Buying Outer Banks Real Estate

Making the Commitment

Knowing you want to have your own home in the Outer Banks is easy. Making the commitment to invest your money into a property and to invest your time into finding that property is another matter altogether. If you are ready to make the commitment to invest in Outer Banks real estate, I am ready to commit as your exclusive buyer’s agent to providing you with the market information and professional expertise you need to make an informed buying decision. The home buying process should be enjoyable. I want your business and I understand how important this transaction is to you emotionally and financially. Here’s how to get started:

1. Decide what type of property you want to purchase and how you will use it.

What type of property do you want to purchase?

·     Purchase Lot and Build Custom Home  

·     Single Family Home  

·     Condo  

·     Townhouse

How will you use the property?

·     Second Home

·     Investment (Rental) Property

·     Retirement

·     Year Round Residence

2. Sign Up for Free Daily eMail Updates of New Listings

Enter the criteria you desire in your Outer Banks property and you will see all of the Outer Banks properties on the market which fit your needs. You will continue to receive e-mails about new properties as soon as they come on the market. The best properties sell fast! With my automatic eMail updates of new listings, you will know about great properties before they are advertised. Every time the Outer Banks MLS, multiple listing service, is updated, you’ll be notified if a property meeting your criteria is listed for sale. Use this service as a tool to evaluate the properties that are coming on the market in your desired price range. It will help make you an informed buyer. There is no obligation on your part for the service and you may opt out at anytime. Sign up today and move toward becoming an informed Outer Banks buyer!

Exclusive Buyer Agency in North Carolina

 It costs you nothing to hire me as your exclusive buyer's agent as long as the home you purchase is listed for sale with a real estate firm cooperating in the Outer Banks Multiple Listing Service. I will be compensated with a portion of the commission paid by the seller to the real estate company listing the property for sale. The process is called co-brokering. As your exclusive buyer's agent, I’ll work with you to find your dream home and I am required to keep all of your information confidential and to serve the best interests of you, the buyer.

The pamphlet, Working with Real Estate Agents, required to be provided for prospective buyers and sellers by the NC Real Estate Commission, explains the rules of agency relationships for North Carolina. It will also give you useful information about the various services real estate agents can provide to buyers and sellers, and it will help explain how real estate agents are paid. It explains that a buyer's agent has a duty to the buyer to:

·     Promote your best interests

·     Be loyal to you

·     Follow your lawful instructions

·     Provide you with all material facts that could influence your decisions

·     Use reasonable skill, care and diligence

·     Account for all monies they handle for you

Financing an Outer Banks Home 

It is important that you know how you are going to pay for your Outer Banks home. You need to get pre-approved 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.

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-approved for your loan, you’ll know exactly how much you can mortgage and how much cash you’ll have to put down on the loan as a down payment.

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 to submit with an offer to purchase that verifies you have the cash on hand to proceed to closing. It makes your offer very strong. 

Finding the Right Outer Banks Home for You

Now that you've hired me as your Outer Banks buyer’s agent and your financing is set, it is time to go out and look at properties available in the areas you like best and can afford. Do you prefer Corolla or Nags Head? What about the 4-wheel drive area?

We'll focus on Outer Banks communities that meet your needs and properties that fit your price range. As we look at each property, I'll have the background information you need to evaluate the home as an investment and compare it to other properties that are on the market.

We'll look until we find the right Outer Banks homes for you and when you do, I'll provide you with the market statistics to aid you in determining your offering price.

Negotiating an Offer for your Outer Banks Home  

I will prepare an Offer to Purchase and Contract to submit to the seller. You should plan to write a check for an earnest money deposit as a show of good faith. Read all documents carefully before you sign them. You are committed to these terms if the offer is accepted.

After I submit your offer to the seller’s agent, the seller may:

·     Accept the offer. If the seller accepts the offer then you go on to Step 6.

·     Reject the offer. If the seller rejects the offer then you’ll probably have to continue with your search. Your buyer’s agent will help you with your exact situation.

·     Counter-Offer. The seller may make some changes to the offer and send it back to you. You can accept the change in terms or you can continue with your search. Your original offer is now void since the seller did not accept it.

·     Write a Memo to Buyer Form. In some instances, a seller may wish to ask the buyer to consider changes to the submitted Offer to Purchase and Contract but does not want to reject the offer as submitted. The Memo to Buyer simply tells the buyer what item(s) on the contract the seller would "favorably consider" if changed. This differs from a counter-offer because the seller has not made changes to the original offer. Unless the original offer expires or is withdrawn, it is still alive and the seller can still sign it and accept it.

Once Your Outer Banks Home is Under-Contract 

As your buyer's agent, I'll help you through this process to make sure things go smoothly until your closing. I'll be in contact with your lender, home inspector, your closing attorney and get you quotes from several insurance agencies. Every closing is unique but these items must be in place for most existing home sales to close. Now that your property is officially “under contract,” you need to:

·     Make sure your lender has all of the documentation for your loan

·      Choose a home inspector to complete a home inspection.

·      Choose a closing attorney here on the Outer Banks.

·      Select an insurance carrier

I'll do all the leg work but you make all the decisions!

Outer Banks Real Estate Closings

If you can't come to the Outer Banks for the closing or your closing attorney will overnight your closing documents to you with strict instructions for completing them. Mail-a-way closings happen all the time for Outer Banks properties since so many people are absentee owners. You do not officially own your Outer Banks home until the documents have been filed at the county courthouse.

After your documents have been filed at the court house, you officially own an Outer Banks home. Don't worry about the utility transfer; my staff will take care of that!

The Outer Banks Absentee Home Owner

 

Many Outer Banks investors are absentee homeowners and rarely are there any problems. However, if you are an absentee owner, I recommend that you make arrangements to have your home checked periodically. Pipes can burst during cold weather, storms can blow off hot tub covers - it is impossible to foresee the vast array of incidents that could occur at your Outer Banks home when you are not here.

If your home is in an Outer Banks rental program, your property management company probably provides of all the services you need to care for your property. Make sure you check with the management company to find out which items are included in your management fee and which services are subject to an additional charge.

If your home is not in a rental program and you are unable to come down monthly, please contact me if you need this type of service as I have a list of vendors who offer cottage care. Outer Banks real estate is an investment and investments must be protected.

Outer Banks Vacation Rental Programs 

Unless you are building a new home, the Outer Banks home you purchase will more than likely be in a rental program. The Vacation Rental Act of North Carolina says that you must honor any rental agreements entered into by the previous owner for 180 days after you purchase the property.

Rental companies usually charge between 18%-25% of the gross rents to manage your property for the season. Each rental management company provides different services for its clients. Make sure you know what services are included in your management fee and what services your management company offers for an additional charge. Most rental agencies offer services additional to your contract al a carte. If you are choosing a new rental company, it is important that you choose one that is active in your neighborhood and consistently rents the homes from your neighborhood already in its program. Ask for a rental projection for your home and then ask for the actual rental income from a home similar to yours in your community.

While no property management company can guarantee you rented weeks, they are real estate professionals and their estimates must be based on similar properties. I recommend you get projections from several Outer Banks rental companies and evaluate your options.

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