Coldwell Banker Pacific Properties has one of the largest and oldest REO organizations on Oahu. Periodically, this blog will highlight bank owned properties with unique opportunities such as the one indicated below:
59-366 Pupukea Road, located in Haleiwa, near the surfing capital of the world, is a residence with 3 bedrooms. The home was built in 2006 on approximately 1 acre. Zoned agricultural, it’s an ideal spot for animal lovers since there are separate structures that formerly served as kennels and space for horses. Listed at $910,000 courtesy of Patrick De Silva, Realtor Associate.
Contact me to represent you on the purchase of this property or if you are interesting in obtaining information on other REO’s or foreclosed homes.
Rosemary Smith, RA
(808) 271-5220 Cellular
rosemarys@cbpacific.com
Licensed in Hawaii and New York
Saturday, September 26, 2009
Friday, September 25, 2009
Don’t qualify for the loan yourself? There is hope…
FHA loan's have a number of advantages such as low down payment for 1st time homebuyers. It is also one of the only loan programs that allow non occupying co-borrowers income to be used in qualifying for the loan. Remember the buyer stills needs to be gainfully employed and have good credit.
Non-Occupying Co-Borrowers:
A co-borrower who will not occupy the property, but is being added to the loan application to strengthen the profile is permitted. Maximum financing is available under the following:
The Co-Borrower must be a close family member or demonstrate a long-standing family relationship with the primary Borrower. If no such relationship can be verified, the LTV cannot exceed 75%.
The subject property is a single family detached, PUD, or an approved condo unit.
Co-Borrower must have a primary residence in the United States of America.
A complete credit underwriting analysis will be performed for the non-occupant co-borrower. The income, assets and debt will be included and will be weighed equally with the borrower.
Remember, when purchasing a home using an FHA loan, the condo must be approved be an FHA approved condo as well as the current owner occupant ratio must be 51%.
Non-Occupying Co-Borrowers:
A co-borrower who will not occupy the property, but is being added to the loan application to strengthen the profile is permitted. Maximum financing is available under the following:
The Co-Borrower must be a close family member or demonstrate a long-standing family relationship with the primary Borrower. If no such relationship can be verified, the LTV cannot exceed 75%.
The subject property is a single family detached, PUD, or an approved condo unit.
Co-Borrower must have a primary residence in the United States of America.
A complete credit underwriting analysis will be performed for the non-occupant co-borrower. The income, assets and debt will be included and will be weighed equally with the borrower.
Remember, when purchasing a home using an FHA loan, the condo must be approved be an FHA approved condo as well as the current owner occupant ratio must be 51%.
Lanikai Beachside Balinese Style
I saw a home that stuck in my mind this past week because of it's uniquen finishes and design.
Breathtaking home designed by Peter Vincent is currently for sale for $5,995,000.
Custom built in 2003, the goal of this home was to design a custom residence to fit within the scale and context of Lanikai while fulfilling the desire for a Balinese style home favorable to an active lifestyle and tropical indoor/outdoor living. The house is characterized by custom workmanship throughout. Several notable amenities include a smart house automation system, an outdoor spa, a large saltwater aquarium, and a “secret door.” A permitted seawall with stairwell provides direct access to the crystal clear blue water of Lanikai. Interior finishes include exotic hardwoods, a theatre room, and a top of the line kitchen.
For more information or pictures of this property or any other Peter Vincent masterpiece call me, Mandy Berner, RA... 808-286-5845.
Breathtaking home designed by Peter Vincent is currently for sale for $5,995,000.
Custom built in 2003, the goal of this home was to design a custom residence to fit within the scale and context of Lanikai while fulfilling the desire for a Balinese style home favorable to an active lifestyle and tropical indoor/outdoor living. The house is characterized by custom workmanship throughout. Several notable amenities include a smart house automation system, an outdoor spa, a large saltwater aquarium, and a “secret door.” A permitted seawall with stairwell provides direct access to the crystal clear blue water of Lanikai. Interior finishes include exotic hardwoods, a theatre room, and a top of the line kitchen.
For more information or pictures of this property or any other Peter Vincent masterpiece call me, Mandy Berner, RA... 808-286-5845.
Wednesday, September 23, 2009
Knock Out The Nerves When Buying For The First Time!
Is this the first time you are buying a home? Are you nervous about such a big step? Here is some information that will calm your nerves a bit.
This is a GREAT time to buy. Maybe the best buying situation in history. Interest rates are incredibly low (well below 5%) and the buyer has the negotiation leverage that will help you get that perfect home at the right price. However, there are still several things you need to know about buying a home.
First, figure out how much you can afford. Your credit history, income, debt, down payment (if any) and the current interest rate will help you determine what you qualify for. Your lifestyle will help you determine how much of a monthly payment you can live with. A lender can give you an estimate of what price range you should be looking at just by talking to them for 5 minutes. The lender will also give you an idea of how much money you will need in your bank account to complete the transaction.
Second, there are several programs that can help someone like you who is buying their first home. FHA offers programs where you only need to put down 3.5% of the purchase price. If you qualify for a VA loan you can finance 100% of the price. Same goes for USDA loans. That's right, no money down is still around.
Third, Find a professional real estate agent to help you find your home. You can locate agents online and then interview them over the phone or in person. It is very important that you interview agents before you choose the one for you. The level of service provided varies tremendously from agent to agent. The best agents will help determine the right home for you, negotiate the best price/terms and facilitate a smooth transaction so you don't have to worry about the purchase.
Fourth, when you find a home you like, jump to it. There number of homes for sale has dwindled over the past 4 years. Thus, we find that we are usually competing with other buyers when we find the right home. Being decisive helps in getting you into your new home. Otherwise, your search could last for months and even years.
If you need someone to help you through this first time home buying process, call Tiare Dutcher 808-753-5327.
This is a GREAT time to buy. Maybe the best buying situation in history. Interest rates are incredibly low (well below 5%) and the buyer has the negotiation leverage that will help you get that perfect home at the right price. However, there are still several things you need to know about buying a home.
First, figure out how much you can afford. Your credit history, income, debt, down payment (if any) and the current interest rate will help you determine what you qualify for. Your lifestyle will help you determine how much of a monthly payment you can live with. A lender can give you an estimate of what price range you should be looking at just by talking to them for 5 minutes. The lender will also give you an idea of how much money you will need in your bank account to complete the transaction.
Second, there are several programs that can help someone like you who is buying their first home. FHA offers programs where you only need to put down 3.5% of the purchase price. If you qualify for a VA loan you can finance 100% of the price. Same goes for USDA loans. That's right, no money down is still around.
Third, Find a professional real estate agent to help you find your home. You can locate agents online and then interview them over the phone or in person. It is very important that you interview agents before you choose the one for you. The level of service provided varies tremendously from agent to agent. The best agents will help determine the right home for you, negotiate the best price/terms and facilitate a smooth transaction so you don't have to worry about the purchase.
Fourth, when you find a home you like, jump to it. There number of homes for sale has dwindled over the past 4 years. Thus, we find that we are usually competing with other buyers when we find the right home. Being decisive helps in getting you into your new home. Otherwise, your search could last for months and even years.
If you need someone to help you through this first time home buying process, call Tiare Dutcher 808-753-5327.
Monday, September 21, 2009
Market at A Glance
HIGH DEMAND NEIGHBORHOODS
In high demand neighborhoods where the months of remaining inventory is under 5 months, Seller's have a decided advantage over Buyers in getting their price. Months Remaining Inventory defines how long it would take to sell all of the homes in the market given the current rate of sales and number of properties for sale.
The strategy for purchasing a home in these types of neighborhoods is more focused on the financial strength of the Buyer and being able to act QUICKLY when a property that fits their price range and needs comes on the market. Their Realtor needs to keep them abreast of current inventory and have them ready to make their strongest offer QUICKLY, to compete with other Buyers!
Strong offers are those that are all CASH or with LARGE DOWN PAYMENTS and quick closing times. Between 30 days for cash and 45 days for conventional financing are good time parameters.
Having a PREAPPROVAL letter or VERIFICATION of FUNDS statement ready and included with your offer is also important to set your offer apart from others.
Cover letters introducing you to the Seller and offering a personal perspective about your family and of why you like the home and neighborhood, etc, can also have a positive effect in setting your offer apart from other Buyers.
Finally, your Realtor should find out as much information about the Seller and their motivation for selling as well as any other info that can be useful in negotiating a Satisfactory offer and WIN WIN situation for both parties.
If you plan to compete for a home in these High Demand Neighborhoods, it's important to keep your FICO score up and not make any late payments or take on any major purchases during this time period. Any previous delinquencies or issues should be resolved expeditiously to insure the strongest possible credit rating..
Some High Demand Neighborhoods in August were as follows:
Single Family Homes:*
North Shore 3.2 months
Windward Coast 3.4
Makaha-Nanakuli 3.4
Aina Haina-Kuliouou 4.3
Moanalua-Kalihi 4.7
Pearl City-Aiea 4.9
Condos:
Windward Coast 2.5 months*
North Shore 2.8
Waipahu 3.1
Kaneohe 3.7
Makiki-Moiliili 3.7
Ewa Plain 4.2
Moanalua-Salt Lake 4.3
Kapahulu-Kuliouou 4.7
Identifying these Best Buys in High Demand Neighborhoods and negotiating a strong offer for acceptance from a Seller requires the assistance of a knowledgable and diligent Realtor.
You can contact me,
Dwight Ellis, "Your Hawaiian Real Estate Connection"
at 808 351-1507.
*Stats provided by Kalama Kim, AOM Waikiki Office, Coldwell Banker Pacific Properties.
In high demand neighborhoods where the months of remaining inventory is under 5 months, Seller's have a decided advantage over Buyers in getting their price. Months Remaining Inventory defines how long it would take to sell all of the homes in the market given the current rate of sales and number of properties for sale.
The strategy for purchasing a home in these types of neighborhoods is more focused on the financial strength of the Buyer and being able to act QUICKLY when a property that fits their price range and needs comes on the market. Their Realtor needs to keep them abreast of current inventory and have them ready to make their strongest offer QUICKLY, to compete with other Buyers!
Strong offers are those that are all CASH or with LARGE DOWN PAYMENTS and quick closing times. Between 30 days for cash and 45 days for conventional financing are good time parameters.
Having a PREAPPROVAL letter or VERIFICATION of FUNDS statement ready and included with your offer is also important to set your offer apart from others.
Cover letters introducing you to the Seller and offering a personal perspective about your family and of why you like the home and neighborhood, etc, can also have a positive effect in setting your offer apart from other Buyers.
Finally, your Realtor should find out as much information about the Seller and their motivation for selling as well as any other info that can be useful in negotiating a Satisfactory offer and WIN WIN situation for both parties.
If you plan to compete for a home in these High Demand Neighborhoods, it's important to keep your FICO score up and not make any late payments or take on any major purchases during this time period. Any previous delinquencies or issues should be resolved expeditiously to insure the strongest possible credit rating..
Some High Demand Neighborhoods in August were as follows:
Single Family Homes:*
North Shore 3.2 months
Windward Coast 3.4
Makaha-Nanakuli 3.4
Aina Haina-Kuliouou 4.3
Moanalua-Kalihi 4.7
Pearl City-Aiea 4.9
Condos:
Windward Coast 2.5 months*
North Shore 2.8
Waipahu 3.1
Kaneohe 3.7
Makiki-Moiliili 3.7
Ewa Plain 4.2
Moanalua-Salt Lake 4.3
Kapahulu-Kuliouou 4.7
Identifying these Best Buys in High Demand Neighborhoods and negotiating a strong offer for acceptance from a Seller requires the assistance of a knowledgable and diligent Realtor.
You can contact me,
Dwight Ellis, "Your Hawaiian Real Estate Connection"
at 808 351-1507.
*Stats provided by Kalama Kim, AOM Waikiki Office, Coldwell Banker Pacific Properties.
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