Here are the three best ways to be prepared to buy property in Hawaii:
1. Do Your Homework
First, surf and research the web, and narrow down which island, neighborhood, or condo complex you wish to purchase. The more you can focus on a particular destination the better your agent can target the willing Sellers.
2. Know Your Budget
Second, know your budget and work with a Hawaii Loan Officer or Lender. Hawaii loan specialists know the ins and outs of Hawaii Real Estate. Have proof of all cash funds and deposits ready to go with any offers. If you are paying all cash, have proof of funds and put down a big deposit. This really makes a statement to the Sellers!
3. Work with a Real Estate Agent
Third, work with a Real Estate Agent from the beginning! Sign a Buyer/Broker agreement that starts and honors commitment to get to your goal of owning a piece of paradise. Your Broker or Agent will guide you through the contract and escrow process to ownership!
Buying Real Estate in Hawaii
Here is an example of how to buy in Hawaii:
You have visited Hawaii enough times that you really want to buy a Waikiki condo in the $500k to $600k range. Your Realtor has sent you a new listing for a $535,000 2 bed, 1 bath near the Waikiki Zoo. Just the neighborhood you have been hoping for!
You discuss with your agent, and based on the comparable sales, you decide to submit an offer for $525,000. You decide to put down a $50,000 initial deposit and another $150,000 before close of escrow. You have obtained a Pre-Approval letter from your Hawaii lender for the $325,000 mortgage with great terms. This could be the start of owning your slice of paradise – and your Realtor will help you all along the way.