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How To Buy

How to Buy a Beach House on the Outer Banks

  1. Tell your Realtor: (The M&M Team at Sun Realty)
    1. What are your intentions for the property
      1. Second home
      2. Rental investment
      3. Primary home
  2. Tell your Realtor the price range you are comfortable with. Most loans require 10% down payment and closing costs vary according to amount borrowed.
    Example: $400,000 Purchase price
    40,000 Down payment
    6,000 Closing costs
  3. Tell your Realtor the area you prefer
    1. Oceanfront - $950,000 & up (Rental income $40,000 -$100,000+)
    2. Oceanside (no main roads to cross) - $450,000 & up (rental income $12,000 & up)
    3. Between the highways - $350,000 & up (rental income $7,000 & up)
    4. Westside - $195,000 & up (rentals vary)
  4. What money is needed right away
    1. An earnest money deposit (good faith check) to show the seller you are genuinely interested)
  5. The next step will be sending the Mortgage Company $450 for a credit report and appraisal of the property. (If you do not have a lender we can recommend excellent local lenders.)
  6. Your down payment (as low as 10% down) and closing costs will be required at closing, usually 30-45 days after contract signatures. Closing can be done by mail or you can come back in person.
  7. By choosing our team, the "M&M" Team, we offer you one stop shopping. We arrange for the loan, the lawyer, the insurance, provide you the utility numbers, and we do all the necessary leg work to make your purchase as effortless as possible on you. Don’t be left out by not investing on the Outer Banks. Just ask yourself this question: "What price would it have cost 10 years ago?" and then ask yourself: "What price will it be if I wait any longer?"

When you think of Real Estate think of...
The "M&M" Team - mvancuren@obx1.net
Madonna L. Vancuren 1-800-801-7861 or 252-441-8011
Michael D. Vancuren, SR. 1-800-730-7031 or 252-261-4183

We have you covered from our Northern Beaches to our Southern Beaches - offices in Duck & Kill Devil Hills.