Home Buying in 27927>Question Details

Marino2472, Other/Just Looking in

Looking to buy a lot (sand dune) in Cordova/Swan Beach area.

Asked by Marino2472, Thu Jul 25, 2013

Anything specific I need to look for in a piece of property (I.e., how long after purchase do I have to build, flood zones, etc...). Looking at max. 5th row.

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This is a very good question and one that needs to be discussed in detail. A short response is not going to be enough education to purchase a lot in this area. Please call me to chat about the complexity of the 4 wheel drive market.

Tim Lancsek
ReMax Surfside
0 votes Thank Flag Link Tue Mar 3, 2015
Flood zones are a fairly important characteristic when purchasing in the 4WD area as it is in a CBRS ("Cobra") area meaning no Federal Flood insurance is available and thus flood insurance can be more expensive on the private market depending on the zone. No time restrictions to do anything with the lot. You are also certainly going to want to investigate the soil suitability for the septic system of a future home. I specialize in the 4WD area and work out of the only real estate office in the 4WD so I am very familiar with the process of making sure these lots "perc" and will produce the desired result PRIOR to purchase.

Jason Summerton
0 votes Thank Flag Link Thu Jul 25, 2013
I highly recommend Jason and the Twiddy team. They know everything you need to know about the off-road beach.
Flag Sat Aug 15, 2015
If you are going to purchase your lot with a loan, there are limited options of lenders who will loan on land. In general, lenders would expect you to commit to building within a year, as they don't tend to want to loan at all on land for speculation. The most important things to consider in buying in the 4 wd area is erosion, possible views, elevation, access to your lot and flood zone.
If you are not already working with an agent, please provide your preferred price range and we will be delightd to forward everything for sale that matches. T.K. Warden & Team Coldwell Banker Seaside
tk@seasiderealty.com 252-489-8431
0 votes Thank Flag Link Thu Jul 25, 2013
Thanks for the question. No there is no time limit to build once you purchase a lot. There are plenty available as well. Cash is the best way to purchase a lot there especially if you do not plan on building for a while. There are also a few builders who specialize in building in Carova. As mentioned before once you build a home you will need to obtain special insurance which can be quite pricey. Let me know if we can help further.

Andy Hawbaker
Coldwell Banker - Seaside Realty
252 489 8819
0 votes Thank Flag Link Thu Jul 25, 2013

If you are going to shop in the four wheel drive area there are no requirements on the time
that you have to build. The flood zones are VE, directly on the Ocean and the most expensive
insurance for homes; AE is 2-3 lots back and can be insured by a local agent and then there is X
which qualifies for Fed flood insurance. Let me know if you have other questions.

Walter Stiff Realtor, Resort Realty 800 633-1630 or walter.stiff@resortrealty.com
0 votes Thank Flag Link Thu Jul 25, 2013
There is no timeframe within which you have to build a home. Obtaining financing for the land maybe difficult - I can provide you with a few mortgage contacts so that you can determine the best method of purchase. In addition, our website provides details on flood zones, construction, and insurance - a great resource. Just let me know how I can help further.

Rick Drumm
RE/MAX Surfside
Over 20 years helping people achieve their dreams on the Outer Banks
0 votes Thank Flag Link Thu Jul 25, 2013
Why do you say financing for land may be difficult? Do mortgage companies not borrow for land only? I wasn't planning on paying cash (that's why I ask). Good to know there is no time limit. My plan is to pay down/off the land before construction.
Flag Thu Jul 25, 2013
To the best of my knowledge, there is not a time limit for you to have to build on your property.
This area is generally in the COBRA Flood Zone which means if you take out a mortgage, you must purchase your flood insurance through a third party like Lloyds of London and it can be a bit pricey.
Let me know if I can be of further assistance to you.

Best of Luck!

Jeff Kluger
0 votes Thank Flag Link Thu Jul 25, 2013
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