Buyer's Checklist
Scroll down for details.
- Fill Out the Aloha Realty Group Showing Survey
- Hire a Lender
- Have a Plan for Your Pets
- Send Your Agent a Copy of Your Pre-Qualification Letter
- Review the Purchase Contract
- Discuss and Understand Dual Agency and its Impact on Your Representation
- Review Typical Closing Costs for Buyers
- Begin to Liquidate Your Cash Funds
- Keep Your Credit Score in Check
- Increase Your Online Privacy
- Review a Typical Escrow Timeline
- Shop for Home Insurance Quotes
- Shop for a Home Inspector
- Strategize Your Timing and Moving
Step 1.
Fill Out the Aloha Realty Group Showing Survey
Step 2.
Hire a Lender
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Jacque Villoria
NMLS# 1133941 B&B Mortgage 45-1144 Kam Hwy, Ste 404 Kaneohe, HI 96744 Mobile (808) 799-9652 Office (808) 236-4289 jacque.viloria@bbhhawaii.com |
Alan Fentriss
NMLS #316244 American Savings Bank 300 North Beretania Street Honolulu, HI 96817 Mobile (808) 927-3401 Office (808) 593-4869 afentriss@asbhawaii.com |
Tristan Castro
NMLS#333880 Compass Home Loans LLC 98-167 Kaonohi Street Aiea, HI 96701 Office (808) 429-7270 tristan.castro@compasshawaii.com |
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Tory Tuttle (VA Lending only)
NMLS #870114 Veteran’s United 1000 Kam Hwy, Ste 208 Pearl City, HI 96782 Mobile (808) 859-1313 Office (808) 465-3600 tory.tuttle@vu.com |
Robin Hood
NMLS# 809654 Movement Mortgage 4211 Waialae Ave, Ste 303 Honolulu, HI 96816 Office (808) 780-0625 robin.hood@movement.com |
Hawaii State Federal
Credit Union NMLS#405316 560 Halekauwila St. Honolulu, HI 96813 Office: (808) 447-7810 |
Step 3.
Have a Plan for Your Pets
Moving with Pets.
It’s best to plan ahead. If you are moving from another state you will need to prepare to have your pet’s shot record up to date and arrange for transportation with the airlines. Each airline has a set of rules and guidelines.
Pets are also to be considered if you are moving to a condo. Many condos allow pets these days but there are restrictions on the number, size and in some situations breed. We can help guide you and your loved ones to the a Pet Friendly condo.
Animal quarantine information can be found here: http://hdoa.hawaii.gov/ai/aqs/aqs-info/
It’s best to plan ahead. If you are moving from another state you will need to prepare to have your pet’s shot record up to date and arrange for transportation with the airlines. Each airline has a set of rules and guidelines.
Pets are also to be considered if you are moving to a condo. Many condos allow pets these days but there are restrictions on the number, size and in some situations breed. We can help guide you and your loved ones to the a Pet Friendly condo.
Animal quarantine information can be found here: http://hdoa.hawaii.gov/ai/aqs/aqs-info/
Step 4.
Lending and the Pre-Qualification Letter
This one page document is the ticket to determining what you can afford, and what the costs associated with the loan will be. Your lender will create a pre-approval letter that will be submitted with your offer. The letter tells the Seller that you are ready, willing and able to afford the property and you are qualified. Consider shopping around so you can get the best terms, rates and fees. You will need to gather the following for the lenders who will run a credit report and they will need the following to process the pre-approval letter:
- 2 years of US tax returns and W-2 statements
- Recent Pay stubs
- Recent Statements of assets. (Checking, Savings, IRA, Stocks, etc.)
The information that you provide the bank is private and need only be shared with your licensed mortgage officer. When the letter is generated we can start to narrow down the properties that match your budget, without seeing your sensitive financial information.
- 2 years of US tax returns and W-2 statements
- Recent Pay stubs
- Recent Statements of assets. (Checking, Savings, IRA, Stocks, etc.)
The information that you provide the bank is private and need only be shared with your licensed mortgage officer. When the letter is generated we can start to narrow down the properties that match your budget, without seeing your sensitive financial information.
Step 5.
Review the Purchase Contract
The Purchase Contract is a long, complex document. It is the vehicle by which most residential real estate transactions are conducted and many of the clauses and contingencies will determine the final timeline and purchase price. Before you sign the PC, be sure that you understand the language. Check out our A-Z glossary for simple definitions of the arcane language and terms.
Step 6.
Discuss and Understand Dual Agency and its Impact on Your Representation
We aim to represent your best interests as a Buyer’s agency. There are some occasions when a Buyer might wish to buy one of our company’s listings. In this case it is hard to act on both the Buyer’s and Seller’s behalf. If the listing is with our company, we may ask you use another agent within our company who has an arm’s length interest but we can’t in this case give the Buyer any information that might harm the already established relationship we have contractually with a Seller. This is called Dual Agency, or "double ending the deal".
In this case, a Buyer would be treated as a “customer”. In some special cases, we might refer you to another agency so that you are fully protected. It is possible to represent both sides, with proper paper work signed that discloses this relationship, and with established boundaries so that you navigate to the closing and keys. We can assist with the transaction, processing paperwork back and forth, coordinating with lenders, vendors and inspections. It is important that everything be upfront, and disclosed in a Dual Agency.
In this case, a Buyer would be treated as a “customer”. In some special cases, we might refer you to another agency so that you are fully protected. It is possible to represent both sides, with proper paper work signed that discloses this relationship, and with established boundaries so that you navigate to the closing and keys. We can assist with the transaction, processing paperwork back and forth, coordinating with lenders, vendors and inspections. It is important that everything be upfront, and disclosed in a Dual Agency.
Step 7.
Review Typical Closing Costs for Buyers
Step 8.
Begin to Liquidate Your Cash Funds
Cash funds are simply that. Stocks that have been liquidated, CD’s that have matured, wired funds from family members, cashier’s checks that need time to clear. It can take time for banks to complete wire transfers, or liquidated funds to be available. Some buyers plan to sell collectibles or cars and this too can be time consuming. Sellers will ask to verify cash funds as will lenders. Please plan accordingly.
Step 9.
Keep Your Credit Score in Check
Refrain from spending on a large item such as a car. Don’t run up your credit cards or miss a credit
card/vendor payment. This could affect your credit score and your loan pricing.
We can help you re-build your credit if needed. Just let us know and we can guide you.
card/vendor payment. This could affect your credit score and your loan pricing.
We can help you re-build your credit if needed. Just let us know and we can guide you.
Step 10.
Increase Your Online Privacy
Change your social media privacy levels and refrain from posting on Facebook, etc., during the negotiation process. It could work against you. This is a small town.
Step 11.
Review of a Typical Escrow Timeline
Step 12.
Shop for Home Insurance Quotes
If you have an insurance agent, please ask them to give you some rates based upon a typical home size and condition that is within your budget. Shop around, and compare the quotes closely noting deductibles and values of your goods. If you have special artwork or designer furniture you may want to discuss this with an agent to be sure you are covering the home adequately. Most lenders require a hurricane policy.
See www.cca.hawaii.gov for more information.
See www.cca.hawaii.gov for more information.
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Liberty Mutual
98-211 Pali Momi St. Ste. #520 Aiea, HI 96701 1(888) 398-8924 |
GEICO
711 Kapiolani Blvd. Ste. 300 Honolulu, HI 96813 1(808) 593-1010 |
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Allstate
1259 Beretania St. Ste1 Honolulu, HI 1 (808) 593-8844 |
Zepyhr Insurance Company
1001 Bishop St., Ste 2750 Honolulu, HI 96913 1 (808) 440-5400 |
Step 13.
Shop for a Home Inspector
Try to be there, in person for the report. The Home inspection will take place soon after your contract is accepted; the costs are based on size and square footage. Prices range from $300 for condos to $1000 for large homes. Our recommended Inspectors:
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Grey Owl Property Inspections
1333 Parks Place Honolulu, HI 96819 Ask for Steve Fierros info@greyowlinspections.com (808) 489-0789 |
Step 14.
Strategize Your Timing and Moving
Moving in and out of your home can be tricky. Especially if the Seller is doing the same. As you move to the end of the transaction and closing, it is important to create a moving day strategy that is realistic and fits the often tight timing considerations. It can be hard to keep the deadlines if a lender is involved but it helps to have a plan. Please share it with us as we are here to help you.
Give notice to your Landlord. Usually 30 days is required or if a long term lease is involved you will need to a with them to see if you can cancel it without penalty. If so, then it might be prudent to wait to buy until you are closer to the leases end. Ask about flexibility with your landlord just in case you need more time.
Moving companies usually charge by the hour and shipping is charged by weight. In Hawai’i summer is a very busy time with many military families moving in and out so it pays to shop around for a mover who is flexible and available.
Some folks opt to stay in their old place for a bit so the overlap time can relieve the stress of coordinating a move so quickly. By structuring the Purchase agreement around your personal story we can try to alleviate the pressure of Moving Day.
You may want to be downsizing too. Take this time to consider the “joy” of each of your items and donate, dump or pack items ahead to save you the stress prior to the move.
Give notice to your Landlord. Usually 30 days is required or if a long term lease is involved you will need to a with them to see if you can cancel it without penalty. If so, then it might be prudent to wait to buy until you are closer to the leases end. Ask about flexibility with your landlord just in case you need more time.
Moving companies usually charge by the hour and shipping is charged by weight. In Hawai’i summer is a very busy time with many military families moving in and out so it pays to shop around for a mover who is flexible and available.
Some folks opt to stay in their old place for a bit so the overlap time can relieve the stress of coordinating a move so quickly. By structuring the Purchase agreement around your personal story we can try to alleviate the pressure of Moving Day.
You may want to be downsizing too. Take this time to consider the “joy” of each of your items and donate, dump or pack items ahead to save you the stress prior to the move.
MOVERS
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Honolulu Movers
1888 Kalakaua Ave, C-312 Honolulu, HI 96815 Phone (808) 206-9817 honolulumovers@gmail.com www.honolulumovers.company |
Kona Trans, Kona Office
74-5039 A Queen Kaahumanu Hwy. Kailua-Kona, HI 96740 Phone (808) 329-4111 www.konatrans.com |
DOWNSIZING
DE-CLUTTERING
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Aloha Realty Group
RB-22714 |
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Site by Hawaii Information Service
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