Outer Banks Real Estate Rob Petty
Outer Banks Real Estate

 • Buying an Outer Banks Home
 • Outer Banks Foreclosures
 • Outer Banks Short Sales



 • Selling an Outer Banks Home
 • How much is my Outer Banks home worth?
 • Best time to sell my house?



Buying an Outer Banks Home
RE/MAX Ocean Realty REALTORS® cooperate well with other REALTORS® in the process of buying an Outer Banks home.

RE/MAX Ocean Realty REALTORS® prefer to work as a buyer-broker with you rather than as a sub-Broker of the REALTOR® who is working for the Seller. We want to work for your best interest, not the Seller's. Most corporations for relocations request we represent their employees as buyer-brokers. They know sometime in the future they may be buying your home when you transfer again. Buyer-brokers help keep their relocation costs down because their employees have made smarter purchases. All RE/MAX Ocean Realty Professionals REALTORS® have completed advanced courses in Buyer Brokerage and many have their ABR (Accredited Buyer Representative) designation.

Things a REALTOR® can do as a Buyer-Broker that they can not do as a sub-Broker:

  1. Prepare and interpret market analysis done on the property you are buying. (Determines if the price and terms of the listed property are correct)
  2. Analyze and compare the "Advantages and Disadvantages" of different properties you are considering buying.
  3. Discuss the salability of different neighborhoods. (What neighborhoods hold their property values better.)
  4. Tell you any information discerned about the motivation of the Seller.

All new home developments use REALTORS® to market their properties. These REALTORS® encourage other REALTORS® to bring their Buyers to the developments and will pay normal co-op and buyer-brokerage fees. You, the Buyer, will pay no more for using a REALTOR® who represents you than using an area representative or REALTOR® who represents the Seller.

When looking at homes, we always want to be with you. We know there are times when you just want to drive around and get a "feel" of the neighborhood. We recognize this. Should you go into an open-house or model home without your REALTOR®, you may jeopardize your representation and may obligate yourself to additional out-of-pocket fees. So, should a model home or open-house look so good that you just have to go in, please tell the Seller's REALTOR that you are working with us. Most, but not all, REALTORS® will honor your right to representation. Sign in and make sure you put your REALTORS® name down with yours. If the Seller's REALTOR® does not allow you to have your own representation, walk away and come back with your representative at a later time. Please email me or call me directly to discuss any of these matters in further detail.

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Outer Banks Foreclosures
Foreclosure is the legal and professional proceeding in which a mortgagee, or other lien holder, usually a lender, obtains a court ordered termination of a mortgagor's equitable right of redemption. Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower defaults and the lender tries to repossess the property, courts of equity can grant the borrower the equitable right of redemption if the borrower repays the debt. While this equitable right exists, the lender cannot be sure that it can successfully repossess the property, thus the lender seeks to foreclose the equitable right of redemption. Other lien holders can also foreclose the owner's right of redemption for other debts, such as for overdue taxes, unpaid contractors' bills or overdue homeowners' association dues or assessments.

The Outer Banks foreclosure process as applied to residential mortgage loans is a bank or other secured creditor selling or repossessing a parcel of real property (immovable property) after the owner has failed to comply with an agreement between the lender and borrower called a "mortgage" or "deed of trust". Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, the lender can sell the property and keep the proceeds to pay off its mortgage and any legal costs, and it is typically said that "the lender has foreclosed its mortgage or lien". If the promissory note was made with a recourse clause then if the sale does not bring enough to pay the existing balance of principal and fees the mortgagee can file a claim for a deficiency judgment.

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Outer Banks Short Sales
A short sale can be an excellent solution for homeowners who need to sell, and who owe more on their homes than they are worth. In the past, it was rare for a bank or lender to accept a short sale. Today, however, due to overwhelming market changes, banks and lenders have become much more negotiable when it comes to these transactions. Recent changes in corporate policy and the Obama administration have also improved the chances of getting a short sale approved.


But to be technical, here's a more official definition:

  • A homeowner is 'short' when the amount owed on his/her property is higher than current market value.
  • A short sale occurs when a negotiation is entered into with the homeowner's mortgage company (or companies) to accept less than the full balance of the loan at closing. A buyer closes on the property, and the property is then 'sold short' of the total value of the mortgage.

For homeowners to qualify for a short sale, they must fall into all of the following circumstances:

  • Financial Hardship - There is a situation causing you to have trouble affording your mortgage.
  • Monthly Income Shortfall - In other words: "You have more month than money." A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.
  • Insolvency - The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.

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Selling an Outer Banks Home
When selling your Outer Banks home there are no guarantees that a buyer will simply walk through the front door. In many cases you may have to bring your home to the buyer. Effective marketing will help ensure that your property receives maximum exposure to attract a ready, willing and able buyer.

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How much is my Outer Banks home worth?
There are two methods many people use to determine their homes value, an appraisal and comparative market analysis. Appraisals vary in cost and are defendable in court. They average about $360 for a single family home and more on multi-family dwellings. Appraisers review numerous factors and base information on recent sales of similar properties, their location, square footage, construction quality, excess land, views, water frontage and amenities such as garages, number of baths, etc. A comparative market analysis (or CMA) on the other hand is an informal estimate of market value performed by a real estate REALTOR® or broker. It is based on sales and listings that will compete with your property that are similar in size, style and location. A range of values will be determined thus arriving at a probable market value. Many REALTORs® offer a free analysis anticipating they will have a new client. The analysis or opinion should be in writing and should involve professionally accepted appraisal techniques. Some individuals do their own cost comparison. It may take several hours of research at the county recorders office, where there will be indexes to match street addresses and parcel numbers. This information can also be founf online for most counties. Once matches have been chosen, a tax search can be used to find the assessed value, size, style, number of rooms, baths, etc. PLEASE NOTE: In the state of North Carolina, the assessed tax value DOES NOT reflect the market value of the home. Hence, the importance of working with an experienced REALTOR®.

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Best time to sell my house?
Property on the Outer Banks sells year round. It is mostly a function of supply and demand, as well as other economic factors. The time of year you choose to sell can make a difference in the amount of time it takes and the final selling price. Weather conditions are often a consideration in some states than in other parts of the country. Generally the real estate market picks up in the early spring.

During the summer, the market usually slows. The end of July and August are often the slowest months for outer banks real estate sales. It becomes very challenging in the summer to even show homes because homes are rented with varius check out days and times on the weekends, leaving a very small opening of time to even show a home.

After the summer slowdown, sales activity on the outer banks tends to pick up for a second, although less vigorous, season which usually lasts into November.

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Outer Banks Real Estate Sales
Outer Banks Real Estate

Outer Banks Real Estate Sales - Rob Petty, Broker Associate
Email: Rob@RobPetty.com | Phone: (252) 256-2830 | Toll-Free: (866) 976-6481 | Office: (252) 255-0482 | E-Fax: (252) 364-3489



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