Shore Realty Outer Banks Home Sales

Problems With Ground Floor Enclosures

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Homes on the Outer Banks do not have basements in the ground under the structure. So you have been searching through all the Outer Banks real estate for sale looking for a nice vacation rental house or a year round home. You think you found the perfect property, but what about the flood insurance. The neighborhood is perfect, there is plenty of room in the house, it has all the features you were hoping for and the price is right. What is the flood insurance going to cost. It varies from house to house.

If there is a ground floor enclosure you or your real estate agent need to do some investigating. Some of the ground floor enclosures on the Outer Banks are not supposed to be there.

Some of the older houses were built when the rules were different. If it was ok back then so the insurance policy for the enclosure might be grand fathered. Some times there will be reduced rates that are available to the new owner but there will be conditions. The grandfather effect goes away if 51% of the structure is destroyed.

Some of the newer and older houses were enclosed underneath illegally. The owner does the job himself without permits and it is not supposed to be there. Problems can arise during the sale when a survey gets done and the insurance company doesn't like what they see.

I helped someone who bought what they thought was a duplex. I was not their agent when they made the purchase, I would have pointed out that it was not a legal duplex. It is just too easy to tell.

They had to remove the entire downstairs apartment. A tenant made the neighbors mad and they called the building inspector. I helped them sell what was left of their investment after the demolition was done. It is not hard to verify anything these days.

Recent changes to the Federal Flood Insurance program, that is run by FEMA, has implications on some newer ground floor enclosures. Some areas that were initially zoned "X" were changed in 2006 to zone "AE". This means that some newer houses with living area built on the ground might now require flood insurance with expensive premiums.

Exclusive Buyer Agency

Signing an exclusive buyer agency agreement/contract sounds like a good idea. Right? Having an agent work for you is a good idea, isn't it? The problem is the agent doesn't work exclusively for you but you will have to work exclusively with the agent... read more.

Out of State Purchases

If you find the property that you would like and are considering buying it but you live out of sate and you have to go back home, don't worry... read more

Rental Rebate

When you buy a house that already has rental reservations, there might have been money collected, and it belongs to you... read more

Flood Insurance

All of the Outer Banks is in some type of flood zone... read more

Home Inspections

We strongly recommend that every buyer have a home inspection done on the house or condo they are trying to purchase before the closing takes place... read more

Rental Agencies

There are many different styles of managing a vacation rental house. Each rental department has their own characteristics and there are deferent strategies involved... read more

Beach Access

Just because you are at the beach does not mean that every location is a good one... read more

Not Ready Yet

Not quite ready to take the big step? No hurry, just start doing your homework now... read more

Attorneys

The buyer and the seller each need to hire their own attorney... read more

Square Footage

The actual square footage of the houses might not be what is advertised... read more

Earnest Money

When an offer is written on a piece of real estate, one of the items that needs to be addressed is the earnest money... read more

Title Insurance

Title insurance protects your deed against any problems which show up after you make your home purchase... read more

Seasonal Buying Trips

Long distance traveling to look at houses you might consider purchasing requires some planning. Here are a few weather related tips for planning your trip.

Spring This is the time to get your foot in the door and have all of the prepaid rental reservation money refunded to you at closing... read more

Summer Once the the summer vacation season arrives it becomes much harder to look at homes for sale... read more

Fall This is when a seller is in their best position to make a deal... read more

Winter When the cold set in, the Outer Banks becomes deserted and deals can be found... read more

Vendors Information about the various service providers necessary to complete a real estate transaction can be found HERE.

Real Estate Forms For Buying

Here you will find some of the various forms used in purchasing real estate in North Carolina... HERE

Shore Realty of the Outer Banks Inc. - Locally Owned & Operated
252-441-3416 OR 800-647-1868

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