Buyers
Buyers
Nine out of ten buyers use a dedicated buyers’ agent. Interviewing realtors is an important first step. Confident realtors will always welcome an initial interview. ParadiseTeam knows we can earn your business and trust – call us for an interview today!
BUYERS’ AGENT INTERVIEW WORKSHEETWorking With Paradise Team
A home is more than a big financial commitment. It’s also an emotional investment. We at Paradise Team understand that. Buying a home, whether it’s your first or tenth, is exciting, but it can also be stressful and confusing. We’re here to make every step easier for you.
Loan Pre-approval
Being pre-approved gives you a big advantage. It improves your negotiating position by presenting you as a serious buyer and can help you close on a property faster and with less stress. It also helps you determine a realistic budget. Paradise Team can put you in touch with a loan officer, and can also suggest alternative ways to approach the down payment and financing.
MORE INFO ON MORTGAGES & COSTS
Leaseholds are properties where an owner (lessor) leases real estate to buyers (lessees) for specific time periods. The lessee is permitted to occupy the property for the lease period and pays rent on the lease. The lessee may be responsible for paying the property taxes. Lease periods are typically very long and can extend beyond the term of a typical 30-year mortgage.
Tip: Mortgage companies usually require that the lease be at least five years longer than the loan. For example, to get a 30-year mortgage on a leasehold property, the lender would want to see at least 35 years remaining on the lease term.
Fee Simple is the type of ownership where a buyer purchases a property outright and has the right to use the property indefinitely. The buyer pays the mortgage, property taxes, and association/maintenance fees to stay in good standing.
In Hawaii, Leasehold and Fee Simple are the two common “Land Tenure” statuses. Hawaii leasehold properties are usually less expensive than comparable fee simple properties. Almost every buyer prefers fee simple, however, not everyone can afford them.
It is very difficult to compare leasehold properties unless they are two condos in the same building or two land parcels of similar size and lease terms. There are many lessors in Hawaii, and each property can have a different lease term, monthly payment, and fee purchase price.
Hawaii, unlike other areas of the United States, has two property recording systems: the Land Court system and the “regular” system.
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