Big Island Real Estate Alternatives: Lease Option Purchases Can Be Successful

March 7, 2011||CRC Listings: Sold Properties


An option is an agreement whereby the buyer pays for the “option” to buy real estate within a certain amount of time and at an agreed upon purchase price. The buyer pays the seller for this exclusive right with option money. This money can be credited to the purchase price should the buyer decide to exercise their option to purchase. Lease options are what we see more commonly in our market. In a lease option, the buyer...

April 15, 2010||Mortgages/Economy/Market


April 15th - Not Just Tax Day for Buyers 

Yes, it's tax day. But for buyers, April 15 also signals the start of the final countdown for the Home Buyer Tax Credit. There are only 15 days left to negotiate a price and complete a fully executed Purchase Contract for a property you intend to buy if you plan to qualify for the credit created by 2009's Worker, Homeownership and Business Assistance Act. To qualify, you must have a binding sales contract in place by April 30, 2010, and the home purchase must be completed by June 30, 2010.  If you have questions about the credit, there is a list of FAQs at www.federalhousingtaxcredit.com. And, if you forgot about tax day, you might find this helpful: IRS Form 4868 -  Application for Automatic Extension of Time to File U.S. Individual Income Tax Return. Read More 

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June 2, 2008||Mortgages/Economy/Market


Is Using a Local Lender Really That Important? 

It is not uncommon for people moving to Hawaii to initially consider getting financing from a lender or broker located outside of the state of Hawaii. With the best interests of our buyer clients in mind, Hawaii Realtors, if you ask, will likely tell you that you may save yourself a lot of time and stress if you use a local lender. Local lenders understand the Hawaii Purchase Contract and its contingencies and have established relationships with underwriters who are familiar with the unique aspects of the Hawaii real estate market--there are many! This is especially important for anyone considering purchasing property on the Big Island of Hawaii. Here is one test for anyone thinking of using a mainland lender: when interviewing, ask your loan officer if he/she has ever successfully completed a loan for a property in a Lava Zone (yes, all properties on the Big Island fall into an assigned Lava Zone designation--and this is often a surprise to lenders... Read More 

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