Outer Banks Real Estate Blog

Nags Head Foreclosures

Kevin O'Brien (Coldwell Banker Seaside Realty) — Fri, 06 Nov 2009 08:18:12 -0600

Nags Head like all the towns of the Outer Banks has been hit by the recent waves of foreclosures. For many of those who didn't not get an opportunity to buy a home during the boom years, now they are able to go out and purchase a home below its tax value. Current market conditions make now an excellent time to find a Nags Head vacation or investment home. Buying a Nags Head foreclosure is one way to take advantage of current market conditions and to often find a home below tax or market value.

Find more information on: Nags Head foreclosures

Virtual RE BarCamp November 17, 2009

Kevin O'Brien (Coldwell Banker Seaside Realty) — Fri, 06 Nov 2009 08:10:50 -0600

Just a heads up. This is going to be an excellent learning opportunity for real estate professionals and it is free.

Educating Real Estate Agents On How To Use Modern Technologies To Better Their Business Will Never Be The Same!

On November 17th, 2009 dozens of the most respected educators in the real estate industry converge to host the first of its kind, Virtual Real Estate BarCamp.

Virtual Real Estate BarCamp is a 1-Day Learning Extravaganza.
From 9am until 4pm PST, three concurrent webinar "rooms" will each host 9 different sessions, for a total of 27 different presentations.
There is something for everyone and everything for someone, and best of all, IT IS FREE and attendance is unlimited!

Click below to:
Register.
Learn more.
See who is coming.
Check out the Session Calendar.
Get sponsorship info.

Attendance is projected to be at least 1000 agents, nationwide.
Do not miss out on being part of this ground-breaking event.

Session topics include:

Social Media Risk Management
Flickr for Real Estate
Developing Your Brand
Online Advertising Secrets
Facebook for Real Estate
WordPress Training
Daily Goal Tracking
Starting a Real Estate Blog

...and much more, with new sessions being added every day.

And if that wasn\'t cool enough, individuals from around the country are volunteering to host In-Real-Life MeetUps for after the event.
Learn all day, and then meet to have a beer with local participants. This is going to be a blast!

We hope to see you there!

Hatteras Island Foreclosures

Kevin O'Brien (Coldwell Banker Seaside Realty) — Tue, 27 Oct 2009 15:03:03 -0500

Like much of the Outer Banks, Hatteras Island has been hit by its share of foreclosures. Currently we find 8 bank owned homes throughout Hatteras. The homes range in price from $196,900 to $875,900. Amazingly the homes range from a 3 bedroom home in Salvo to an 8 bedroom oceanfront home in Rodanthe. Many of the bank owned homes only need minor work before they are move in or rental ready. If you are looking for an excellent opportunity on a Hatteras Island home, I recommend investigating the available Outer Banks foreclosures.

Foreclosures in the Outer Banks - October 25

Kevin O'Brien (Coldwell Banker Seaside Realty) — Mon, 26 Oct 2009 12:41:52 -0500

Currently we are following 33 available foreclosures on the Outer Banks. Prices range from $69,900 for a 1 bedroom home in Wanchese to a $1,975,000 oceanfront home in Nags Head. In 2009 we have seen foreclosed homes go under contract in as few as 17 days.

The median days on the market for sold Outer Banks foreclosures in 2009 has been 105 days. This number has been falling as we are seeing foreclosures come on the market priced well below tax value. If you are looking to invest in an Outer Banks home, now is an excellent time. Foreclosures can make excellent long term investments.

Free Outer Banks Home

Kevin O'Brien (Coldwell Banker Seaside Realty) — Wed, 07 Oct 2009 21:41:04 -0500

Just spoke with a fellow agent who has a client that is looking to to give away a Outer Banks home. The home does have to be moved off the property, but if you move it...its yours. For more information email Dawn - Dawn@seasiderealty.com

4 Bedroom Nags Head Home for Sale

Kevin O'Brien (Coldwell Banker Seaside Realty) — Sat, 03 Oct 2009 16:40:57 -0500

4 Bedroom Nags Head Home for Sale

This is a very spacious well maintained home, shows much newer than it's age. See list of home improvements that the owner has done between 2003-2006 such as new roof, heat pumps, appliances, lighting, garage doors,bathroom updates, deck staining - beautiful home with a lot of space and large yard! Easy to show - tenants very cooperative.

Home Warranty Included!

Information

Contact Information

Kevin OBrien

252 255 6484

kevin@seasiderealty.com

Contact Reply Form

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Pricing

Price: $381,000

Features

Bedrooms: 4

Bathrooms: 2

Year Built: 1988

Subdivision: Nags Head Acres

Lot Size: 11500

Square Footage: 2192

Broker: Dawn Stultz

MLS #: 63151

Attributes

Appliances

Range/Oven

Full Refrigerator

Washer/Dryer

Dishwasher

Microwave

Interior Amenities

Fireplace

Hardwood Floors

Vaulted Ceilings

Photo Gallery

View as Slideshow View Photo Gallery (4 Photos)

EQUAL HOUSING OPPORTUNITY

VFLYER ID: 2856971

Is The FDIC Killing Short Sales?

Kevin O'Brien (Coldwell Banker Seaside Realty) — Tue, 29 Sep 2009 17:47:20 -0500

This is an excellent resource of information on why short sales are taking so long.

Via Bob Hertzog (Summit Home Consultants):

Is The FDIC Killing Short Sales?

As some of you already know, I blogged recently about being interviewed recently by our local NBC news affiliate. To read the blog, click here. Basically, IndyMac Bank (now OneWest Bank), is holding one of my clients hostage, demanding a $75k promissory note, or they will proceed to foreclosure. For the life of me, I couldn't figure out why they were doing this. The BPO came in at the contract price of $275k, with a net to IndyMac of $241k. What advantage could there possibly be for them to proceed to foreclosure?

Yesterday, I figured it out. You see, IndyMac was taken over by the FDIC and sold to OneWest Bank in March/2009. Guess who the investors are behind OneWest? George Soros, Michael Dell, Steve Mnuchin (former Goldman Sachs executive), and John Paulson (hedge-fund billionaire).

Now, listen to the deal they got from the FDIC....

Basically, they purchased all current residential mortgages at 70% of par value (70% of the outstanding loan amounts). They purchased all current HELOCS at 58% of Par Value!!!

Next, in order to "sweeten the pot", the FDIC stepped in and guaranteed the following: For any residential mortgages where OneWest experiences a loss, the FDIC will step in and cover anywhere from 80%-95% of the loss. The loss is calculated using the ORIGINAL LOAN BALANCE, not the amount that OneWest paid for the loan. Let's use my clients situation as an example:

Loan Amount is $478,000, plus 6 months of missed payments, for a grand total of $485,200

OneWest pays $334,600 for the loan

We have an all cash offer of $241,000, net to OneWest.

So, let's do the math, shall we? The net loss, according to the FDIC formula is the ORIGINAL LOAN AMOUNT minus the amount of the offer. In this case, $485,200-$241,000, or $244,200. Next, the FDIC, according to their Loss Share Agreement, writes a check to OneWest for 80% of the so-called "net loss". So, in this case, OneWest gets a check from Uncle Sam for $195,360 (.80 X $244,200).

Add the $195,360 to the sales price of $241,000, and you get a grand total of $436,360. Remember, OneWest paid $334,600 for the loan. So, OneWest puts $101,760 in their pocket, thanks to the FDIC. Folks, that is over $100k of our hard-earned tax dollars!

So, you ask...Why does this program hurt short sales? Because, our brilliant government offers this SAME PROGRAM FOR FORECLOSURES! The only difference is, the government picks up 80% of the tab on all of the extra costs associated with a foreclosure (BPO's, upkeep, utilities/maintenance, legal fees, etc.)

So, If I'm OneWest, why would I want to waste my time negotiating through a Short Sale, when I can make the same amount of money (if not more) by just letting it go to foreclosure? And we wonder why nobody can get a Loan Modification? Why would OneWest approve a loan modification for this guy, when they can foreclose and make over $100k? And, to add injury to insult, they have held this loan for 6 months! Not a bad ROI, huh?

What infuriates me the most is that in my particular case mentioned above, they have the guts to hold my client hostage for a $75k promissory note, after they are already making more than $100k on the sale!!! This is his primary residence, 1st Position loan, and OneWest has NO RECOURSE! Imagine if they could make $100k, then get a deficiency judgement! Talk about making some big bucks!

Can you say "GREED"?

The scary thing is that over 50 banks have Shared Loss Agreements in place with the FDIC. Some of them include: Bank of America (go figure), CitiMortgage, Wells Fargo, etc.

This entire agreement between the FDIC and OneWest can be found here, on the FDIC website. It's all there, for the world to see! They have it all layed out. All of the formulas, worksheets, etc.

Now, it's up to us to bring it to the attention of our elected officials and the media. Enough is Enough!

UPDATE 9/18/09: I JUST READ AN AWESOME ARTICLE ON THIS, THAT GOES INTO WAY MORE DETAIL THAN MY BLOG ABOVE. TAKE THE TIME TO READ IT WHEN YOU GET A CHANCE! CLICK HERE TO READ IT.

Wait, it gets better...The FDIC just announced that it needs to start borrowing money from the U.S. Treasure in order to replenish it's deposit insurance fund (the same fund being used to pay all of these banks in the Loss Share Agreements). Go Figure! Click Here to read it.

Nags Head Home for Sale

Kevin O'Brien (Coldwell Banker Seaside Realty) — Sat, 01 Aug 2009 19:40:11 -0500

The OBX Team's Newest Listing! 4 Bedroom Nags Head Home
MLS - 62590
Address - 8725 S Old Oregon Inlet Road
NAGS HEAD
NC
27959
S. N.H. East/Old Oregon Road
Asking Price - $495,000
Income Hist. - $31,783

For More Information - Contact Dee - 252-581-0013 - Additional Information

Outer Banks Home Well Below Tax Value

Kevin O'Brien (Coldwell Banker Seaside Realty) — Sun, 26 Jul 2009 11:36:13 -0500

Great chance to buy a home in Southern Shores at $100,000 below tax value. This is an excellent opportunity to purchase a home in the desired community of Chicahauk. This 4 bedroom 4 bath home offers it all. From ocean views to a back yard pool enjoy the paradise that is the Outer Banks from this amazing home. This Southern Shores home was built on a 28,000 sq. ft. homesite and offers 3,400 sq. ft. of living space. Welcome to the Beach! This is the home you've been waiting for, a timeless coastal design that has been meticulously maintained. White-washed pine walls and ceiling, complimented by beautiful heart of pine floors. Expansive living and dining room with double sided brick fireplace, to enjoy those Outer Banks winters. Expansive open kitchen design with new appliances and a breakfast nook. Plenty of decks for enjoying that OBX outdoor living. Home is complete with ocean views. 3 master en-suites + additional bedroom and bathroom, large pool, spacious 2 car garage including workshop and outdoor shower . Home offers beautiful irrigated landscaping w/ mature palm trees, pines and live oaks. Home was newly painted in 2008 and offers storm-shutters. Most furnishings are to stay. Home is within walking distance to ocean, private beaches, and shopping. You won't ever want to leave! For More Information: 101 High Dune Loop - Contact: The OBX Team - 252 255 6484 or email

Corolla Short Sales

Kevin O'Brien (Coldwell Banker Seaside Realty) — Thu, 04 Jun 2009 12:07:28 -0500

Are you looking to take advantage of this real estate market? There are some great opportunities in Corolla, for those looking to buy. Many who are interested in vacation rental income, to offset the cost of home ownership, a short sales offers a way to buy a home at a good price that may come rental ready. This is in contrast to many OBX bank owned homes, which often require some upgrades before they are in a rental ready condition. For more information check out, Corolla Short Sales.

Outer Banks Home Buyers Seminar

Kevin O'Brien (Coldwell Banker Seaside Realty) — Sun, 31 May 2009 13:18:37 -0500

Have you ever thought about buying an Outer Banks home? Today's market conditions make it a great time to look for a home in the Outer Banks. Rents have remained strong and are an excellent way to offset the cost of home ownership. If you are planning a trip to the Outer Banks and would like to learn more about buying a home in the Outer Banks, I am offering a home buyers seminar every week throughout the Summer. For more information visit: Outer Banks Home Buyers Seminar.

State of Outer Banks Vacation Rentals

Kevin O'Brien (Coldwell Banker Seaside Realty) — Thu, 28 May 2009 08:17:04 -0500

There is an interesting look at the state of beach rentals by Fox. The article briefly mentions that rentals are down and many owners are making discounts. Both Duck and Corolla are mentioned in the article. My local perspective is somewhat different, from several property managers I have spoken with, the Summer season is not looking bad at all. Some home owners are still experiencing vacancies but it is my understanding these have are being filled. I guess we will have to wait and see how everything works out.

Port Trinitie Gem for Sale

Kevin O'Brien (Coldwell Banker Seaside Realty) — Thu, 26 Feb 2009 06:58:30 -0600

Great Opportunity to buy in Port Trinitie, Duck NC

7 Bedroom home in beautiful Port Trinite. This beautiful home offers 6 and half haths and access to the popular community amenities in Port Trinite. This home is currently being offered at $799,000

Remarks about home: Walk to the ocean or sound! Great condition, immaculate interior with quality furnishings. 4 of the 7 bedrooms are master suites. Spacious decks & beautiful sound views! Wooded setting, no houses directly behind it. Amenities of Port Trinitie include an oceanside & soundside pool, tennis courts.
Port Trinitie in Duck Amenities:

Information on Port Trinite

Port Trinitie (PT) , situated on 23 acres of ocean-to-sound property on North Carolina's Outer Banks, stretches across Duck Road (NC 12) at Mile Post 3.5 and offers gorgeous oceanfront and soundfront views. Located 2 miles north of Duck, North Carolina, ZIP Code 27949, the amenities include two swimming pools, two tennis courts, a soundside pier and gazebo, and two oceanfront sitting areas. This development began with condominiums, which are co-ownership properties, but Port Trinitie now offers an even mixture of whole ownership single family dwellings (cottages and townhouses) and co-owned condos. Port Trinitie has three home styles: (1) Oceanfront Spinnaker, (2) Oceanside SkipJack/Villa, and (3) individual homes found on the oceanside and soundside of the development. Port Trinitie geographic location is - Latitude 36 10' 57" N Longitude 75 45' 50" W.

Information found at Port Trinite Association. Home is listed by: Roy C Smith

Outer Banks Market Report

Kevin O'Brien (Coldwell Banker Seaside Realty) — Mon, 16 Feb 2009 15:38:26 -0600

Hey it may be the middle of February, but as they say better late than never. I have finally made available a downloadable a 5 page color, Outer Banks real estate market report. It is a great way to get a handle on what is happening along the Outer Banks.

Download the 2008 Outer Banks Real Estate Report

Outer Banks Real Estate Report - Recap 4th Quarter 2008

State Regulations on Sandbags in Nags Head

Kevin O'Brien (Coldwell Banker Seaside Realty) — Sun, 15 Feb 2009 18:15:39 -0600

In an article from February 2 in the Star News Online, is shows how the state is not allowing home owners with sandbag structures to replace them. The bad news from the article is, Regulators sent out the first wave of 20 letters in September aimed at the worst offenders, all of which are on the Outer Banks. It does seem as if some our our Outer Banks home owners are going to be affected by this policy. The Office of Administrative Hearings claimed to have no jurisdiction on the issue. Currently it seems home owners have no recourse to save their homes, they are not allowed to replace the sandbags, and they have no other cost effective options. Find more information on Nags Head homes.

Some thoughts on Offshore Drilling and the OBX

Kevin O'Brien (Coldwell Banker Seaside Realty) — Thu, 22 Jan 2009 17:01:05 -0600

First found on the Outer Banks Real Estate website. When I first put forth my thoughts against off shore drilling along the Outer Banks, drill baby drill, was the chant. Everyone being affected by gas prices above $3 and in some cases $4, were clamoring for increased off shore drilling. Since prices have fallen we see places like New Jersey embracing Green technology. This is not surprising considering New Jersey’s stance against off shore drilling. Some ideas in New Jersey are proposed and some are under way. The Atlantic City wind and wave farm is merely in the planning phase but towns like Stone Harbor are currently looking to install solar power on municipal buildings. Both ideas bode well for the use of renewable energy.

Outer Banks Foreclosures and Short Sales

Kevin O'Brien (Coldwell Banker Seaside Realty) — Mon, 12 Jan 2009 12:55:06 -0600

Outer Banks Foreclosure List

Are you ready to learn more? Join the Outer Banks Foreclosure and Short Sale List

Some Frequently Asked Questions about Outer Banks Foreclosures and Shore Sales

Why Should I consider an Outer Banks foreclosure or short sale?

When searching through the current foreclosure list, it is often possible to find homes well under their tax assessed values. Conditions have made it prime for buyers to take advantage of foreclosures and short sales in the Outer Banks. Currently you can find foreclosures in towns like Corolla, Duck, Southern Shores, Kitty Hawk, Kill Devil Hills, Nags Head, Rodanthe, Avon, and more.

Aren't the foreclosed homes often destroyed and in poor condition?

While this definitely can happen, as you view homes you will find them in varying conditions. The best factor is you can place a bid, on any home you think would fit your needs. Today's market definitely rewards the buyer.

Is it more difficult to buy a foreclosed home or short sale?

With an experienced agent, you will find the process of buying a distressed home, is not all that different than buying any other home.

Will I be able to rent my home once I purchase it?

Often you will have to get the home up to the standards of a local property management company but once it is up to standard you can reap the benefit of rental income.

Are you ready to learn more? Join the Outer Banks Foreclosure and Short Sale List

2009 and Outer Banks Tourism

Kevin O'Brien (Coldwell Banker Seaside Realty) — Sat, 03 Jan 2009 16:51:02 -0600

This article is from a local Outer Banks real estate website. According to the many local Outer Banks property managers, the 2009 season does not look bad. Many, myself included predicted a very dire outlook for the 2009 rental season. Initial estimates show that though numbers are slightly off, they are definitely not as dismal as some had feared. It seems many people are still planning on heading to the OBX this year. Initially it seems as if pre reservations are off less than 5% for some. This can only be taken as a highly encouraging sign for 2009. While it is definitely way too early to determine how the season will play out, it does show the resiliency of tourism in the Outer Banks.

Looking for a Beach Home in New Jersey?

Kevin O'Brien (Coldwell Banker Seaside Realty) — Thu, 04 Dec 2008 08:59:13 -0600

For those that follow the blog, they know I love the beach. To me it doesn't matter what beach or where, as long as there is water and an ocean I am happy. That is why I recently have been working to bring a new site to the Jersey shore. Now, it is finally done. So today it is unveiled.

SJBeachHomes.com is the site. It offers some great ways to search for a New Jersey beach house. You can try the map search or just search the Cape May MLS. If you get a chance let me know what you think about it. I would love to hear.

Good post on building a home in the Outer Banks

Kevin O'Brien (Coldwell Banker Seaside Realty) — Wed, 03 Dec 2008 08:18:09 -0600

I recently came across a new Outer Banks Blog, by the folks at Kitty Hawk Rentals. The blog had a very interesting post on building a home in the Outer Banks. I thought I would share the post. It offers some great insight.

Many people want a chance to own the home of their dreams on the Outer Banks. There are many ways, to go about this. Definitely the most popular is to buy an existing home or condo. Buying an existing home or condo allows, you to take almost instant possession. For many this is necessary, as it can be expensive to pay for a home while it is being built. For others they only will be happy with the actual home of their dreams. This means they will have to start with an idea or concept and go from there. Starting with a piece of land and a dream, is one way to truly realize your dream of living on the Outer Banks. Read the rest of Building a House on the Outer Banks.

An Outer Banks Real Estate Market Update

Kevin O'Brien (Coldwell Banker Seaside Realty) — Thu, 20 Nov 2008 07:53:56 -0600

The Outer Banks real estate market as we reported was off for the month of October. Preliminary signs show November also being slow but with increased inquiries. An increase in inquiries is definitely a postive sign. Read the rest of the article

Hope for housing stimulation

Kevin O'Brien (Coldwell Banker Seaside Realty) — Tue, 21 Oct 2008 08:40:52 -0500

It seems as if some members of Congress are looking to remove the capital gains taxes from investment and second home purchases. This would be in an effort to clear up the glut of foreclosures on the market. This would help all markets, even us in Outer Banks real estate. Read more on Second stimulus package and capital gains.

OBX more condos coming?

Kevin O'Brien (Coldwell Banker Seaside Realty) — Fri, 17 Oct 2008 08:05:21 -0500

Recently along the Outer Banks we have seen an increase in the number of condos being built. Driving along the "Beach Road" you see a number of new complexes going in on the oceanfront. This new oceanfront condos are expected to be luxury units. This is definitelty a growing demand for more luxury condos along the Outer Banks.

Read the rest of Outer Banks Condos

Sometimes 1+1 is the best way to go

Kevin O'Brien (Coldwell Banker Seaside Realty) — Tue, 14 Oct 2008 07:54:35 -0500

For many people trying to find the perfect house can be difficult. Often there can be something that holds them back. For many people buying land and then building a home on it can offer them the home they envisioned. This process though often taking longer can be very rewarding. In the end you have exactly what you desire.

Read more about buying land in the Outer Banks

Buying in the Outer Banks

Kevin O'Brien (Coldwell Banker Seaside Realty) — Sat, 11 Oct 2008 09:47:22 -0500

One of the most sought after areas to buy a home or land is oceanfront. Oceanfront lots and homes draw a premium price. Though the initial cost may seem high, oceanfront homes typically draw much higher rents and more rentals than comparable homes located anywhere. Read more about buying an Outer Banks oceanfront home or lot.