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Home Buying in Nags Head : Real Estate Advice

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  • Local Info4
  • Home Buying5
  • Home Selling1
  • Market Conditions1

Activity 6
Tue Jul 28, 2015
John Dunne answered:
That is a valid question every one should ask before deciding to buy beach property. I was looking to buy in the Outer Banks back in 2003 and decided to buy in Cape Cod in 2004. In both cases I was very concerned about erosion and ocean level rise. I am 32 feet above mean high tide in Brewster MA, on Cape Cod, and though my house is not front row and I don't feel the direct effects of erosion or water level rise, our beach and the dunes protecting them have receded by a good 12 feet in that time. Most of it due to Nor'easters. In a place as vulnerable as the Outer Banks, I'd be very cautious about purchasing property, especially since there are many places where the elevation is less than ten feet between the ocean and the sound. ... more
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Tue Mar 3, 2015
Ernie Behrle answered:
For general information, you should be able to search online and learn just about anything you want to know. For home or rental questions, looks like you have several local experts that answered before me. All would be great sources for you!! ... more
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Tue Mar 3, 2015
Tim Lancsek answered:
While "Short Sales" seem like a great opportunity I would not limit myself to them. Rule of thumb here is that the time it takes to close on a "Short Sale" a property of equal or better value will come along. That is not 100% of the time however for many of the cases it does. ... more
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Fri May 6, 2011
Carla & Trafton Reynolds answered:
Tom,

I also work primarily with vacation rental home sales on Hatteras Island and am familiar with this process. The others responses have addressed worst case scenarios but most of the time, prorated rentals are easy and unaffected by the short sale status. I instruct my sellers not to spend those rental deposits before the rental occurs (even the 50% they collect before the lease ends), especially when they are aggressively seeking a buyer or have a sale pending because they are going to have to pay those rents forward to the buyer. Rental deposits, payments and prorations are usually handled through the account with the property management company separately from the property settlement. I have not had an instance where the seller wasn't prepared to credit the buyer for the rentals during their ownership. Your closing attorney should be able to confirm that rental prorations are being handled correctly.

I'll keep my fingers crossed for you and expect the best.

Carla Reynolds
RE/MAX Ocean Realty
Hatteras Island Specialist
252-996-0403
... more
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Mon Aug 24, 2009
Wende Pritchard answered:
Now is a great time to buy. Market values are not decreasing as rapidly as they were in the spring and last year--- indicating the market is possibly starting to level. Rates are still low and the inventory is plenty. That coupled with the fact that our peak season is ending and owners will want to unload their beach house due to no more rental income coming in for the next several months. Sellers tend to be more motivated in the fall than the spring and summer. Please check with you lender. Lending criteria and loan scenarios have changed. You need at least 20% down on a second home and jumbo loans may require more. Before prices start to increase, please call with any other questions you have and don't forget I help you with your closing costs!

Wende Pritchard, Owner/Broker-In-Charge
All About OBX Real Estate
888-489-3729
wende@allaboutobx.com
... more
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Fri Jun 5, 2009
Nancy Bailey answered:
I have found 1 listing under $75,000 and two under $100,000. I would be happy to help you and send information on these three. Please email me at nancy@beachrealtync.com or call my cell phone 252-207-1091. I am looking forward to hearing from you.

Nancy Bailey, Broker, ABR, CSP, e-PRO
Beach Realty & Construction
... more
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