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Tips for Buyers

Buying a Maui property can be an exciting and dream-come-true experience; but, in the same moment, it can be time-consuming and stressful!

Tip #1

Remove as much of the negative from the equation as you can. How? Simplify and organize the process. Take it one step at a time.

Step One: Choose an Accredited Buyer's Representative.

The ABR Designation is only awarded to a Realtor® who has met specific education and experience criteria needed to provide high level quality service required by REBAC (Real Estate Buyer's Agent Council).

Step Two: Assess your credit.

Credit scores are important to lenders. Scores can influence interest rates and terms of your mortgage. The National Association of Realtors suggests visiting annualcreditreport.com to request a report. The Fair Credit Reporting Act gives you the right to a free credit report from each of the three nationwide credit reporting companies every 12 months.

Pre-qualify for a mortgage.

Make sure your lender does business in Hawaii. And, if you are purchasing investment property/vacation rentals, ask the lender if "condo-hotels" are included in their mortgage programs. Guesstimate your expenses — closing and monthly costs.

Step Three: Make a list of what you want and need.

Discuss it with your Realtor® ABR.

Step Four: Go shopping.

Have your Realtor® ABR arrange to view property that meets your needs.

Tip #2
Save your time.

Ask your Realtor® ABR (who has knowledge of the local market) to provide an analysis of current and historical prices. Ask for a checklist that measures how each choice meets your needs on that list you originally made.

Step Five: Make an offer with specifics/dates that you can meet.

Include your pre-qualification letter from your lender. Negotiate terms and conditions.

Step Six: Escrow.

Ask your Realtor® to provide a timeline of events and deadlines. Expect your Realtor® to work through the timeline with you. Inspections, surveys, title insurance, property documents are some of the elements of the purchase agreement that have deadlines and require your acceptance.

Step Seven: Close (transfer of ownership).

Sign escrow/title and mortgage documents as well as obtaining home insurance. Ask your Realtor® ABR about home protection plans to save you money in the future.

Tip #3
Use a checklist so you remember the small details.

Step Eight: Don't forget to...

Notify the post office you're moving. Change your voting address/precinct. Complete the Maui County Homeowners Tax Exemption application. Contact utility companies. Arrange for a mover. Are there any renovations you want to make before moving in, i.e. flooring, paint, closet shelving? Some tasks are easier to complete before you occupy.

Step Nine: Roll out the Welcome mat. CELEBRATE!!!

 

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