HAWAII VA LOANS | Hawaii Military Relocations |This Realtors® Process

Active Duty or Veterans of the Armed Forces have VA Home Loan benefits for their home purchase that have proven beneficial for when it comes to little or no money down loan program. (provided their credit is satisfactory) VA guarantees the Local Lender that they will reimburse the lender a percentage should the veteran default on their loan. The following brochure What VA Does For the Home Buying Veteran should be very useful guidelines and loads of information.
*Across the Ocean to Paradise: Military Relocations Hawaii* has loads of information for your Military Relocation to Hawaii so you will have pertinent information on what to expect in your relocation to our island paradise.
Currently, I have one VA Loan client in contract and the other one has already been prequalified and coming to Honolulu Hawaii next month specifically to put in an offer during their 5 day house hunting trip so they can return back to the mainland and pack for their Hawaii Relocation in February. VA Loans are abundant here due to our high volume of military personnel and presence on Oahu, Hawaii.
The following steps are what this Real Estate Professional does in order to make your Relocation to Hawaii as smooth as possible concerning your real estate transaction and VA Loan Process.

Speak to a Local Hawaii Lender (if you do not have one I can refer you to a few who are well qualified in the State of Hawaii) to submit your information and get prequalified.

  • While talking to the Loan Officer make sure and let him/her know what you are comfortable with for monthly mortgage payments. After getting prequalified your Realtor® will now know in what price range to search for properties for you.
  • Let your agent know what other criteria you are looking for as far as # bedrooms/ # of baths, sq. ft. interior/land, parking, single family or condo/townhouse. Just remember to go over the *Across the Ocean to Paradise: Military Relocations Hawaii* because this gives pertinent information on what to expect in your Hawaii Relocation.
  • Get all your financial paperwork together so you will have it with you when you arrive.(Do not pack your bank statements, W-2’s, LES’s and important documents you will need to submit for your loan!)
  • If you have a couple of months to spare you may order your Certificate of Eligibility from the Veterans of Affairs office. It is not necessary to do so though, because our lenders order them online once you start your loan process and if anything is held up we have a VA office centrally located on Oahu for your convenience and it takes just minutes.
  • Start your loan process before you get here so you will have everything in place when you submit an offer for a loan. The loan process is the lengthy and of course an important part of the transaction so it is better to be proactive in your process. Your closing costs can be included with your loan so you will have minimal costs to come in with and to close with.
  • Appointments are made and off we go in search of your new home! When you decide that you would like to put in an offer we will go through the whole 12 page (plus addendum’s) contract and submit it to the sellers agent to present to the seller.
  • After the offer is accepted the loan process begins. You will meet with your Loan Officer to submit your complete application and submit all documentation needed for your VA Loan process packet. Then it goes to Underwriting to process the initial packet and order the appraisal with their VA approved appraisers.
  • The Condominium and/or Subdivision Association Documents should be ordered immediately after acceptance of the offer and in the buyer’s hands within 10-14 days after acceptance. This agent will make copies of the Budget, last three Association minutes and the Property Information form (RR105C) and submit it to the lender. They need this for the VA Loan Guidelines and process for your loan. (these documents will show how the Association budgets their money in reserve. % of owner occupants, any pending concerns or litigation going on and so forth.
  • Provided your loan process goes smoothly you should have a Conditional Loan Commitment Letter within the first three weeks in contract. This is an approval of your loan with Conditions. Maybe you need to submit a couple of more documents or the appraisal is not in yet or the survey and termite inspection are not done yet. These are the types of conditions that will be listed on this letter.
  • Within two weeks after the Conditional Loan Commitment letter is issued all the conditions should be complete for signing documents with escrow and the loan officer. Not to worry! I attend all signings with you.
  • In Hawaii, we do not sign at the same time as the Seller due to conflict of interest and we sign approximately four days before recording. After the signing, the loan officer takes the notarized and signed documents to go through processing and within 2.5 days the Lender should have funded the money for your loan to the escrow company. When escrow receives all monies then they will take the documents to the Bureau of Conveyances in Honolulu to record. By the next business day it will record and we usually get word between 8-10am. At that time, the home is legally yours and I will have already made arrangements and have your keys in hand to open the doors to your new home.
    Congratulations!
    It’s not easy moving across the Pacific Ocean let alone to a totally different “world” of people but you can do it with effort, motivation and a great Realtor®!
    Call me for a Relocation Packet and more info!
    Celeste “Sally” Cheeseman, Realtor Associate ®
    Century 21 Liberty Homes
    95-221 Kipapa Drive, Mililani, HI * (808) 375-1404
    http://www.hawaiihomesmarket.com/
    http://woohoosally.blogspot.com/

     

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    Mililani Real Estate | Mililani Market Report for September 2010

    You can’t just go by the statistics on national news. Each neighborhood will determine the housing market for your local area. For Oahu Real Estate, we can pretty much gather that from neighborhood to neighborhood that the sales prices will vary and so will the median and average prices and the number of sold properties.

    Mililani Town and Mililani Mauka Homes, Condos and Townhouses

    To better determine particulars for your market (with criteria including your sq/ft interior, land, condition and year built), contact this Realtor Associate® for a CMA (Comparative Market Analysis).

    Mililani Single Family Homes Market Report September 2010: We have 60 Active Listings for September 2010 (33 for Mililani Town and 27 Mililani Mauka), with 35 in contract (16 for Mililani Town and 19 for Mililani Mauka) and 20 sold properties (13 for Mililani Town and 7 for Mililani Mauka) Mililani Single Family Home activity remains comparable with previous months for 2010 with multiple contracts submitted and accepted due to the lower inventory. Average Sales Prices were a bit higher than the previous month of $570,952; up to $598,970 and down considerably from $675,500 a year ago. Average days on market…DOM was 43 days.

    Mililani Single Family Home Resales for Mililani and Mililani Mauka for September 2010

    Mililani Condo Statistics for September 2010: We have 108 Active condos/townhouses on the market from September 2010 (78 for Mililani Town and 29 for Mililani Mauka), 38 Pending (26 for Mililani Town and 12 for Mililani Mauka),  and 21 sold (13 for Mililani Town and 6 for Mililani Mauka) . Looks like our Mililani Condo/Townhouse market slowed down for the month of September from the previous month. Average sales price of $288,342 a slight increase from August 2010 of $271,882 and comparable to a year ago at $287,209.. Average days on market for September 2010 –DOM was 87 days.

    Mililani Condos and Townhouse Resales for Mililani Town and Mililani Mauka for September 2010

    We are in an up and down market and though we have a bit of inventory with short sales and foreclosures left to go through, we are getting multiple offers on properties as the inventory has gone down and prices are reasonable. Interest rates are low so it is still a good time to take advantage of buying your Hawaii Home.

     Stay tuned for more neighborhood market statistics or contact me at sally@hawaiihomesmarket.com for more information!

    ************************** 

    Hawaii Home Buyer | SOME Military Qualify for Extended Tax Credit 

    Yup, the Home Buyer Tax Credit ended on April 30, 2010 but there are some “Qualified service members” (which means a member of the uniformed services of the U.S military, a member of the Foreign Service of the U.S., or an employee of the intelligence community) that may still qualify for the extension of this Home Buyer Tax Credit. Qualified service members who are ordered on a period of official extended duty are extended for one year. For these home buyers, the tax credit applies to sales with a binding sales contract in place on or before April 30, 2011 and closed by June 30, 2011.

     READ THE DETAILS HERE: Hawaii Home Buyer | SOME Military Qualify for Extended Tax Credit

    ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

     

     

    Celeste “Sally” Cheeseman is a Realtor-Associate with Century 21 Liberty Homes in Mililani, Hawaii. With a sharp understanding that a listening ear is the key to a client’s needs she serves all Hawaii Home Buyers and Sellers on the island of Oahu (Honolulu County) including all Hawaii Military Relocating to Hawaii, Hawaii Retirees, Hawaii Job Transfers and Hawaii Residents.

     

    Website: www.hawaiihomesmarket.com

      

    Mililani Real Estate | Mililani Condo Market Report YTD

    Mililani Condo Statistics for YTD 2009: There are 93 Active condos/townhouses on the market, 45 in contract and 130 sold for the period January to June of 2009. Looks like our Mililani Condo/Townhouse market is picking up with more units condos and accepted contracts. Sales Prices ranged from $160,000 (1 bedroom condo) to $495,00 (2 bdrm luxury townhouse).

    Mililani Real Estate | Mililani Condo Market Report YTD

    Mililani Condo Statistics for YTD 2009: There are 93 Active condos/townhouses on the market, 45 in contract and 130 sold for the period January to June of 2009. Looks like our Mililani Condo/Townhouse market is picking up with more units condos and accepted contracts. Sales Prices ranged from $160,000 (1 bedroom condo) to $495,00 (2 bdrm luxury townhouse).

    Are You IN the Middle of a Rip Current?

    After reading the warning sign and taking precautions by standing back a few feet from the warning tape I looked up to see big breaking waves on the shore and the whitewater rushing back out to see. Rip currents are DANGEROUS. The powerful, channeled currents of seawater flowing away from the shoreline, through the surf and past the breaking waves will take you out to sea quicker than you can bat an eyelash.

    There is no doubt that conditions change and we need to take heed to the warning signs.
    The housing market and real estate industry is constantly changing and has been for some time. Though it is known that the market is LOCAL and every area has different statistics I think I can safely say that there is no housing boom going on.

    In October, there was Good News! October Statistics for Oahu’s Housing Market! Then, The Ripple Effect From Our Hawaii Tourism Industry took a dive and many restaurants and industries are closing down. For the month of November, our home sales declined but our prices here on Oahu are still stable and hopefully this decline will last just a short while.
    Needless to say, the Rip Currents are dragging many out to sea and everyone is out there trying to grasp at every straw to stay afloat:

    • Buyers are backing out for no reason ….or maybe they were just too embarrassed to say why. (i.e. family problems, lost jobs or whatever the case may be)
    • Loan Officers are promising the world and can’t deliver when it comes time for processing. (giving a preapproval without taking everything into consideration ….in hopes it goes through)
    • Realtors® are nagging at sellers to list their home. (Who knows how they got the private cell number of the owner….yes this just happened to my seller)
    • Realtors® are giving bad advice to the buyer for the sake of a sale. (i.e. bank owned and no warranties, inspections or recourse)
    • Sellers are thinking that it’s still a great market (and thinking that they can play hardball when there are few and far between buyers)

    The majority of us have kept afloat with great marketing skills and a niche we have created for ourselves. We listen to our clients and only after listening to their needs first do we give back sound, straighforward information and advice. We follow our Code of Ethics which can be compared to our every day behavior following our personal beliefs, morals and values in this game called life. We hold our heads high and sleep VERY well at night knowing…we lived each day right and didn’t step on anothers toes to get there.

    The rest will be sucked out to sea by those dangerous rip currents.
    And You?
    © 2008 Celeste “Sally” Cheeseman, All rights reserved

    The Market DEPENDS on the Circumstances Doesn’t It?

    The National News surely depicts an overall picture (so does NAR) of the housing market that is unrealistic. Why? How can anyone believe that this nationwide report will be the same for every state, county, city and neighborhood? It is unrealistic to report that ‘nationwide’ it is a beautiful market to buy or sell just as it is unrealistic to report that ‘nationwide’ it is a bad time to buy or sell. It depends on a wide variety of points doesn’t it?

    How about this?

    • Your Realtor ® will give you a clearer picture of the current market conditions in your specific area. Bad choice to have your loan officer, friends and family pretending they are the Realtor®. Might as well just watch the news right?
    • It depends on your circumstances if you are considering selling your home. Relocation to another state? Downsizing? Tragedy in the family?
    • It depends on your circumstances if you are considering buying a home. Relocation to Hawaii? Benefits of ownership vs. renting? Retiring? Downsizing?
    • It depends on the county, the city & the neighborhood for better market conditions to sell. Your Realtor ® will provide you with a Comparative Market Analysis for these specifics.
    • It depends on the county, the city & the neighborhood for room for negotiations for the buyer. Your Realtor® can give you a breakdown of the areas that you are considering.

      As of February of 2008 the Oahu Housing Market has slowed down 40% in NUMBER of sales. The Oahu Housing Market has increased in prices since last year BUT ARE NOW STABLE. The table below will show you an increase/decrease in sales and prices to give you a better idea of our market on our Island of Oahu in HONOLULU COUNTY. (These statistics DO NOT include new home sales)

      MONTH, YEAR SINGLE FAMILY CONDO

      February 2008 $599,000 / 163 $335,000 / 321
      January 2008 $600,000 / 228 $324,000 / 324
      December 2007 $610,000 / 240 $320,000 / 353
      November 2007 $610,000 / 245 $315,000 / 379
      October 2007 $655,000 / 265 $322,500 / 423
      September 2007 $650,000 / 255 $335,000 / 414
      August 2007 $650,000 / 381 $325,000 / 495
      July 2007 $640,500 / 339 $335,000 / 457
      June 2007 $685,000 / 338 $334,000 / 547
      May 2007 $650,000 / 357 $325,000 / 543
      April 2007 $665,000 / 342 $325,000 / 527
      March 2007 $643,500 / 330 $321,000 / 541
      February 2007 $614,500 / 272 $320,000 / 402

      Stats: Yr-Yr -2.5% / -40.1% 4.7% / -20.1%

    Our inventory on OAHU is still modest due to fewer homes/condos being listed on the market. For this reason it gives us a positive outlook because the inventory has NOT ballooned as in previous post-boom periods.

    Just keep in mind that this too is an overall picture of our market in Honolulu County. (Which is the island of Oahu) and neighborhoods differ as well. For example, the prices for homes/condos in Mililani are stable whereas the prices in Ewa Beach have decreased a little and have a higher inventory overall. The number of Short Sales in Ewa are high whereas there are very few in Mililani. Newer, Older, Sq. Ft., Land Area and so forth are also to be considered.

    IT JUST DEPENDS.


    More Statistics on Neighborhoods:
    Relocating to Hawaii? Ewa Gentry & Ocean Pointe Communities
    http://activerain.com/blogsview/351247/Royal-Palm-Waipio-Gentry
    Ko Olina Resort & Marina: Can’t Get Any Better Than This!
    Oahu, Hawaii Relocations: The Waipio Gentry Community, Oahu, Hawaii
    Hawaii Relocations: The Mililani Community on Oahu, Hawaii

    FYI: Honolulu Board of REALTORS® was established in 1922 and is one of the largest of 1,600 boards of REALTORS®. With over 6,000 members on our island alone the Honolulu Board of Realtors ® is the largest trade organization on Oahu. The above statistics are from the Honolulu Board of Realtors ® and are taken from our Multiple Listing Service site.

    If you’re Relocating to Hawaii (regardless if it’s near future or just wanting to be proactive for the future) contact me for a Hawaii Relocation Packet or Military Relocation Hawaii Packet!


    Celeste “Sally” Cheeseman, RA, e-PRO / Century 21 Liberty Homes, Mililani, Hawaii

    VA Loans & Hawaii Military Relocations: This Realtors® Process

    Active Duty or Veterans of the Armed Forces have VA Home Loan benefits for their home purchase that have proven beneficial for when it comes to little or no money down loan program. (provided their credit is satisfactory) VA guarantees the Local Lender that they will reimburse the lender a percentage should the veteran default on their loan. The following brochure What VA Does For the Home Buying Veteran should be very useful guidelines and loads of information.

    *Across the Ocean to Paradise: Military Relocations Hawaii* has loads of information for your Military Relocation to Hawaii so you will have pertinent information on what to expect in your relocation to our island paradise.

    Currently, I have one VA Loan client in contract and the other one has already been prequalified and coming to Honolulu Hawaii next month specifically to put in an offer during their 5 day house hunting trip so they can return back to the mainland and pack for their Hawaii Relocation in February. VA Loans are abundant here due to our high volume of military personnel and presence on Oahu, Hawaii.

    The following steps are what this Real Estate Professional does in order to make your Relocation to Hawaii as smooth as possible concerning your real estate transaction and VA Loan Process.

    Speak to a Local Hawaii Lender (if you do not have one I can refer you to a few who are well qualified in the State of Hawaii) to submit your information and get prequalified.

  • While talking to the Loan Officer make sure and let him/her know what you are comfortable with for monthly mortgage payments. After getting prequalified your Realtor® will now know in what price range to search for properties for you.
  • Let your agent know what other criteria you are looking for as far as # bedrooms/ # of baths, sq. ft. interior/land, parking, single family or condo/townhouse. Just remember to go over the *Across the Ocean to Paradise: Military Relocations Hawaii* because this gives pertinent information on what to expect in your Hawaii Relocation.
  • Get all your financial paperwork together so you will have it with you when you arrive.(Do not pack your bank statements, W-2’s, LES’s and important documents you will need to submit for your loan!)
  • If you have a couple of months to spare you may order your Certificate of Eligibility from the Veterans of Affairs office. It is not necessary to do so though, because our lenders order them online once you start your loan process and if anything is held up we have a VA office centrally located on Oahu for your convenience and it takes just minutes.
  • Start your loan process before you get here so you will have everything in place when you submit an offer for a loan. The loan process is the lengthy and of course an important part of the transaction so it is better to be proactive in your process. Your closing costs can be included with your loan so you will have minimal costs to come in with and to close with.
  • Appointments are made and off we go in search of your new home! When you decide that you would like to put in an offer we will go through the whole 12 page (plus addendum’s) contract and submit it to the sellers agent to present to the seller.
  • After the offer is accepted the loan process begins. You will meet with your Loan Officer to submit your complete application and submit all documentation needed for your VA Loan process packet. Then it goes to Underwriting to process the initial packet and order the appraisal with their VA approved appraisers.
  • The Condominium and/or Subdivision Association Documents should be ordered immediately after acceptance of the offer and in the buyer’s hands within 10-14 days after acceptance. This agent will make copies of the Budget, last three Association minutes and the Property Information form (RR105C) and submit it to the lender. They need this for the VA Loan Guidelines and process for your loan. (these documents will show how the Association budgets their money in reserve. % of owner occupants, any pending concerns or litigation going on and so forth.
  • Provided your loan process goes smoothly you should have a Conditional Loan Commitment Letter within the first three weeks in contract. This is an approval of your loan with Conditions. Maybe you need to submit a couple of more documents or the appraisal is not in yet or the survey and termite inspection are not done yet. These are the types of conditions that will be listed on this letter.
  • Within two weeks after the Conditional Loan Commitment letter is issued all the conditions should be complete for signing documents with escrow and the loan officer. Not to worry! I attend all signings with you.
  • In Hawaii, we do not sign at the same time as the Seller due to conflict of interest and we sign approximately four days before recording. After the signing, the loan officer takes the notarized and signed documents to go through processing and within 2.5 days the Lender should have funded the money for your loan to the escrow company. When escrow receives all monies then they will take the documents to the Bureau of Conveyances in Honolulu to record. By the next business day it will record and we usually get word between 8-10am. At that time, the home is legally yours and I will have already made arrangements and have your keys in hand to open the doors to your new home.

    Congratulations!

    It’s not easy moving across the Pacific Ocean let alone to a totally different “world” of people but you can do it with effort, motivation and a great Realtor®!

    Call me for a Relocation Packet and more info!

    Celeste “Sally” Cheeseman, Realtor Associate ®
    Century 21 Liberty Homes
    95-221 Kipapa Drive, Mililani, HI * (808) 375-1404
    http://www.hawaiihomesmarket.com/
    http://woohoosally.blogspot.com/

    Oahu and Surrounding Neighborhood Search: Relocations Hawaii

    If you are planning a Relocation to Hawaii the first step for you is most likely searching the internet for listings, a good Realtor® to advise you on your first step to getting started, and a local lender to help you with your financing needs and who knows our local real estate laws and contract. This local island Oahu Realtor-Associate® will first suggest that you contact a local lender to get pre qualified so we will have a price range to start out with our search. If you are unfamiliar with the process then I will refer you to a few I have worked with over the past few years.

    This local island Realtor-Associate® will set you up with an automatic email notification of listings according to the criteria you are interested in. Our Multiple Listing Service system gives the prospective client a personal webpage and it will notify you automatically with listings and an email that says “ON behalf of Celeste “Sally” Cheeseman: Client Gateway” and will look somewhat like the page below.

    In the first initial setup of the site I’ll need the additional following information for your criteria:
    Condo/townhouse/single family?

    • # bedrooms, # baths, # parking?
    • Sq/ft interior; sq/ft land interested in?
    • Land tenure; neighborhood, city interested in?
    • Price Range? (make sure your local lender has qualified you according to the monthly payments you are comfortable with!)

    With this webpage you will be able to save listings to your favorites, your possibilities, make notes and ask questions so I’ll see them and give you a prompt response. You may also save properties in the reject folder for the ones that are not appealing to you at all. This structure will give me a better idea of what you are interested in and we will be able to fine tune your criteria as we go along.

    Here we go!

    It’s not easy moving across the Pacific Ocean let alone to a totally different “world” of people but you can do it with effort, motivation and a great Realtor®!

    Call me for a Relocation Packet and more info!

    Celeste “Sally” Cheeseman, Realtor Associate ®
    Century 21 Liberty Homes, Mililani, HI *
    (808) 375-1404
    http://www.hawaiihomesmarket.com/
    http://woohoosally.blogspot.com/