For the Buyer

 

Representing buyers since 1989 on the Big Island of Hawaii, our REALTORS® offer a success record based on reputation, resources and results. Our REALTORS® become powerful allies who utilize their knowledge and skills to find you the perfect Hawaii property to match your needs.

Here are ten essential steps to make the buying process smooth and successful: 

  1. Determine how much you can purchase. What you can afford depends on your income, credit rating, current monthly expenses, down payment and the interest rate.
  2. Do your home-work.Talk to several lenders; compare costs and interest rates. Learn about home-buying programs including FHA and VA loans.
  3. Get pre-qualified/pre-approved for a loan. A pre-qualification determines your purchasing power and indicates a serious buyer. Some lenders, such as Coldwell Banker Mortgage at (877) 573-7013, offer qualified buyers pre-approvals, which carry more weight than a pre-qualification.
  4. Settle on your family's needs in a home. Take into consideration number of bedrooms and bathrooms, size of lot, proximity to schools, shopping, and the ocean, as well as climate, rainfall and temperature. Also consider how much work you are willing to undertake to make the property your perfect home.
  5. Compare property prices. Once you find a home that you like, ask your REALTOR® to complete a market analysis of similar properties to help you determine an offer price.
  6. Make an offer. Discuss the process with your REALTOR® and review the Purchase Contract in detail. The Purchase Contract is your offer of price, terms and conditions, and is a legally binding contract. Be prepared for some negotiations with the seller. Your REALTOR® will be there to help.
  7. Have the property inspected. Your REALTOR® will schedule home and termite inspections after you choose an inspector from a list of reputable companies. If any issues are discovered, make sure they are addressed promptly, and any agreed upon repairs completed prior to closing.
  8. Review the title report and escrow documents. You will receive instructions and documents from the escrow company which must be read, signed and returned promptly. Examine the Preliminary Title Report which shows the ownership interest being conveyed, as well as any encumbrances, easements and liens against the property. For more information, see our Escrow and Title Process page.
  9. Buy Homeowners Insurance. Shop for homeowners insurance to cover your property and household effects. Most mortgage lenders make insurance a condition of a loan, and depending on the loan, you may also be required to purchase a separate flood or hurricane policy. Contact your REALTOR® for more information.
  10. Sign the closing papers. In order to process the paperwork, final document signing will take place approximately 4 to 10 days prior to Recording/Closing. At Recording, the transfer of ownership of the property and all transactions are finalized. If you are purchasing property from out of state, allow extra time if documents need to be mailed or funds wired.

The award-winning Coldwell Banker website has an excellent Home Buyer's Resources area. It provides information, tutorials and even videos on a range of topics, including:

  • How much of a home can I afford?
  • The tax benefits of buying versus renting
  • How to buy a home in a buyer's market
  • How to go about getting a mortgage

 

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