Use A Local Lender For Real Estate Transactions

Transactions involving a lender outside our local area have been a nightmare! Here on the Outer Banks of North Carolina the market is mostly second homes, retirement homes and/or investment properties, especially in Southern Shores, my area of speciality. In most cases, my buyer and seller clients do not live here. Because of the logistics, sometimes a client will want to use “their bank” in their own hometown to purchase property hundreds of miles away. That is when the trouble begins.

Here are the reasons I argue for using a lender familiar with the area of the subject property.

1. Appraisals have become more complicated as they are more closely regulated. An appraiser sent by a lender not familiar with the area will hold up the transaction and/or not be able to appraise so another appraiser is sent. Deals die this way!
2. Lack of local market knowledge is harmful. It has been my experience that local lenders have an intimate knowledge of their own area which positively influences their decisions. Especially in coastal areas, knowledge of local geography, flood zones, etc. is critical.
3. Difficulty gaining access to decision makers can be a deal breaker. We all have relationships with our local bankers. It is such a waste not to be able to call on these folks for assistance. . The lenders I suggest to my clients are the best in every way and enhance the experience for everyone.
4. Our clients don’t get all the services we can provide when the lender is not part of the local team. I find my hands are tied when my clients really need my help.
5. Finally, on-line lenders are just another breed altogether! I don’t even know where to start with this one.

I would love to hear about your own experiences in this area. Perhaps you have some tips for me to use when I must deal with non-local lenders! Thanks!

Why I Live and Work on the Outer Banks of North Carolina

My name is Morgan Mason and I am a real estate broker living and working on the Outer Banks of NC.

I asked myself why did choose to live on the Outer Banks of North Carolina? There are very many reasons, but here are my top five:

1. Like many people, I have wonderful memories of spending childhood vacations here on the Outer Banks. I remember spending hours at the beach with my family. Those same beautiful beaches are still here, still pristine, and I can enjoy them now any time I want. I lost my Dad recently and I find myself walking on the beach sometimes just to remember him and to let the sound of the waves help me to heal. I have been told that the cure for most anything is salt water---sweat, tears, or the sea. I believe this may be true.

2. The feeling of community and safety that I feel living here on the Outer Banks. There is nothing like knowing your neighbors and sharing a common goal of keeping your environment clean, friendly, and safe for everyone.

3. This is a very dog-friendly place. Fannie Rose loves this and so do I. Even businesses here on the Outer Banks recognize that dogs are people too. For example, when we go to the bank, Fannie gets a cookie from the teller. Needless to say, she likes to go to the bank. Fannie only has three legs and she captures the hearts of people who see her out and about. They often comment on her gracefulness. It opens the door for us to meet new friends.

4. There are so many wonderful restaurants here that offer great food at reasonable prices. Three of my particular favorites are: Outer Banks Seafood Company in corolla, Kill Devil Grill, and Art's Place.

http://www.outerbanksseafoodcompany.com/

http://www.yelp.com/biz/kill-devil-grill-kill-devil-hills

5. And of course, the photo opportunities. I took the picture above while strolling along the beach at dusk one evening. Everywhere I look, I see beauty.

And these are my top 5 reasons for living on the Outer Banks of North Carolina.

Thank you for listening.

MM