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Natalia

How to sell a house on the ocean?

Asked by Natalia "Natasha" Papulova-Phillips, Southampton, NY Wed Jan 9, 2013

What do I need to know when I have a buyer for a house on the ocean? Also, what do I need to know if he decides to buy a land and build.

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Dear Natasha,
It's "specialty" property and I would imagine there are many issues to confront. As the Buyer Representative it is wise that you are looking into all aspects of this purchase in advance. I recommend you involve your Broker and the Legal Team from your company to advise you, and your buyers.
0 votes Thank Flag Link Thu Jan 10, 2013
This was a good informative post :)
0 votes Thank Flag Link Thu Jan 10, 2013
Have they owned ocean front property before?
Yes - go find them a house.
No - advise them everything associated with keeping this house will COST five times more. Or, keep it a secret and prepare to resell the home in three years.
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Is the subject home within to CCL restrictions?
Seawall or beach?
Dock?
Ocean front pool? Going to build one? Understand dead weights and how they will influence land use.
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Do you have the SPECIALIZED resources to whom you can refer your buyer?
Do you have a functional knowledge of ocean front building codes? Do you understand the insurance ramifications? What are your resources or options to mitigate deficiencies?
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Are your 'bankers' really jumbo oriented and understand the ambushes awaiting the ocean front purchase? Have some knowledge regarding the jumbo and the default second loan option. Remember, you should be watching your buyers back in this regard.
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Cash buyer! Great! Now all the resources needed must come from your contact list.
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Now would be a great time to research who in your area that you trust and have a good relationship with, is listing or selling ocean front real estate and secure their assistance, not directly, but on an advisory basis.

You always have the option to refer this one. Not the choice I would make, but is valid.

What you really need to know can not be revealed exhaustively on an internet Q&A session. After all, the two greatest variables, the situation of the buyer, and the subject property are undefined. Each property WILL be different and present new...... OPPORTUNITIES to meet new resources.
Buyers will fall into one of these categories:
Risk oblivious
Risk aware
Risk adverse
Know which category applies to your buyer.

Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor FL
727.420.4041
http://RealEstateMadeEZ.us
0 votes Thank Flag Link Thu Jan 10, 2013
Hum, I guess you should talk to the same guys who sell swamp land in Florida. If the buyer buys and island, there's a lot he needs to know about the environmental rules, remote utilities, etc.
Web Reference: http://www.archershomes.com
0 votes Thank Flag Link Wed Jan 9, 2013
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