In the last 7 years, during the downturn of OBX real estate values OBHOA negotiated over $20 million of debt forgiveness for Outer Banks property owner (members). We never imagined how our accounting, banking, and legal experience in real estate investments and development would become an expertise to bank debt work-outs. Assisting our clients, OBHOA was in court sometimes weekly with attorneys on behalf of our members.
One of the most famous came about after our initial consulting when we were called in by a local attorney. Our work on this case is considered key to the resulting successful lawsuit filed against Federal Home Loan Corporation (Freddie-Mac).
In that case, OBHOA was first hired by a local attorney to just resolve the amount of deficiency debt. OBHOA was retained to negotiate with the bank on behalf of the borrower. The amount in question being how much debt balance remained after their Outer Banks property was foreclosed. In the due diligence review, Outer Banks Home Owners Association Board Member, Gary Woodson felt the bank had exceeded their rights. He then showed the attorney key recorded documents that were apparently missed. To right the injustice they promptly brought in another attorney that Woodson had worked with previously, and filed suit against the bank along with Freddie-Mac. In court, Woodson testified almost two hours. In the end the judge also agreed, ordering the foreclosure invalid and the property to be re-sold. Only this time the owners were to receive 60% of sale proceeds. OBHOA with Woodson as the broker was designated by the court as the real estate company to market and sell the property.
Sometimes it felt like our stories of winning cases might be worthy of a book or Hollywood script, but in reality we were missing the real world of solid investments in beach cottages and retirement homes. Outer Banks Home Owners Association is about bringing enjoyment into our member’s lives.
We take pride in maintaining exceptional expertise in Outer Banks real estate. Enabling us to provide the best advice to buying, and selling, so our members receive a good investment return on their Outer Banks property. We knew the market would return. Just as in the past, like in 1994 when OBX property values turned around after their fall from 1989.
Today, at the beginning of our recovery in real estate values, buyer volume is again currently much stronger. Especially for properties that are closer to the ocean. The Inner Banks remains somewhat stagnant but with so many ready to build waterfront lots; it will recover also. OBHOA is again working with private investors in different structures depending on their goals. This requires our expertise to be more diverse than the typical OBX real estate brokers.
Outer Banks real estate for many brokers is handled as a pursuit of leisure while living in a resort area. Less than 5% of OBX brokers have bought or sold property with their own money in the last 5 years. Outer Banks Home Owners Association requires its OBHOA Executive Brokers to regularly have their own money at stake in multiple real estate transactions every year. OBHOA Executive Brokers together with OBHOA Real Estate Advisory Group have diverse professional expertise directly benefiting member’s in their decisions on OBX property. When communicating with them you know each has owned at least one vacation beach rental cottage, and at least one vacant beach lot. They must exhibit the integrity to always place their client’s best interest above their own. They must also maintain an in-depth current market knowledge. Altogether they must be able to provide better advice for their member client than the broker representing a competing property.
Whether interested in buying, selling OBX property, or to just stay abreast of the market, call us, email, or the online website has articles and staff chat daily.