Outer Banks Short Sales - making an offer

If a seller's agent does their job correctly, they will help the seller price the house so that the asking price is backed up by the most recent comps on the market. The lien holder is going to order BPOs which will tell them how much the market value of the short sale property is. They aren't likely to take any less; they are already taking a hit.
If a buyer's agent does their job correctly, they will provide their buyer with recent comps for the property being offered as a potential short sale. This will give the buyers a realistic picture of the minimum amount the lien holder will be looking for. If a buyer's agent just allows their buyer to make a low offer, the buyers will be in for a huge disappointment when the lien holder counters their offer and it's thousands and thousands of dollars more.
Most properties, whether they are bank owned, potential short sales or just a regular Outer Banks homeowner's property, should be priced close to market value to insure a successful sale. If you aren't sure how the home is priced, ask your agent to provide comps for you. Then, your offer won't be unrealistic and your chances of owning a great Outer Banks Vacation or Investment home will be greater!
From you professional Outer Banks REALTOR,
Wende Pritchard, Owner
All About OBX Real Estate
252-207-1147

Outer Banks Foreclosures and Short Sales

REHAB LOANS-
Bank owned properties which have areas in need of repair or are 'fixer uppers' can be just about impossible for the average person seeking to get a loan. The lender won't loan until repairs are completed; the bank won't make repairs or allow repairs to be made. This closes the doors for most buyers unless they are paying cash! Beware when looking for a deal...if the house has issues, your lender will require they are taken care of prior to loan approval. And if it's bank owned or a foreclosed property or even a short sale, chances are no one is going to make repairs. Looking for an option? See about getting a rehab loan. For more info, ask your lender. http://www.hud.gov/offices/hsg/sfh/203k/203kabou.cfm.
From your professional Outer Banks REALTOR,
Wende Pritchard, Owner
All About OBX Real Estate
wende@allaboutobx.com

Outer Banks Real Estate news

News in Outer Banks Real Estate -

Nags Head Beach Nourishment - There is talk of the Town of Nags Head beginning its beach nourishment project in 2011. Sections of the beach will be impacted at one time during construction. Stay tuned...
Interest Rates - 30-year fixed-rate mortgage averaged 4.71 % last week. This down from last year's 5.06 %.
Outer Banks Real Estate - Sales in 2010 were half of what they were at the height of the market in 2004.
Let Wende Pritchard help you with your Outer Bank Real Estate needs! Go to www.AllAboutOBX.com

Most Recent Distressed Properties- Outer Banks Foreclosures and Short Sale listings

Only one new Outer Banks foreclosure (or bank owned property) came out this weekend--A small 3 bedroom, 1 1/2 baths beach box on the west side of Kill Devil Hills. Only $144,900 but it is labeled as a handy 'person's' special. Needs a lot of work.

Three new Outer Banks short sales came on the market this weekend though. They range from $499K to $529K and are located on the west side of Southern Shores, Nags Head and Kill Devil Hills between the highways. Call me if you think any might interest you. 252-207-1147. Or go to my website and check out the most recent Outer Banks Foreclosures or Short Sales -- allaboutobx.com/foreclosure

Outer Banks Real Estate

It snowed today on the Outer Banks...for a minute:-) Wrote 5 offers this week! Way to start out the new year with some great deals for great buyers! Thank you to all my clients for making 2011 a great start!

2011 Changes in Outer Banks real estate for buyers

Buyers, great deals are all over the Outer Banks and interest rates are still historically low. Call Wende Pritchard at 252-207-1147 or email wende@allaboutobx.com to get a list sent to you today.

A recent change in real estate is the new, revised Offer to Purchase and Contracts. Gone are the separate sections regarding property inspections and financing contingencies. In place, is a section regarding a buyer's 'Due Diligence'. In this section, your real estate broker helps you choose a time frame to satisfy all contingencies including loan approval--for a minimal fee. This fee is negotiable. Prior to the expiration of this time frame, a buyer may back out for any or no reason and receive his/her earnest money deposit back, however, the seller keeps the fee. If the buyer chooses to move forward and the sale goes to closing, the fee is credited to the buyer.

There are a few more minor changes to the Offer to Purchase, if you have any questions...please don't hesitate to contact me. Wende Pritchard @ 252-207-1147 or wende@allaboutobx.com. For all your real estate needs, visit www.allaboutobx.com.