Matt Huband

It looks like the negotiating committee for the ORV Beach Access Management Plan is getting back to the table this week. The 2 sides to the long battle over who will manage the Cape Hatteras National Seashore have once again decided that more talks are needed to try and come up with a solution to the current court mandated access plan. The meeting will held in Avon today and while most of the locals here on the Outer Banks pray that our local representatives can work their magic to get the current plan overturned, many are not that optimistic.

Go to my Outer Banks Real Estate Blog on my website www.HometownOBX.com for the most recent article on the ORV update

Check out my latest blog post on Outer Banks Foreclosures.

For the latest real estate, news and local information on the Outer Banks of North Carolina. You can search local real estate listings by town, check out Outer Banks restaurants, news, web cams plus use the interactive Outer Banks Pop Up Map to find great area attractions.

www.HometownOBX.com has everything you need to stay informed about the Outer Banks.

It seems like every day you hear about more people losing their homes to foreclosure (more about that tomorrow) or what is becoming the new buzz word in real estate the "Short Sale". It was just a short time ago that no one, at least the majority of us in the Outer Banks real estate market, had ever heard of a short sale. Now it seems a day does not go by where a new short sale listing comes on the market. Unfortunately I have become somewhat of an expert on short sales as I have sold and listed several in the last few months. So, what is a short sale???

A short sale is when a sellers list price and eventual sale price is below what the current payoff will be to the mortgage company. It's that simple!! This has become more common on the Outer Banks over the last year as home values have dropped substantially causing a lot of homes to sell below what the seller originally paid for the house as far back as 2004. Here on the Outer Banks most of the homes were bought with 100% financing which equals bad news for the sellers in today's market. It comes down to sellers who own homes they can't sell for a profit and for a myriad of reasons can't afford to pay for them. If the seller is in this situation, then what are the options??

Well the best option available for the seller is to get the lender to agree to a lower payoff amount rather than go to foreclosure. Most lenders these days are more than happy to work with a seller even if they are still current with the mortgage. Once the lender agrees to a short sale what happens next?? Each lender has different requirements but the most common ones are:

• The house has to be listed for at least 90 days
• The seller will have to fill out the lenders mortgage workout paperwork- This explains how the short sale will work and what papers the seller will need to give the bank such as tax returns, bank statement, pay stubs etc.
• The seller will have to provide a hardship letter stating why they can't afford the house
• The Realtor will have to provide the lender a current copy of the listing agreement, recent sold comps, and a letter to explain the current market conditions

Then the seller waits for a buyer to come along to submit an offer. Once there is an offer on the house the seller and lender must approve the offer.

So as a buyer what can I expect when purchasing a short sale??

In most cases short sales are great deals if you work with a good Realtor who knows the market and you have patience. Keep in mind though that just because a house is short sale does not mean it is the best deal on the market. Also, just because you submit and offer doesn't mean the lender is going to accept it. Here are a few common things you can expect when purchasing a short sale:

• In almost all cases the property will be sold in "As-Is" condition meaning you get it just as you see it. I always recommend a home inspection be done before an offer is made so there are no surprises after closing.
• The lender will not pay any closing costs or make any other concessions
• The lender will require the buyer to submit a pre-approval letter or proof of funds for a cash buyer along with the offer
• Expect multiple offers on the property, so make a good offer to start with. Since the lenders are losing money on these deals my experience has been that they will accept less than the list price but not too much less. I have had lenders reject offers that were too low.
• Be patient!! Don't expect the lender to make a decision for at least 2 to 4 weeks. Lenders have a protocol they must follow in order for the offer to be processed and it does not happen overnight. This is small price to pay for getting a house a great price
• Be prepared to close within 30 days or less when the lender accepts your offer. It's very important to remember this is not a standard real estate negotiation!!! The lender dictates what an acceptable price is and when closing will occur.

I hope this helps explain the short sale process. If you have any more questions or comments please contact me here .

My experience on the Outer Banks has been that short sales offer an excellent opportunity for the right person who can work within the above limitations. The Outer Banks market has short sale listings across all price ranges from $225,000 to $2,000,000+. I would love to work with you to find a great Outer Banks Short Sale. Go to Outer Banks Short Sales to receive a current short sale list. If you're a seller who owns property on the Outer Banks and would like to see if a short sale is an option for you contact me here.

Visit my website at http://www.hometownobx.com/

With hurricane season in full swing I have added a great new feature called the Hurricane & Tropical Storm Tracker to the website. This new hurricane widget from the National Hurricane center will keep you up to date on the latest tropical storm and hurricane information.

Over the last few years the Outer Banks has been very fortunate to have had a relatively light hurricane season. Contrary to what most people think the Outer Banks on average gets hit by a major storm, like Hurricane Isabel, only about 1 out every 7 years. Keep your fingers crossed that the Outer Banks will be spared again this year.

Have a question about the Outer Banks email me at matthuband@hometownobx

How exciting that a major Hollywood motion picture was filmed on the Outer Banks!! My wife and I were lucky enough to be extras in the movie!! We can't wait to see if we made into the movie or were left on the cutting room floor. Even if we don't make it just being close to Richard Gere/Diane Lane was good enough for my wife. It was amazing to see how a movie was made. The crew spent hours setting up a scene that would take only a few minuets to film. We were on the set from 3pm to 3am and were used in just about ever scene so we hope we made it in. The hours were long but for us and the rest of the locals it was an once in a lifetime experience!! Check out the film to see the wonderful shots of the Rodanthe area and the rest of the Outer Banks.

Below is the article about the movie and the premier from the Virginia Pilot

Richard Gere and Diane Lane in the 2008 Warner Bros. Pictures movie "Nights in Rodanthe," which was filmed in the Outer Banks. (Courtesy Warner Bros. Pictures)

Story Extras

--> By Catherine Kozak
The Virginian-Pilot
© August 21, 2008

Outer Bankers soon will be treated to close-ups of movie stars Richard Gere and Diane Lane frolicking on their beach, zipping down their road and snuggling at their pier.

An invitation-only showing of "Nights in Rodanthe," the silver screen version of Nicholas Sparks' bestselling tear-jerker, has been scheduled for Sept. 24 at the R/C Kill Devil Hills Movies 10. That's just two days after the premiere in New York City, and two days before it will be released nationwide. It will be released abroad in November.

There will be about 210 seats available for residents who participated in the production - as extras, consultants, security, musicians, caterers - during the six weeks it was shooting on the Outer Banks.

"From a ticketing standpoint, we want to take care of everybody, not just those who were in front of the camera," said Carolyn McCormick, managing director of the Outer Banks Visitors Bureau. "I think the challenge will be that we put the tickets in the hands of the people who were part of making it happen."

McCormick said she had hoped the screening, which Warner Bros. is providing at no cost, could be held at the movie theater in Avon, near the Hatteras Island village the movie is named after. But she was happy that at least the islanders will see it second, just two days after the Hollywood elite do. Location shots were also taken in Wilmington, N.C. Their movie screening will be held on Sept. 25.

Despite its wealth of beautiful coastal scenery, the Outer Banks' remote location and sparsity of amenities in the past made it undesirable as a movie location because of the expense.

"Message in a Bottle," another Sparks novel that was made into a film, for instance, was set on the Outer Banks, but the location shoot was in Maine.

When Hollywood arrived here in May 2007, Outer Banks residents lined up by the hundreds for a chance to be extras; others lent their businesses or employees to the effort.

Serendipity, a large beach house on the edge of the ocean in Rodanthe - temporarily renamed The Inn at Rodanthe - served as the setting for many of the movie's intimate scenes.

For the few weeks the movie was being shot, the favorite sport among locals was sightings of Richard Gere and Diane Lane, the stars who played the romantic lead roles and stayed at the Tranquil House Inn in Manteo. In addition to the beach house, location shoots were done at the Hatteras Island Fishing Pier in Rodanthe, on the Hatteras-Ocracoke ferry, on Ocracoke Island, in Manns Harbor and in Manteo.

"Nights in Rodanthe," published in 2002, is about a retired doctor who visits the northernmost Hatteras Island village to come to terms with a patient's death. While staying at the beachfront, he falls in love with the inn's caretaker, a middle-age mother whose husband had left her for another woman.

Scenes in the movie trailer show soaring aerial footage of the beach house with crashing waves in front; another aerial shows Gere speeding down the highway in his expensive sports car, the sound and ocean on either side. One shot locals will get a kick out of is a scene with Lane laughing as wild horses run on the beach - a sight that would have had park rangers circling in no time.

Accurate or not, the movie gives the Outer Banks worldwide exposure, McCormick said. A number of promotions tied to the movie are in the works nationwide and internationally, she said. And even after the movie leaves the theaters, the DVD will soon follow.

"The fact that the movie is called 'Nights in Rodanthe,' " she said, "you can't pay for that."

Catherine Kozak, (252) 441-1711, cate.kozak@pilotonline.com