February 16, 2015|Frank Goodale|Legislative Updates: State of Hawaii
"Owner financing is a useful tool in the credit market, as it expands the pool of potential buyers for owners and gives buyers an opportunity to make a purchase that would otherwise be out of reach, especially if they could not qualify for a traditional mortgage loan."
- Hawaii Association of REALTORS®
Although seller financing (owner financing) has traditionally been a means by which real property transactions in Hawaii have been conducted, Clark Realty Corporation is currently advising our sellers to seek legal counsel before pursuing the sale of a property through a seller financing agreement. Here's why, as explained by the Hawaii Association of REALTORS®:
During Hawaii's 2014 State Legislative Session, the Legislature amended Hawaii's Secure and Fair Enforcement for Mortgage Licensing Act (the SAFE Act), which established the system for mortgage loan origination in Hawaii. That action, Act 198, removed exemptions... Read More
TagsAct 198, Big Island, Hawaii, real estate, SAFE act, seller financing