offer as soon as you find the right home for you. It is not uncommon for multiple offers to come in on a property. If another offer happens to come in for your dream home at the same time you make your offer, the seller will likely favor an offer from a pre-qualified buyer as they have documentation from a lender confirming they have the financial qualifications to complete the transaction.

If you plan on paying cash, please check with your tax advisor to make sure it makes the most sense for you financially. Also, be prepared to provide a letter with an offer to purchase that verifies you have the cash on hand to proceed to closing. It makes your offer very strong.

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