Menu

Starting Your Outer Banks Home Ownership Plan

A conversation with Mike Bishal of Great Escapes OBX…

You’ve probably vacationed here, created wonderful memories here. Now, you’re considering owning property here.

The conditions here for buyers, is about as good as they get. So it’s great that you’re considering owning a property here on the Outer Banks.

Once folks decide on owning a property here on the Outer Banks, I only speak with them in a manner that helps them get to where they wanna be.

One of the biggest things we address first is, how you picture yourself using the property? Will it be a second home? Perhaps it’s a rental investment property that you’ll treat like a business.

Relocating or Second Home?

And then, sometimes people actually move here to live and work here. Will it be a primary home? Are you relocating? Is there a specific area that you feel connected to? A town, for instance. Some folks love the charm of Duck while some people love the detached feeling they get when they are way up in Corolla., while other folks like the town feeling of Kill Devil Hills, Kitty Hawk, Nags Head.

Oceanfront or Soundfront?

So once we address which area, then we need to look within those areas. Do you like oceanfront? Oceanside? Some folks tell me they enjoy and feel connected to the serenity and peacefulness of the sound side communities that the Outer Banks offers.

Price Does Matter

One of the biggest questions is, what price point? What price range do you see yourself purchasing at? Then with that hand in hand, my next question is directed towards your lending relationships, your borrowing relationships. Do you have a lender in your hometown that you have relationship with?

If not, I’ve got several resources here at local lenders that are standing at the ready, and ready to assist you. This all important subject of pre-qualification is just that. It’s very, very important.

Next, what we’re gonna do is actually go shopping for homes. All right. When I talk to folks once that I’ve identified with them, their price point location, I start talking with them about, “Hey, is it a fixer-upper that you are interested in?

Buying An Outer Banks Fixer Upper

If so, then that’s great. We’re gonna factoring a budget to bring improvements to the property, understand that there’s improvements cost. Good thing about fixer-uppers what you might be thinking is you get to bring your exact taste and flavors to the property.

Turnkey New Construction

Sometimes, a turn-key house is the best way to go. I mean, these homes emulate great beach feeling, traditional beach feelings that you’ve enjoyed through your visits here more than likely.

So, hitting the inventory and checking out the inventory there’s only so much within your criteria. And really, if you think about it, that’s the great pre-work that we can do. All right?

Even though, we’ve identified specific properties that are a perfect match for you, what I always remind folks of, is that the MLS is a living, breathing thing that constantly is changing. What do I mean by that? We get new listings that hit the market all the time. The one that comes up today, even while I’m talking to you, could be the one for you.

And once I get to know you, I examine the MLS multiple times a day to ensure that I bring you in the loop on the current inventory.

The other things that happen are price reductions. We will have properties that meet your criteria in every aspect of the home other than the price, right? Sometimes, we’ll see price reductions that will cause a specific property to fall in line with your criteria. So, know that even though we’ve created a list, that that list can change as new properties are introduced to the inventory.

Finding the Right House to Buy

We find a house that you really connect to and your schedule doesn’t allow you to get here in a short-term. I provide a customized video tour of that property with just you in mind. So, we’ve talked about what you like, what you don’t like, we think we found the right one through sending email links back and forth. Now, we confirm it through my visit and shoot a video just for you and address your likes and dislikes.

Once you make it to the beautiful Outer Banks, to hit the list that we’ve created, to look at and check out these homes, eventually we’ll get around to writing an offer. Now, let’s slow down there.

This is a big topic that I always address with folks. We gotta look at houses, there are certain price, let’s call it what it is. We’re gonna try to get for less than they’re asking, right? So, data which I take a lot of time and effort on, will be provided to you, which will either support or go against the asking price that a particular property you like is set at.

The proof is in the numbers. When properties sell, it’s plugged into the history and pass sales of comparable properties, are the best way to identify today’s value.

How To Choose The Right House

So, we’ll take some time before we place an offer and I will place emphasis on getting very, very close comparables in regards to location, amenities square footage, your home, all things that will help you identify if your offer strategy is one that will get you a fair and do a very good deal.

We will work on it. Believe me, when I work with buyers, my goal is to get you a better than fair market value price.

We negotiated a great price for you and great terms within a contract, we actually have a bonafide contract, very, very exciting. So, we’ve already done a lot of work, probably the most important work, which is connect with a lender and you understand your qualifying position when it comes to borrowing money to buy this house.

Putting An OBX Home Under Contract

Your biggest time and efforts soon after we have a contract, will be spent with the lender to ensure that they are well engaged in application process with you, so we can satisfy a plugged in closing date.

It takes time to get the loan application from the initial application through underwriters. Realize that, your role is very important when it comes to dialoguing with your lender, once we have a contract.

I will help by providing a copy of the contract to your lender, connecting you with a local closing agent, usually a North Carolina licensed attorney that specializes in real estate transactions. Additionally, we have home inspections.

The Importance of Home Inspections

They’ll be number of levels of inspections that can occur. The main one is just a North Carolina licensed home inspector. He may or may not find things that would command that we call maybe an HVAC contractor, or a plumber, or an electrician. I help with that.

The goal is to make sure you get what you feel like you’re paying for, and then I will help you in that process when it comes to negotiating, say a repair agreement, or some type of concession due to something discovered during the inspection process.

Lastly, we get it to closing and hopefully we get to sit down on your brand new deck and say congratulations. You own an Outer Banks home.

Guest Post
This was a guest post from Outer Banks Real Estate Consultant Mike Bishal of Great Escapes Realty. You can search all the homes for sale on the Outer Banks from Mike’s site, www.realestateouterbanks.org or call him at 252-207-4554