I have talked to hundreds if not thousands of buyers in the past 25 years that are interested in getting a new home or buying a second home. Right now, with a strong Outer Banks spring market in 2020 I believe it would be a great idea to let would be buyers in our market have a major tool necessary to get them the property they desire.
I have giving a couple ideas to help buyers be successful when trying to purchase a home, whether it is a primary home, vacation beach home, investment home or a first home. The Outer Banks real estate market can be fast and furious and we want our buyer clients to be best prepared to make their dreams come true.
- SELECTING A GOOD LENDER- this is the most important thing to do if you are not paying all cash. I know it sounds very appealing to go to one of the online companies and they try to make it sound so easy, but at the end of the day, you will still have to have all the same verifications and information provided. I find that the local lenders on the outer banks are also very comparable in rates and terms to many off beach lenders. Be certain that you are working with someone that is comfortable working in our market. For instance the outer banks home buying process is much more intricate and there are more variables than in most primary markets. Most do not have the types of insurance we are required to have, surveys, elevation certificates, fully furnished homes, vacation rentals with income in place. You want a lender that is familiar with the process and has experience in dealing with the area / market specific challenges. The last thing you need is to have a lender unfamiliar with the process and cost you time, more money and maybe even the home you want.
- NOT GETTING PRE-APPROVED - There is a difference in getting a PRE-QUALIFICATION letter and a PRE-APPROVAL. They are exactly as they sound, the difference is that one has more bite than the other and that the buyer has provided the lender with documentation that would support the lender issuing a PRE-APPROVAL. Remember, In a competitive market if a buyer that is not paying cash for a home does not have a pre-approval, they will find that the sellers will be wary, and when more than one person is interested in the property, typically be out bid when it comes to someone that does not have to worry about such things.
Remember this is not everything needed but with these tools in place you are in control of most of the deal and will be comfortable when it comes time to pull the trigger on the right property for you and the family. Call Winston & Whitney (252) 489-2212 if you need more information or email us at firstname.lastname@example.org