“Buying Short Sales in Hawaii Requires Patience… but, Payoff can be Big!”
Looking to purchase a great home in Honolulu at a great price? Buying short sale homes in Oahu Hawaii maybe a great opportunity! If you’re serious about purchasing short sale houses or condos in Honolulu, Kahala, Diamond Head, Ala Moana, Kaka’ako, Waikiki, Gold Coast, Kailua, Lanikai, Hawaii Kao, Portlock, Hawaii Loa Ridge, North Shore area on Oahu Hawaii, it’s important for you to have expert assistance from an experienced short sale real estate agent, negotiator or realtor. You may have a close friend or relative in real estate, but if that person doesn’t know anything about short sales, working with him or her may hurt your chances of a successful closing. Our certified short sale specialist will be able to show you short sale homes, help negotiate the purchase when you find the property you want to buy, and smooth communications with the lender.
The buyer plays a key role in the successful approval of a short sale. When an offer is made on a short sale listing, the seller’s listing agent will send the buyer’s offer to the seller’s lender for a review. The lender will compare the buyer’s offer to the value of the property and decide whether or not to approve it as a short sale.
Short Sale Buyers in Hawaii Should Know . . .
Short sale buyer should know that while their offer goes through the short sale process in Hawaii. Many short sale buyers wonder what is happening during the process and how long it will take for the seller’s lender to review their offer. What most buyers may not understand is that each Hawaii short sale transaction is unique and may or may not follow a specific timeline. It will vary between transactions depending on the complexity of the sellers’ mortgage loan type, their lender, the number of liens on the property, and the quality of the buyer’s offer.
You’re a Good Candidate for a Short Sale Purchase If:
- You’re very patient. Even after you come to agreement with the seller to buy a short-sale property, the seller’s lender (or lenders, if there is more than one mortgage) has to approve the sale before you can close. When there is only one mortgage, short-sale experts say lender approval typically takes about two months. If there is more than one mortgage with different lenders, it can take four months or longer for the lenders to approve the sale.
- Your financing is in order. Lenders like cash offers. But even if you can’t pay all cash for a short sale property, it’s important to show you are well qualified and your financing is set. If you’re preapproved, have a large down payment, and can close at any time, your offer will be viewed more favorably than that of a buyer whose financing is less secure.
- You don’t have any contingencies. If you have a home to sell before you can close on the purchase of the short-sale property—or you need to be in your new home by a certain time—a short sale may not be for you. Lenders like no-contingency offers and flexible closing terms.
Contact our Hawaii Short Sale Real Estate Agents for listings of every available short sales in Honolulu, Kahala, Diamond Head, Ala Moana, Kaka’ako, Waikiki, Gold Coast, Kailua, Lanikai, Hawaii Kao, Portlock, Hawaii Loa Ridge, North Shore area on Oahu Hawaii :