Hawaii VA Loans and the Real Estate Process

The following are some of the steps that are followed for the Hawaii VA Loan and Real Estate Process to Owning Your Hawaii Home. There are definitely more than a few steps but you will at least have a guideline to follow for your Hawaii Military Relocation, your Hawaii VA Loan Process and owning your Hawaii Home. Read more here>>>http://actvra.in/dpl

Speak to a Local Hawaii Lender to submit your information and get preapproved for a loan. (if you do not have a loan officer in mind, I can refer you to a few who are well qualified and licensed in the State of Hawaii) While talking to the Loan Officer make sure and let him/her know what kind of monthy mortgage payments you are comfortable with. After getting preapproved for your loan … ….your Realtor® will now know what price range to search for properties for you.

•Let your agent know what specifics and criteria you are interested in for properties. Giving your agent the specifics, location, # bedrooms/ # of baths, sq. ft. interior/land, parking, single family or condo/townhouse will make it easier to fine tune your property search. YOU CAN ALSO GET A HEAD START HERE>> HAWAII HOME SEARCH

Make sure you have all your financial paperwork together to bring wiht you to Hawaii.(You carry on bags should have your bank statements, W-2’s, LES’s and important documents you will need to submit for your loan!) Your loan officer will give you a list of documents you will need. •Certificate of Eligibility can be obtained from the Veterans of Affairs office but our lenders order them online once you start your loan process. If anything is held up we have a VA office centrally located on Oahu for your convenience and it takes just minutes.

Starting your loan process before you arrive so you will have everything at hand when you submit an offer for a property. The loan process is the lengthy and important part of the transaction so it is better to be proactive in your process. Your funding fee can be included with your loan but you will have some closing costs to close with. NOTE: If you are a Disabled Veteran make sure and let your loan officer know as you could be eligible to have the funding fee waived. You arrive on the island of Oahu! After getting rested you are ready to meet your Realtor®!

Appointments were made prior to your arrival and we are ready to search for 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 Home Inspection is the next step of the process. You definitely will want to have a professional home inspection done. You need to know the condition of the property and request for repairs from the seller if needed. •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 and you will have your final loan approval. You and your Realtor® will attend the signing of escrow and loan documents. Not to worry! I attend all signings with you.

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. From that time it takes two business days and it will be recorded. At this time, the home is legally yours. Congratulations! Here are the keys to your new home! It’s not easy moving across the Pacific Ocean let alone to a totally different “world” of people… …. but you can do it with a little effort, motivation and a great Realtor!

 

The following are some of the steps that are followed for the Hawaii VA Loan and Real Estate Process to Owning Your Hawaii Home. There are definitely more than a few steps but you will at least have a guideline to follow for your Hawaii Military Relocation, your Hawaii VA Loan Process and owning your Hawaii Home.
Read more here>>>
http://actvra.in/dpl

  • Speak to a Local Hawaii Lender to submit your information and get preapproved for a loan. (if you do not have a loan officer in mind,  I can refer you to a few who are well qualified and licensed in the State of Hawaii) While talking to the Loan Officer make sure and let him/her know what kind of monthy mortgage payments you are comfortable with.

After getting preapproved for your loan …

….your Realtor® will now know what price range to search for properties for you.

  • Let your agent know what specifics and criteria you are interested in for properties. Giving your agent the specifics, location, # bedrooms/ # of baths, sq. ft. interior/land, parking, single family or condo/townhouse will make it easier to fine tune your property search. YOU CAN ALSO GET A HEAD START HERE>>  HAWAII HOME SEARCH
  • Make sure you have all your financial paperwork together to bring wiht you to Hawaii.(You carry on bags should have your bank statements, W-2’s, LES’s and important documents you will need to submit for your loan!) Your loan officer will give you a list of documents you will need.
  • Certificate of Eligibility can be obtained from the Veterans of Affairs office but our lenders order them online once you start your loan process. If anything is held up we have a VA office centrally located on Oahu for your convenience and it takes just minutes.
  • Starting your loan process before you arrive so you will have everything at hand when you submit an offer for a property. The loan process is the lengthy and important part of the transaction so it is better to be proactive in your process. Your funding fee can be included with your loan but you will have some closing costs to close with. NOTE:  If you are a Disabled Veteran make sure and let your loan officer know as you could be eligible to have the funding fee waived.

You arrive on the island of Oahu!  After getting rested you are ready to meet your Realtor®! 

  • Appointments were made prior to your arrival and we are ready to search for 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 Home Inspection is the next step of the process. You definitely will want to have a professional home inspection done. You need to know the condition of the property and request for repairs from the seller if needed.
  • 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 and you will have your final loan approval. You and your Realtor® will attend the  signing of escrow and loan documents. Not to worry! I attend all signings with you.
  • 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. From that time it takes two business days and it will be recorded.  At this time, the home is legally yours.

Congratulations!  Here are the keys to your new home!

It’s not easy moving across the Pacific Ocean let alone to a totally different “world” of people…

…. but you can do it with a little effort, motivation and a great Realtor

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Hawaii Military & the VA Loan

Honolulu County IS of the whole island of Oahu in the Hawaiian Islands. With 50+ Hawaii Military Bases and Installations on our island alone, you can guaranty that the VA Guaranteed Loan is the way to go for the Hawaii Military Veteran purchasing their piece of Hawaii and paradise with a place they can call home.

(picture to left is the model of the USS Arizona Memorial depicting the ship under water and the memorial above at Pearl Harbor Hawaii)
Remember, VA Guarantees a percentage of the loan and you still have to go through a Lender that actually does do VA Loans and it is for your OWN PERSONAL USE. (not all banks, credit unions and loan companies do VA Loans). The Veterans Administration Guaranteed Loan is one of just a couple of loan programs that allow the Veteran to finance the funding fee as well as come in with no down payment. (100% financing)
In my experience, the Hawaii Based Military personnel have purchased homes or condos totalling 1/3 of my total sales with their VA loan benefits. I have learned the process very well and you may as well consider me a Seasoned Real Estate Agent for VA Transations and the Hawaii Military Relocation.
I take pride in my relationships with the Military Stationed in Hawaii and pay particular attention to their needs when they Relocate to Hawaii. Military Transfers & Relocations to Hawaii: A Geographical Shock tells my story and travels as a Military Dependent but also that the Hawaii Military Veteran makes up 10% of our population on Oahu & the Active Duty Military Personnel make up about 3.5 % of our population on Oahu.
 
The following guidelines will help you in preparing for your Hawaii Relocation (or even if you already live here and are purchasing a home) and learning about the transaction process using your VA Guaranteed Loan:

  1. Your Realtor® needs to know what price range you qualify for in order to search through the MLS system for properties in your criteria that you provide (i.e. #bedrooms, baths, etc). If you do not know a LOCAL lender Your Realtor® can refer you to a couple who are well qualified and know the State Laws In Hawaii. Local lenders also will be walking along side you step by step as well as being face to face at time of signing loan docs.
  2. When the Loan Officer lets both you and Your Realtor® know what price range you are qualified for the Oahu and Surrounding Neighborhood Search: Relocations Hawaii gives you information on how Your Realtor® will set you up with a detailed web page according to your criteria for property listings.
  3. Get your financial documents together (and make sure you don’t let the movers pack them!) such as LES’s for a whole month prior (you can also get this on MyPay online so not to worry), last two years of W-2’s, last two months bank statements, any documents relating to your VA disability (if you are a disabled vet) and whatever the Loan Officer tells you that you will need.
  4. Your VA Certificate of Eligibility will be ordered by the Loan Officer online once you go through the loan application process and it saves you the trip to Tripler Army Medical Center -VA Office- so, not to worry. VA guarantees approximately 25% of your loan to the lender.
  5. Your Credit (FICO) Score and Income make a difference if you are to be qualified for a VA Loan. Remember, just because you have VA Benefits does not mean you don’t have to have decent or some credit. There is a criteria that the Lenders follow according to VA guidelines. (i.e. if you have NO credit you cannot obtain a loan. Get a gas card and credit card to establish credit. You DO have to show a history of payments). Your debt to loan ratio is also taken into consideration and part of the criteria.
  6. This Realtor® makes showing appointments according to the criteria you have specified. You will know which home to put an offer in on and it’ll be when you walk in a home and you say, “This feels like the right home for me!”
  7. Then the contract is drawn up and this Realtor® explains each contingency throughout the contract while signing. The offer is submitted to the Seller’s Agent and when it is accepted by the seller the Transaction and Loan Process begins!
  8. This Realtor® sends the accepted contract to the Loan Officer and Opens Escrow. All documents and you initial deposit check will be submitted to escrow during the transaction and you will make an appointment immediately to submit all documentation and go through the VA application/signing with the loan officer. From there the loan officer orders the appraisal.
  9. This Realtor® will set a time & date coinciding with your schedule to do your home inspection and will also give you a list of professional home inspectors to choose from. The home inspection will show you if there is anything to be repaired or remedied,
  10. 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.
  11. 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.
  12. 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. Approximately two to three days after signing the lender will wire all monies to escrow (funding) and when escrow receives all monies they will take the documents to the Bureau of Conveyances to record. One day later the Bureau gives clearance of recording and in turn escrow notifies all parties, and….
At this time, I call you and say, Congratulations! You now own your home!

How Can I Obtain More Information About VA Home Loans?

Call VA at 1-800-827-1000 or contact a local lender or real estate professional. Pamphlets available from VA include: 26-4 VA Guaranteed Loans for Veterans

Honolulu County Hawaii Military Bases & Installations- Oahu Neighborhoods
LIVE on VIDEO: A Hawaii Military Relocation Story Comes to Life
*Across the Ocean to Paradise: Military Relocations Hawaii*
The Art of Hawaii Relocations
The Cost of Living Factor in Considering A Hawaii Relocation
Oahu and Surrounding Neighborhood Search: Relocations Hawaii
Aiea, Pearl City Neighborhoods- Hawaii Military Relocation

~~~~~
It’s not easy moving across the Pacific Ocean and purchasing your Hawaii Home;
let alone to a totally different “world” of people.
But you can do it with a little effort, motivation and a great Realtor®!

If you’re Relocating to Hawaii (regardless if it’s near future or just wanting to be proactive for the future) contact me to get started with your search for Hawaii Homes for Sale.

Celeste “Sally” Cheeseman, RA, e-PRO / Century 21 Liberty Homes, Mililani, Hawaii
© Celeste “Sally” Cheeseman, All rights reserved.

Putting Up Barriers versus Selling Your Home

 

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No matter where you are our United States of America…. it IS a BUYER’S market. That means buyers can negotiate for a better price, maybe a credit to go towards closing costs. Maybe they just transferred to Hawaii with the military and are staying in a hotel and need to close quickly.

It is NOT a seller’s market like it used to be. If sellers need to sell their home  or condo they need to change with the market in their local area. There are no ifs, ands or buts about it.

It IS a BUYER’S market.

The following points listed should give sellers a clue that it is more of a buyer’s market when listing their home for sale:

  • You are getting fewer showings than you would have two to three years ago.  In fact, it is REAL slow today.  (one showing every couple of days is a far cry from 5-10 a day and four contracts overbidding) As time goes on the showings decrease even more.
  • Your Realtor® showed you comps from six months ago up to the present and the prices have declined a little in that timeframe. (3% for Hawaii)
  • The number of sales declined drastically over the past year because the financial institutions cracked down big time on lending criteria. GOOD!  (had to throw that in) Buyer’s are also being very cautious.
  • Buyers have a BIG inventory of homes and condos to choose from. It’s literally Christmas every day for them!  They can have their pick and most certainly will choose one they do not have to upgrade and all they have to do is…..MOVE IN.

Healthy Boundaries are good for any individual to have but when a seller tries to protect themselves by putting up big barriers (conditions and demands) and burns bridges along the way it becomes a losing battle for not just the seller; but the Realtor® who has invested a lot of time, hard work and effort to market a property. 

This Realtor® spends countless hours to prepare your home for marketing:

  • Research and pull up tax records, building permits and documents pertaining to the property.
  • Prepare the listing agreement & profile sheet and go through all of the contract with you before signing.
  • Prepare the Sellers Real Property Disclosure Statement and answer any questions you may have while you fill it out. (we have a four page detailed itemized questionnaire and it does take time to go through the whole thing and then answer any yes questions in detail on the last page)
  • Creating a specialized flyer and property portfolio to display in your home for potential buyers during regular showings (with their Buyer’s Agent) or during Open Houses. This is no couple of minute job because it can take me up to an hour to get the flyer “just right” and the portfolio up to three hours!
  • Take pictures of your home for the listing sites.
  • Advise you on what you can do to get your home ready for showing (so please don’t take it personal like I’m criticizing your home…I’m doing my job!)
  • Enter the listing into our MLS system and Century 21 site and add photos and make slide shows. (Lots of time)
  • Creating specialized Real Estate Shows and burn them to printable cover cd’s. (this take some time!)
  • Entering your listing on countless sites that I subscribe to and post your photos. (this takes LOTS of time) and enhance your listing on Realtor.com (this takes some more time) 

And this is JUST THE BEGINNING! I set up showing appointments, do Open Houses, refresh and update all the listings I submitted to sites as time goes by, I present all offers to you and advise you on your options. I give you sound advice and remind you of the market conditions and the current comps.  I go through the whole transaction with you, order condo docs, surveys and termite inspections. I accompany you to signing and help you with anything to do with the sale of your home.

The only thing I am unable to do is MAKE someone to buy your home.

There are contingencies in our contract that protect the buyer if they need to back out of the contract. It could be that the buyer lost their job. (they are NO LONGER qualified for a loan) Maybe they didn’t like something they saw in the home inspection. There are contingencies to protect the buyer to NOT buy your home. There are also contingencies to protect the seller but the bottom line is that if the buyer has a valid reason it does not automatically entitle you to their deposit. 

Remember, when you signed that Exclusive Right to Sell Listing Agreement? It specifically states that the “Seller agrees to consider all offers presented by the Brokerage Firm and to act in good faith to sell the property”.

If you REALLY want to sell your home:

  • You make your home appealing to the buyer who is coming in to view your home
  • You allow your Realtor® to do their job and give you their expert advice. You don’t take their suggestions as a personal attack on you but letting the Realtor® do what they are trained to do.
  • You realize that when a Realtor® is working for you it involves giving you advice. Working for you does not mean you are telling the Realtor® to do it YOUR way even though the market, circumstances and comps say otherwise.
  • You don’t assume your home is the best on the market and therefore should be priced as high as the others…… if you did NOT upgrade anything at all.
  • You keep an open mind and allow your Realtor® to go through the CURRENT market conditions and current comparables in your immediate area and trust that they are NOT lying to you.
  • Be willing to negotiate with the buyer to sell your home when it IS a buyer’s market. Maybe you could make demands a couple of years ago but the market has changed in favor of the buyer. There are MANY other homes and condos on the market to choose from.  (this does not mean give it away by all means. But fighting over a couple thousand will cost you more when months down the line your home is still sitting on the market.)
  • That you, the seller, do not hold a Real Estate license and it is advisable to LISTEN to the direction, advice and opinions of your Realtor®.  A seasoned agent KNOWS what they’re talking about and is thinking in your best interests to get you a fair market price and get your home SOLD.

This Realtor® is going to tell you the truth and will NOT tell you just what YOU want to hear.

If you choose not to listen to your  Realtor® it could cost you the sale of your home.

  

 

© 2009 Celeste “Sally” Cheeseman, All rights reserved