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FINANCING FOR LIFESTYLE
AND BUDGET
With your financing arranged prior to offering
to purchase, you will enjoy a stronger negotiating
position. Sellers will know you are a serious
potential buyer!
Loan products and programs are available!
Locally based lending institutions and credit
unions understand the unique Hawaiian real
estate market. To have a successful transaction
and fulfill the financing terms of a purchase
contract, Buyer and Seller will need to
know :
- Does the lender have a team of processors
and underwriters who will get all of the
paper work completed?
- Will the lender stay in touch with all
parties in the transaction?
- Will the lender provide documents to
escrow in a timely manner?
- Does the lender have an excellent success
record in loans closed?
- Will Buyers and Sellers have the necessary
funds associated with the business (settlement)
costs?
- Will the Escrow (Settlement) Officer
insure that no funds or property change
hands until all escrow instructions have
been followed to completion?
| ESCROW is a third party who receives,
processes, and closes a transaction
according to specific information received
form all parties in a transaction. All
escrows are different according to the
type of property and complexity of the
transaction. Usually the cost of escrow
(settlement) services is based on the
gross sales price and divided equally
between Buyer and Seller. Buyer and
Seller also will have an accumulation
of such charges as invoices, taxes,
insurance, survey, and other services
and fees that may be associated with
their transaction obligations. Closing
funds must be in the form of a cashier's
check or wired funds made payable to
the escrow company. |
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FORECLOSURE
An Uphill Real Estate Adventure
Buying a foreclosure is a different
way of doing real estate . Several
factors set foreclosures apart from
traditional sales transactions. In
a foreclosure, the seller has no emotional
attachment to the property. For the
bank seller. it is strictly a business
decision.
Bank seller will have many additional
forms and requirements than in a traditional
sale. In most cases agents and buyers
will be dealing with an asset manager
who rarely has any authority to make
a decision and buyer will have to
wait to get answers from someone or
a committee . bank sellers traditionally
take a much longer time to respond
to an offer. If there are several
offers, time will be even longer for
evaluation of each one. Buyer is required
to take the property in as is condition.
Banks do not pay for inspections,
replacements, repairs, haul and dump,
and landscaping .
It takes a special kind of buyer
to purchase a bank owned property.
Is foreclosure for you? If you are
prepared to tackle the project, make
certain than the lender will fund
on the project and that cash is available
for repairs and unforeseen surprises
such as bats in the attic. If you
are investor, i will be easier walking
away than will a primary residence
buyer who is emotionally invested
in the outcome.
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