The Dean Agency has ALL Nags Head, Corolla, Hatteras and other Outer Banks Foreclosure Listings. No registration is required to search! www.OuterBanksHomesforSale.com offers bank owned Outer Banks homes, with maps and larger photos for buyers to search. What makes this site unique is that buyers and investors can now search Sold Data to understand the market much better. Registration is required to search sold data - MLS rules require this. No other Outer Banks foreclosure website can offer this. Anyone searching all about obx foreclosures, short sales and listings should check it out and use it as a resource.

2010 Outlook for Foreclosure Sales - Outer Banks Real Estate

THE DEAN AGENCY

FOR IMMEDIATE RELEASE

PR Log (Press Release) – Jan 13, 2010 – The supply of foreclosure properties is slightly down as of January 2010 - 57 active foreclosure listings on the Outer Banks. This is NOT due to a slowdown in foreclosures on the Outer Banks. In many cases properties are being delayed in their sale due to the explosion in bankruptcies by borrowers. In other cases banks are overwhelmed and simply cannot deal effectively with the process of getting bank owned property to market. Bankruptcy typically delays marketing a minimum of 5 months.

Non-bankruptcy timeline for The Dean Agency is as follows: Notice from lender that we have been chosen to represent them on a given asset arrives with a laundry list of tasks to complete within 1 week. These include determining occupancy status, preparation for eviction of tenants or borrowers,  a thorough inspection of the physical condition and repair recommendations and finally, a lengthy evaluation of probable market value. A second opinion by another broker and then a true, certified appraisal will all contribute to the list price. After this initial flurry of activity there is typically a 30-90 day time period before we can list and legally advertise the property. Of course, this varies between lenders and each property tends to have its own conditions and circumstances that also contribute to this.

I say probable market value  because a property over $530,000 may require very difficult financing for a potential buyer or by contrast, we may quickly find a cash buyer - availability or lack of financing options can greatly affect ultimate selling price. Properties under $400,000 will typically be much easier to price accurately and predict marketing time more correctly. This is because they will be financed with conforming (non-jumbo), conventional fixed rate loans that are much more widely available in today’s credit depleted loan market. Cash offers will also be much more likely in this price range. A desirable resort property will have a VERY short shelf life - maybe 10 to 15 days.

THE INCREASE IN MULTIPLE OFFERS: “Bring your highest and best offers by 5 PM”, words that every Buyer’s Agent hates to hear. We have seen this with increasing frequency on desirable foreclosure properties and short sales in the last 6 months. We prepare our clients for this situation in advance for one simple reason; we will bring them the very best returning investment properties and these will certainly receive multiple offers within a few days of listing or after a dramatic price reduction. This is a very precarious time for buyers because the “best deals”, as we define them,  totaled only about 12 pieces of real estate in 2009.  I estimate that the entire 2009 market had only 50 highly qualified and ultra savvy buyers at any one time aggressively searching and ready to make offers on some or all of these until they made an acquisition. That translates to about 4 competing offers per “best deal.” That also translates into 3 disappointed, “day late and a dollar short” buyers per “best deal.” Our successful clients on these properties took our guidance on being prepared PRIOR to even identifying a property of choice. This allowed them to move within a day, and sometimes within hours and beat out other buyers from other firms. Because of new pricing strategies by lenders on bank owned property that developed late in 2009, multiple offers are a reality for anyone seeking the “best deals” on the Outer Banks.  For a definition and examples of “the best deals” as The Dean Agency defines them, consult with a broker at 866 340 1166. If you choose to become a client of The Dean Agency you will be well prepared to navigate a multiple offer situation.

NEW PRICING STRATEGIES ON REOS FOR 2010. The foreclosure market seems to be ever changing. The biggest change for buyers is dealing successfully with new list price strategies. With everyone afraid to call the bottom, lenders are under pricing assets to create an auction like climate in which they will receive multiple offers usually exceeding list price. This clearly rules out leaving money on the table for lenders and has been very, very successful. In most cases too, this has been a win/win situation. Most buyers were able to end up with over 9.5% gross return on purchase price. This is sufficient to get positive cash flow when properly managed. The “best deals” of course, will exceed this.

DON’T BE THIS GUY! In 100% of the “best deal” scenarios there is at least 1 grossly misinformed buyer that will always lose out. Here is a generic profile of this buyer so that you can avoid being a sure loser in the race for the best deals. This buyer will invariably ignore all sales data, comparable sales and advice by the buyer’s agent. This buyer has a set percentage of list price they will offer, let’s say 70%. This unfortunate buyer type cannot differentiate value from price. If he receives a discount on price he perceives value - what a terrible approach to investing! His agent will likely search out “soft” sellers whose agents indicate greater flexibility so this unwise buyer can feel he got a bargain. His agent will avoid seeking value because this buyer is not searching for value, he is searching for a discount. A wiser buyer will allow his agent to establish value OUTSIDE of the seller’s number. More specifically, who wants a 30% discount on a house that is 50% overpriced? The Dean Agency establishes value for our clients’ consideration based on a handful of independent factors. If you are a true investor you seek value, not discounts. Value may mean paying 6% or 7% over list price in a multiple offer, highest and best situation to acquire a property 10-15% undervalued. As hard as this may be to swallow, acquiring a well valued property often means competing aggressively with other buyers and winning. So with regard to unwise buyer, seeking discounts in lieu of value - DON’T BE THAT GUY!

HIERARCHY OF OFFERS - Not all offers are created equally, especially with regard to bank owned and foreclosed property. Banks will show preference to a properly crafted offer and many times accept it over higher priced offers. To find out what constitutes a well crafted offer for a particular REO property contact your Broker at The Dean Agency. We do not publish that information as it is proprietary and is not “one size fits all.”

THREE TYPES OF FORECLOSURE SALES - There is no trick to finding foreclosures on the Outer Banks. There are three ways to buy a bank owned property. First is the courthouse auction. This is only for the most seasoned, professional investors because the opportunities for disaster are many. You could easily buy a $100k house with a $50k lien - not great investing. There are NO protections for the buyer in this method so all the burden is on you. You may find this is a very expensive learning curve. Secondly, you can attend foreclosure auctions. This has not produced very many sales in our market although there have been many. Reserves are set high and few bidders ever make acceptable bids. Expect to pay a large 5% or more Buyer’s Premium to the auctioneer on top of purchase price. Expect to do all inspections prior to the auction as well. Losing your earnest money deposit becomes more likely at auction as well. Title issues and liens will be resolved for the most part, unlike the courthouse auction. The third and most straightforward method to purchase foreclosures through a broker when listed on MLS. Buyers can retain all the normal NC protections for buyers, providing they use a Broker specializing in bank owned property who can craft a protective offer. The other advantage is transparency - you can easily search all foreclosures at http:// www.thedeanagency.com and compare your wants and needs. We prefer this method because our buyers are better informed about the property and better protected by NC law.

Any serious buyer should have an experienced REO broker working for them in this fast moving market.

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Outer Banks & Nags Head NC Foreclosure Homes and Bank Owned Property for Sale. Contact our REO specialists - oceanfront, golf course, luxury bank owned homes & foreclosures for sale. Our Brokers will email current OBX foreclosure list. Bank Owned- REO OBX

Search Outer Banks Foreclosure Real Estate for Sale Here!

Need an Outer Banks foreclosure real estate buying guide? Click Here!

We offer the most complete, free search of bank owned real estate on the Outer Banks NC.

Duty Broker 866 340 1166

Click to Search! No Registration Required! Free, Complete Search of Current Foreclosure Listings - Outer Banks NC.

Receive complete details by email. Receive notifications of new foreclosures by email. The Dean Agency posts every bank owned home for sale along the Outer Banks of NC. Don’t waste time with paid sites - we have the most current listings and accurate information available in a quick, easy to search format with large photo detail. We are here to answer questions but this is a free, no registration Outer Banks Real Estate website. See why over 200,000 visitors explored www.thedeanagency.com in 2008!

866 340 1166  Senior Broker on Duty

Your Choice of a Buyer’s Agent for Foreclosure Sales Needs Consideration and Research!

Free! No Registration!

 Click to Search Here - All Foreclosures Corolla, Duck, Nags Head, Kill Devil Hills, Kitty Hawk, Manteo, Avon, Hatteras, Buxton, Frisco, Salvo, Rodanthe, Waves, Moyock, Southern Shores, Carova and Currituck Mainland!

The Outer Banks has over 750 real estate agents. Very few of us have been trained, tested and experienced in foreclosure sales.  When searching for Outer Banks foreclosures and bank owned property, you will find dozens of “experts” - BEWARE, however, many are self appointed!

Ask questions; true credentials are hard to fake. Your Outer Banks Foreclosure Broker should be able to easily answer all of these questions satisfactorily if they are truely experienced with bank sales.

1. What lenders do you work for?

2. How many sales of REO, bank owned and foreclosure property have you personally completed?

3. What type of training have you received from lenders and their contractors?

4. How much liability, errors and ommissions insurance coverage do you carry to protect your clients?

5. How many properties have you priced for lenders and their contractors?

Shopping around for the right agent is a good practice. Take our advice and ask hard questions before committing to a broker. When purchasing bank owned real estate on the Outer Banks you need more than just a friendly face and enthusiasm. Experience, training and a track record of success are REQUIRED!

We stand by our credentials as leading REO brokers along the Outer Banks. Don’t trust your expensive home or land purchase to a beginner! Your success depends on choosing the right broker.

Click Here to See the Foreclosure MLS for Outer Banks North Carolina.

 Foreclosed property and bank owned homes for sale are creating a huge buzz in real estate along the Outer Banks, NC from Nags Head and Corolla to Hatteras Island. Everyone is searching for the best deal for an OBX oceanfront condo or home. There are some bank foreclosures selling super cheap right now. Oceanfront homes are the best buys for distressed property.  

Real Estate Auctions - What You Should Know

This past year has been a market of disequalibrium between Buyer and Seller expectations. We have written many, many lowball probing offers for wishful buyers and seasoned investors searching for that one, great “steal.” Sellers have decided in many cases to go down in flames (of foreclosure) rather than accept these offers. Banks have been the first to disappoint, holding fast to prices often set around the amounts owed. The market average of list price to closing price is still within 5-7%.

Upcoming Outer Banks Real Estate Auctions in November

We expect the Buyers we take to November’s real estate auction of bank owned property will finally get the “steals.” We also expect to see a major new trend develop if these go smoothly. For the steely nerved Buyer that can withstand the atmosphere of an auction a reward will await. Many Buyers have admitted being intimidated by the speed and finality of an auction sale - easy to understand. Contact our office to discuss what service we provide attendees to November’s auction in Corolla.