Corolla, NC

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.

Unless you are building a new home, the Outer Banks home you purchase will more than likely be in a rental program. The Vacation Rental Act of North Carolina says that you must honor any rental agreements entered into by the previous owner for 180 days after you purchase the property.

Rental companies usually charge between 18%-25% of the gross rents to manage your property for the season. Each rental management company provides different services for its clients. Make sure you know what services are included in your management fee and what services your management company offers for an additional charge. Most rental agencies offer services additional to your contract al a carte.

If you are choosing a new rental company, it is important that you choose one that is active in your neighborhood and consistently rents the homes from your Outer Banks neighborhood already in its program. Ask for a rental projection for your home and then ask for the actual rental income from homes similar to yours in your community.

To follow up on the previous post about the prices in Duck & Corolla I wanted to show 2 recent closed transactions.

Here is an example of the great deals buyers are getting now on the Outer Banks in Duck & Corolla!!

Located in Duck 1 Lot Oceanfront

MLS#55721

5 Bedroom 4 ½ Baths

2000sq ft Built 1995

Pool & Hot Tub

Fully Furnished

$42,000 Rental Income

Originally listed on 10/05 for $1,100,000

Sold 6/12/08 for $726,500- $373,500 off original list price!!!

Tax assessment on this house was $933,700!!!!!

Located in Corolla

6 Bedroom 5 ½ Bath

3326 Sq Ft

Built 2005

Almost $50,000 in gross yearly rental income

Fully Furnished

Originally Listed $925,000 in 8/05

Sold 6/10/08 $605,000-That's $320,000 off the original list price!!!

There are deals like these all over the Outer Banks in all price ranges!!!

Contact me for more information

Corolla Light: A Resort Village

Corolla Light Resort has 400 homes, some on or near the ocean and some on the sound, on 250 acres in Corolla, North Carolina. It's the only resort on the Outer Banks offering activities for your whole family, including an indoor Sports Center, outdoor and indoor pools, tennis, restaurants, and access to the beach.

Nearby local attractions include the famous Currituck Beach Lighthouse, The Whalehead Club, and Currituck Club Golf Course.

Our ResortQuest office is conveniently located at 1023 Ocean Trail, across the street from the Sports Center. We have many lovely vacation rental homes located in Corolla Light. Visit our website or call our reservations department, 800-688-2813, and start planning your Corolla Light vacation today!

I just commented on a fellow poster who is a Home Inspector and I thought I'd expound a little--I LOVE Home Inspectors!

I hear other real estate agents saying how they hate Inspectors but I know there must be fellow real estate agents out there who like them too, right?

When representing buyers, I want the buyer to hire the pickiest Inspector he can get--he's paying for it. Even on new construction, we always recommend an objective report by a licensed Home Inspector to uncover any hidden structural or mechanical defects, which, in our market, are items that if the buyer requests be repaired, the seller must either comply or remediate in monetary form, or the buyer may terminate with release/return of his earnest deposit.

This does not apply to code issues or cosmetic issues.

The seller always has this choice and he knows up front he is not required to do anything, but doing nothing might kill the deal AND subsequently anything discovered then becomes a material fact.

So when representing sellers, I tell them FIX THE IMPORTANT STUFF to sell the property to his under-contract buyer who has money on the table to close, who actually wants to buy the property at the price you both agreed upon (getting rare these days, huh?)...or risk paying one way or the other later.

Better yet, sellers would do well themselves to hire a licensed Home Inspector prior to listing and marketing the property to discover these sames issues early, fix them ahead of time, be proud of the fact and not be surprised later.

It is well worth the several hundred dollars it costs to have a licesned professional check out the property either way--before or during the sale.

See--Home Inspectors ARE our friends!

Outer Banks area Home Inspectors