Hawaii Real Estate - Purchase Process
No two real estate transactions are ever the same, encumbered with circumstances that are as different as the people conducting them. Nevertheless, you can better prepare by expecting this steps leading you to closing.
1- How much you can afford depends on your income, current monthly expenses, credit, prevailing interest rates, and down payment. Keep in mind that there are homebuying programs on Hawaii that can assist you partly with the down payment and closing costs. Programs such as USDA allows for no down payment requirements on eligible Hawaii properties.
2- There are many rights of which a purchaser of real estate needs to be aware. These vary from equal opportunity, to protection from predatory lenders, to many federal and state laws enacted to protect the consumer.
3- Financing can be the most daunting task, yet for an informed consumer it can be the easiest phase of the process. Contact different lenders to compare interest rates and costs. Negotiate for better terms, as it can lead to significant savings. Contact us if you would like to be referred to a trusted local professional. Keep in mind that properties that allow short-term rentals are more difficult to finance and only a handful of lenders will underwrite those mortgages - ask us for details.
4- The step that can be the difference between a smooth transaction and a real estate nightmare is attaining the services of a qualified Hawaii Realtor. A qualified buyer's representative is working for you and maintains your best interests at heart throughout the entire process. Contact us if you would like to be represented by the most diligent professionals in the area.
5- Make a list of needs (must haves) and wants (would be nice) of the qualities you aspire in a home. Be objective when visiting properties and visualize how it would complement your life.
6- Discuss the property with your Realtor©. If the seller counters your offer, rest assured that the Realtors© of Hawaii Real Estate Search will negotiate for the best possible terms on your behalf.
7- A home inspection conducted by a professional can save significant amounts in repairs. Be thorough to ascertain the true condition of a home and request an additional walk-through to take place prior to closing.
8- The day is upon us and you are ready for closing. Settlement can be a very complicated process and the helping hand of an experience real estate professional will make it much more expedient.