Search Outer Banks Shorts Sales Here.

Short Sales are beginning to take off from Corolla to Nags Head. Search the link above to see the best deals on Outer Banks Short Slaes. The Dean Agency offers the most complete information and a free, easy search of Short Sales. See short sale listings in Corolla, Carova, Manteo, Nags Head, Duck, Southern Shores, Kill Devil Hills, Colington, Rodanthe, Buxton, Frisco, Hatteras.  

 SEARCH ALL FORECLOSED HOMES IN OUTER BANKS MLS CLICK HERE

To search for bank owned homes or foreclosures, Realtytrac and Trulia are popular. Please be advised that these are often inaccurate, at best they show many homes that are not available for sale. We have looked into properties for several clients that were found on these sites. A good portion were in the foreclosure process, making them impossible to buy, often for months. They also tended not to be represented by anyone and therefore had no negotiating contact.

My take is that these sites, with regard to bank owned or REO property, is that they create a wild goose chase for Buyers. To see foreclosed homes that can be bought the recommended way, with all due diligence (with time to have home and pest inspections, survey, property financing ect.) buyers need to search specialty broker sites run by foreclosure specialist who are Realtors.

Representation by a specialist will simplify your search, insure you get experienced REO negotiators working for you, and very importantly, experts in due diligence on bank owned sales.

REO investors and buyers need to be very sure that they have an REO expert broker working for them NOT against them. To insure this, NEVER use the bank’s agent (the listing agent) to negotiate for you. Insist on being represented by an experienced REO BUYER”S AGENT. We represent buyers for all foreclosure properties listed on the Outer Banks MLS. All of our brokers have experience, special training and a track record of success with bank owned property.

LOOKING FOR THE ABSOLUTE BOTTOM? 

BE SURE TO WEIGH FINANCING AND PRICE EQUALLY 

For everyone who is waiting to save money in this BUYERS MARKET, your chances may soon be fleeting. YOUR LOAN CONDITIONS are often the biggest factor in what you pay for owning a home in the long run. The true costs of buying a home are set to rise even as prices drop. This is due to the Fed’s War on Inflation.

WE ARE ADVISING BUYERS TO FOREGO THEIR SEARCH FOR AN ABSOLUTE BOTTOM - ITS A POOR STRATEGY IN THE FACE OF RISING MORTGAGE RATES. READ THIS IMPORTANT EXAMPLE BELOW BEFORE YOU WALK AWAY FROM THE NEGOTIATING TABLE OVER A FEW THOUSAND DOLLARS. 

What if prices drop and my dream home is $10,000 cheaper 6 months later? It will cost about $930 extra annually, $77.50 monthly. For example: Paying $10,000 more for your dream house will cost you about $28,000 over your 30 year loan at 6%; $18,000 in additional interest and the additional $10,000 principle.

Now consider the effect of an expected 1% rise in 30 year loans on the average priced home on the Outer Banks - now about $400,000. With 20% down the loan amount is $320,000. At 6%, your interest paid for 30 years is $576,000. The same loan of $320,000 financed at 7% increases the amount of interest paid to $672,000 over 30 years. You’ll pay $96,000 more!

MANY BUYERS FEEL EMPOWERED BY THE NEW MARKET AND WON’T HESITATE TO “WALK” IF SELLERS DON’T MEET THEIR “bottom line price.” WHILE THIS IS A DEFINITE EGO BOOST FOR BUYERS PLEASE CONSIDER THE MATH FIRST. BUYERS WHO WILL GAIN THE MOST FROM THIS MARKET ARE THOSE WHO SIMULTANEOUSLY CONSIDER PRICE AND WEEKLY MORTGAGE RATES. THE REAL “SHREWD BUYER” IS ONE WHO BALANCES WISELY BOTH THE PROPERTY, AND THE FINANCING CONDITIONS WITH EQUAL WEIGHT. 

Will mortgage rates rise 1%? The Fed clearly stated recently that rate cuts are over. The inflationary effect of low interest rates and a cheap dollar is now Public Enemy Number One for the Fed. We should expect to return to more historically typical mortgage rates of 7% and higher as the Fed fights inflation in the days to come.

We work with a number of local, experienced lenders in our area. For a recommendation don’t hesitate to call one of our Brokers.