Considering a Short Sale for Your Outer Banks Home…

Many homeowners are faced with the possibility of owing more on their mortgage than their home is worth in today's current real estate market.

In an attempt to avoid foreclosures, banks may take less than the balance of the payoff when selling your home.  

There are many items to consider when taking this direction.

~ You will want to find out what will happen to the balance of the payoff and have the explanation in writing.  A deficiency judgment can be obtained for the balance which may be pursued at a later date if this is not documented.

~ This will affect your credit and the ability to buy in the near future.

~ Have you exhausted other alternatives to the short sale situation?  Speak with your lender and…

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Though it was another cold month here, February Outer Banks home sales saw an increase over 2009.  Both months of 2010, have been stronger than their 2009 counterparts.  All initial indications show March as being another strong month. 

An increase in home sales coupled with a decline in inventory, points to encouraging signs for the local real estate market.  

February OBX Real Estate Market Recap

  • Distress Sales, bank owned and short sales, accounted for 39% of all sold homes 
  • January & February Median Home Price above $330,000
  • There was a 100% increase in land sales (18 vs. 9) *
  • 9% decline in total homes available (2,181 vs. 2,373)*
  • 17% increase in pending home sales (137 vs. 117) *
*Year by Year comparison (2010 vs. 2009)

 

March…

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Distress sales, bank owned homes and short sales, continue to make up a large portion of the sold homes along the Outer Banks.  For the month of February, distress sales made up 39% of the homes sold.  Bank owned homes continue to lead short sales by almost 2 to 1.  

It seems some excellent opportunities can be found in foreclosed/bank owned homes.  You can search the available foreclosed homes in the Outer Banks or register for the March 20th Foreclosure Tour.  The foreclosure tour is going to be a great way to spend an afternoon, learning more about available foreclosed homes.  

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If you are looking for a one of a kind home, then you have found it.  This custom built South Nags Head, home, was made as a builder's private retreat.  Home offers ocean views and backs onto the Cape Hatteras National Seashore.  This home has everything you need, to just get away.  Pool, hot tub, and hammock are just a few of the amenities you will find.

Home is conveniently located to beach access, Nags Head Fishing Pier, and Jennette's Pier.  Many of Nags Head's best restaurants are located a short drive from the home.  Enjoy the solitude of South Nags Head, yet be just minutes from all the activities.     

 

8914 S Old Oregon Inlet Road

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Looking for a beautiful home with golf course and ocean views?  This is an excellent opportunity to own a home on the amazing Seascape Golf Course.  This home at 4534 Seascape Drive offers some excellent amenities in addition to its amazing views. 

Hammock swing, hot tub, crows nest, screened porch, and pool table are some of the highlights of this beautiful home.  To learn more or to schedule a viewing contact us or call 877 667 6865.     

 

4534 Seascape Drive - Kitty Hawk

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Virtual Tour

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Thinking of becoming an Outer Banks home owner?  Consider this three bedroom Nags Head home with excellent location at 8645 Old Oregon Inlet Road.  This home makes a great place to get away, yet is close to some of Nags Head's biggest attractions.  Home offers 3 bedrooms with two and a half baths in the Dunes South community of South Nags Head. 

The townhome is located just steps from the beach and community tennis courts.  Enjoy your deck with views of the Atlantic.  In addition to the prime location and view, the home has recently been upgraded with new siding, decking, windows and more. 

For those who enjoy the dining in Nags Head, you are just a short drive from some of the Outer Banks finest restaurants including Lone Cedar, Sam & Omie's, Sugar…

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outer_banks_sunsetIf you are looking for a great way to spend an afternoon of your Outer Banks vacation, look no further than OBX Wakeboard & Water Ski.  Whether it is wakeboarding, water-skiing, skurfing, tubing, or kneeboarding they have it covered.  Their captains are all certified water ski instructors and USCG Certified. 

They are conveniently located at the Kitty Hawk Kites store in Duck.  For more information on reservations contact them at 252 256 2018, waterskivacations@gmail.com or online at Kitty Hawk Kites. 

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