Buying Hawaii real estate can be quite different purchasing experience. The State of Hawaii is an escrow State, meaning, both buyer and seller must choose only 1 escrow officer to handle the escrow and closing. In comparison to Vancouver Canada Real Estate, where buyer and seller will appoint their own attorney or notary public to do closing respectively. In practice, the escrow officer is a neutral party who should not take “side” – rather s/he will take written, mutually agreed instructions among buyer and seller to execute the conveyance process. In terms of choosing lender, a diligent buyer should have at least 2 lenders paperwork preliminary reviewed and approved. One should compare rates, repayment programs, points, incentives to determine which lender offers the best value program in respect to one’s financial position. Mainland lenders and Hawaii-based lenders can also make a difference in funding process. Mainland lenders may not have enough transaction knowledge about Hawaii’s unique situation (ie pest/termite issue, flood zone, etc.), sometimes a small remarks done by the appraiser or inspector may set off the false alarm to the Mainland underwriting group which leads to funding & closing delay. On the other hand, finding a Hawaii-based lender, the lender has intimate knowledge about Hawaii’s uniqueness; therefore, in most cases, Hawaii lenders will get funding done on-time according to the timeline.
Thank you for watching Jason Wong Hawaii Real Estate Channel. Please leave your comment below or drop me an email for topic that you want me to touch on. Don’t forget to subscribe my channel & turn on notification to catch the latest segment. Jason Wong, MBA
REALTOR®-Broker License RB-22819
E: realty@jasonwong.us M: +1 (808) 343-9526
CENTURY 21® iProperties Hawaii 1585 Kapiolani Blvd., Suite 1533 Honolulu, HI 96814 #hawaiirealestate #honolulurealestate #jasonwong