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 Realtors who have 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 Ask for a checklist that measures how each choice meets your needs on that list you originally made.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!!!

Want a quick reference guide to aid you in your home buying process? Get The Homebuyer's Toolkit NOW!