Congratulations! You have decided to purchase a new property, or are thinking about buying one. I will be there every step of the way to offer advise and to guide you through the process.
When you're ready to act, contact me.
I have put together a list of answers to most buyers questions and hope to you will find them informative.
What's a buyer's agent?
It costs you nothing to have me represent you as your buyer's agent! As your buyer's agent I have a fiduciary responsibility to you, the buyer, not the seller. Think about it this way; when you respond to an advertisement for real estate you are typically responding to the seller's real estate agent (seller's agent) who is working in the seller's best interest; he legally is working for the seller, not you. With your own agent, you have someone in your corner to look after your best interest.
We're ready to buy, but how do we start?
The place to start is to call me or meet in person to discuss things such as:
Buyers new home requirements
Area information to narrow your search down
Answer any other questions you may have about buying your new home or lot.
Should I get pre-qualified with a mortgage company?
Getting pre-qualified for your new home loan is essential and serves two purposes. First it lets you know what your loan limits are so we don't look at homes outside of your means. Second, by having a letter of pre-qualification from the lender when we submit an offer, the seller knows you are able to close on the transaction, which makes your offer stronger than one that may not be accompanied with a letter.
Since most mainland lenders will not hold Hawaiian property as collateral, you will have to apply for a mortgage loan in Hawaii. A local lending specialist can assist by "pre-qualifying" you and/or arranging a "pre-approval" certificate that you can present to home sellers. For the pre-approval, they will need your
Name and address
Pre-qualifying and pre-approval can speed up your entire home buying process.
How do we get a loan?
The next step to speed up the application and approval process is by having the following list of documents available at the time you make your loan application:
Name in which title is to be held and Social Security Numbers
Names and addresses of landlord or lender for the past 2 years. Previous address history for 7 years.
Names and addresses of employers for the past 2 years
If you are self-employed or commissioned, furnish at least 2 years of complete tax returns or apply for the new 'no income stated loan'.
Names and addresses of financial institutions with your account numbers and balances
Lease agreements, to verify rental property income
If you are using income from child support or alimony to qualify for a loan, bring copies of all pertinent court decrees
List of all assets (stocks, bonds, autos, etc.)
List of all creditors with names, addresses, account numbers and balances
Sales contract with legal description and address of property you wish to buy
VA loan only -- Certificate of Eligibility or DD 214 (Certificate of Separation)
The Loan officer reviews credit report and will advise on best financing program
Loan officer reviews documentation and prepares list of any additional documents needed
Loan officer will "lock" in an interest rate
Loan processor will order appraisal and title work from title company
Loan processor verifies employment and documentation and prepares file for submission to underwriter for final approval
After approval, closing package is prepared by attorney and lender delivers to title company for closing
When closing is complete, lender will review and provide funding for purchase
|How do we find the right home? |
Now the fun begins. After we meet, I will have a good idea of what you are looking for and we can find the home that best meets your needs. For relocation buyers that have to find a new home now, we can search the Multiple Listing Service and set an appointment to see the homes that meet your criteria. For the buyer who has a little more time to look, we can enroll you in my update listings, where I will send you an email of new listings that meet your needs as they become available. If it's a home you want to see, we can set an appointment to view it. Sometimes investment buyers put in an offer to secure the property sight unseen while living on the mainland, and put a contingency in the offer stating that the buyer will view and approve of the property within a certain time period if the offer is accepted by the seller. If after viewing the property, the buyer is not satisfied with the property, the deal is cancelled.
|We found the right home, now what? |
After viewing the right home for your family, as a Buyers Representative, I will provide you with as much information as possible in order for you to make an educated, informed and competitive offer. When we have prepared the offer, I will present it to the seller, in most cases via the listing agent in a timely manner.
|What is an option period and what should I be doing during it? |
After the offer (DROA) is negotiated and is approved in writing by all parties, the offer becomes a binding contract. At this point the clock starts ticking and a contingency period begins for the buyer. This is usually a 7-10 day negotiable period when the buyer makes sure the home meets their needs. The first thing the buyer's agent needs to do is set up a professional inspection during the option period. This is paid for by the buyer. When the inspection is completed, the buyer will receive a written report and repairs, if any, are again negotiable. When the option period ends, both parties are bound to the contract.
There could be financial contingencies based on your getting a loan within a certain time period too.
I will be there to handle these contingencies on your behalf and keep you informed of the escrow's progress. If you have any questions regarding your contract contingencies, be sure to call anytime!
|What does escrow do? |
Review contract for complete instruction of transaction and hold earnest monies
Run abstract to ensure free and clear title
Send title commitment and deed restrictions to buyer for review and approval
Order survey for lender
Order documents for transfer of title and file new deed with the county
Prepare closing statement
Coordinate closing date and execute closing for both parties
Disperse funds to all appropriate parties
|How do I prepare to move? |
While the mortgage and escrow company are preparing for closing, the buyer needs to complete the following:
Set up and transfer utilities
Give notices as necessary
For pet relocation to Hawaii there is a long quarantine period-make sure you know the facts
Register for schools and day care
Set up new insurance
Submit change of address to post office and creditors
|Is there anything to do before closing? |
Just prior to closing the escrow company will provide a closing statement for review, which gives a line-by-line breakdown of all charges for both buyer and seller. You will also have a final inspection of the home just to make sure the home is in the same condition as the time of contract and to verify that any repairs are satisfactory.
|What happens on closing day? |
This is the day you have been waiting for. Congratulations! The buyer and seller each have an appointment at the escrow office to sign all closing documents, usually at different times. At the closing don't forget to bring certified funds, drivers license and any documents needed by lender. After closing, the lender usually funds the loan by the end of the day and possession is the granted to the new buyer
I fight on behalf of my buyers.
I negotiate the absolute best price.
I protect you.
I simplify your transaction for you as much as possible.
Map of Hawaii subdivision: http://www.hawaiimapsource.com/
County of Hawaii website is:http://www.co.hawaii.hi.us/
The industry guide: http://www.viphawaii.com/hbg/index.html
Guild Mortgage Company: Http://wwww.guildmortgage.com or email the local rep: firstname.lastname@example.org
Aloha Lending Group: http://www.alohalending.net/
First Hawaiian Bank: http://www.fhb.com/pb_mort.htm
Call me anytime on my cell at (808) 217-0429 if you have any questions about buying a home in Hawaii - I can help!
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