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Take your Real Estate
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here in Hawaii, I know if you don't
advertise daily, your real estate biz
will suffer.
OUR
PROJECTS HAVE A 96% ON TIME COMPLETION RECORD.
IS A
CONSTRUCTION COMPANY BASED IN SAN FRANCISCO AND
HAWAII BUILDING CUSTOM HOMES SINCE 1977. WE HAVE
BEEN BUILDING EXTRAORDINARY STRUCTURES FOR OVER
30 YEARS. OUR QUALITY WORKMANSHIP HAS EARNED US
A REPUTATION AS ONE OF THE PREMIRE BUILDERS FOR
ON TIME AND ON BUDGET. WE SPECIALIZE IN
GROUND-UP CONSTRUCTION AS WELL AS ADDITIONS AND
REMODELING. WE ARE EXPERTS IN WOOD CONSTRUCTION.
FINE
LUXURY HOMES
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WE
WILL BUILD YOU THE HOME YOU WANT. PERIOD. NO
SURPRISES OR DISAPOINTMENTS. IF YOU CAN DREAM IT
WE WILL BUILD IT. WE MAINTAIN CONTROL THROUGHOUT
THE DESIGN AND CONSTRUCTION PHASE TO ENSURE THAT
YOUR RESIDENCE IS BUILT TO THE HIGHEST QUALITY
STANDARDS.
WE
MANAGE ALL STAGES OF YOUR PROJECT. FROM THE
PRE-DESIGN PHASE OF THE PROJECT THROUGH
CONSTRUCTION AND DELIVERY. WE FORM ALLIANCES
WITH PROPERTY OWNERS , ARCHITECTS , ENGINEERS ,
AND ALL TRADES PEOPLE. WE ARE PROUD HOLDERS OF
BOTH HAWAII AND CALIFORNIA GENERAL CONTRACTORS
LICENSE.
Five or 10 years from now, when the financial
crisis has ended and housing prices are up smartly once more, we
will look in the rearview mirror and realize that we missed a
golden age for first-time home buyers.
Then, everyone who sat on their down payment
savings accounts for a few years too long will kick themselves
for not taking advantage of what may turn out to be the buying
opportunity of a lifetime for those who can qualify for a
mortgage.
Unfortunately, we do not know when this golden
age will begin, because we will be able to identify a bottom to
the housing market only with the benefit of hindsight. But as it
does with the stock market, the moment will probably arrive when
everyone is feeling the most pessimistic.
That moment is certainly getting closer. Housing
prices have fallen drastically from their peak levels in many
areas of the country. Rates on 30-year fixed-rate mortgages are
already close to 5.5 percent, and this week there were
suggestions that the federal government might try to drive them
down to 4.5 percent, a truly incredible figure to be able to
lock in for three decades.
Meanwhile, first-time home buyers have the same
advantage they have always had, which is that they do not have
to sell their old place before buying a new one. That is an
added advantage in areas where many available houses simply are
not moving, because the people trying to sell them will not be
bidding against you.
If you’re hoping for a recovery in the housing
market, you ought to be cheering on the first-time home buyers.
When they purchase homes, their sellers are free to move on or
move up, stimulating further sales.
But if you are a potential first-time buyer
yourself, or lending or giving the down payment to one, you are
probably as frightened as you are tempted by all the “For
Sale” signs that have become “On Sale” signs. So let’s
quickly review some of the still-grim pricing data in certain
areas — and consider the reasoning offered up by first-time
buyers who have forged ahead anyhow.
As is always the case with real estate, much
depends on location. One study, “The
Changing Prospects for Building Home Equity,” tries to
predict where today’s first-time buyers in the 100 biggest
metropolitan areas may actually have less
home equity by 2012 as a result of continued price declines. The
verdict was that buyers in 33 of the markets could see a decline
by 2012, including potential six-figure drops on an average home
in the New York City, Los Angeles, San Francisco and Seattle
metropolitan areas.
This is obviously scary. (I’ve linked to the
study, a joint effort of the Center for Economic and Policy
Research and the National Low Income Housing Coalition, from the
version of this article at nytimes.com/yourmoney.)
It’s worth noting, however, that these predictions came before
the government made its most recent move to reduce borrowing
costs.
Also, the price projections in the study are
based, in part, on the fact that the ratio of purchase prices to
annual rents is still higher in many areas than the historical
average, which is roughly 15 times rents. While past figures may
well have some predictive value, I have never been convinced
that first-time buyers compare a home that they could own and
one that they would rent in purely or even primarily economic
terms.
When Jaime and Michael Proman moved this fall to
Minneapolis, his hometown, from New York City, they craved a
different sort of life after two years together in a
450-square-foot studio apartment. “We didn’t want a sterile
apartment feel,” said Mr. Proman, who is 28 (his wife is 26).
“We wanted something that was permanent and very much a
reflection of us.”
The fact is, in many parts of the country there
are few if any attractive rentals for people looking to put down
roots and enjoy the sort of amenities they may spot on cable
television home improvement shows. Comparing a rental with a
place that you may own seems almost pointless in these
situations, especially for those who are now grown up enough to
want to make their own decisions about décor without consulting
the landlord.
Still, for anyone feeling the urge to buy, a
number of practical considerations have changed in the last year
or two. The basics are back, like spending no more than 28
percent of your pretax income on mortgage payments, taxes and
insurance. Even if a lender does not hold you to this when you
go in for preapproval, you should hold yourself to it.
You will also want to start now on any project
to improve your credit score because it may take several months
to get it above the 720 level that qualifies you for many of the
best mortgage rates.
John Ulzheimer, president of consumer education
for credit.com, a
consumer credit information and application site, suggests
starting to pay down and put away credit cards months before you
apply for a loan. That is because the credit scoring system
could penalize you if you use a lot of credit each month, even
if you always pay in full. Also, check your three credit reports
(it’s free) at annualcreditreport.com
and dispute errors.
Maybe It’s Time to Buy
That First House
(Page 2 of 2)
While no one can easily predict the likelihood
of losing a job, Friday’s startling unemployment figures
suggest the need for caution if you think you might be
vulnerable. A. C. Panella, who teaches communications at
Pasadena City College in California, waited until she had a
tenure-track job before buying a home in the Highland Park
section of Los Angeles with her partner, Amy Goldman, a lawyer
for a nonprofit organization. “We could afford the mortgage
payment on one salary, were something to come up,” Ms. Panella,
31, said. “It’s really about being able to stay within our
means.”
For many first-time home buyers, that philosophy
stretches to the down payment, too. Ms. Panella and her partner
put down 20 percent when they bought their home in September, as
did the Promans when they bought their home in the Lowry Hill
neighborhood of Minneapolis.
Alison Nowak, 29, put just 3 percent down on a Federal
Housing Administration-backed loan last month when she and
her partner, Lacey Mamak, bought a $149,900, 800-square-foot
home several miles south of where the Promans live. “Anything
that is an opportunity also has a bit of risk,” she said. Her
house was in foreclosure before a plumber bought it and fixed it
up. “One way we mitigated it was that we bought a really tiny
house in a very good neighborhood.”
One other strategy might be to buy new instead
of used. Ian Shepherdson, chief United States economist for the
research firm High
Frequency Economics, says he believes that a steep drop-off
in inventory of new homes is coming soon, thanks to a rapid
decrease in home builder activity.
Since prices generally soften in the winter, it
may make sense to start looking seriously once the mercury
bottoms out. “If you look at new developments next spring, you
may not have the choice you thought you would have or be in the
bargaining position you thought you would be,” Mr. Shepherdson
said. Also, if you wait after June 30, you will miss out on a
$7,500
federal tax credit for income-eligible first-time home
buyers that works like an interest-free loan.
Finally, allow yourself to consider how it would
feel if you bought and then prices dropped another 10 or 15
percent. It might not bother you if you plan to stick around.
Plenty of people seem to be making a longer commitment to their
homes. According to a
survey that the National
Association of Realtors released last month, typical
first-time buyers plan to stay in their home 10 years, up from 7
last year.
Perhaps people are more aware that they will not
be able to build equity as rapidly as others did in the real
estate boom. Or they simply have more confidence in hard,
hometown assets now than in other markets.
“We wouldn’t let another decline bother
us,” said Michael Proman. “You can never time a bottom. This
is a long-term investment for us, and it truly is the best
investment we have in our portfolio right now.”
Dear
Mark,
I’ve
been Thinking . . .
And
WRITING . . .
A
LOT . . .
And
the more I think and write about Real Estate and the
economy . . . and the more people I talk with who are each
facing a collage of personal issues related to the
National Drama and accompanying media “dark side” . .
. I can’t help but think that we can each make a
positive impact within the community simply by being VERY
good at what we do as REALTORS.
If
I have piqued your curiosity in the least, I invite you to
explore the following to links . . . and then to consider
joining us @ our on-line community of REALTORS where we
can all share ideas and discuss solutions.
This
first link is a Squidoo Lens I created this morning –
around the premise that if we can get more first time home
buyers in the market . . . it could very well positively
impact the national economy . . . I may be crazy, but
I’m a believer, and this lens is my first attempt to
communicate the theory.
Let’s
fuel this market for exponential results in 2009 and each
do our part in saving the economy J
Finally
. . . The
Real Estate Town Center is a private and safe
on-line community for REALTORS and Lenders who are
interested in sharing ideas and finding solutions for the
issues and opportunities we are each facing in today’s business
environment.
If
you are interested in joining this community, send me a
short blurb about yourself, and I’ll usher you “IN”
I
wish you a holiday filled with warmth and love . . . and
can’t wait to get back to work in 2009 and turn this
market around in a powerful way.
Best,
Barry
Owen
Principal Real Estate Broker Keller
Williams Realty Nashville ,
TN - Green Hills 615-568-2123
The
Owen Group is a group of highly skilled Real
Estate Professionals in Middle
Tennessee . . . Our commitment is to community
development . . . We thrive on referrals and treat them
like royalty.
Looking
for investors to purchase ocean front
properties with me, hold until the market
changes, I'll find them, research them,
appraise them, make the offers ( low) ,
handle the closings, manage the
properties, then for the right price,
sell the properties. You provide cash
and /or credit. Some properties may have
seller financing. some will be vacant
lots, others will have homes on them,
some will be vacation rentals, some will
be made into a vacation rental. we could
build on vacant lots. I have 30 years
experience in real estate, construction,
and property management. call Gary
at
619. 851 8891 or downloand the full details in PDF.
format at this link: Click HERE
The
Functions of Escrow
Buying
or selling a home (or other piece of real
property) usually involves the transfer of
large sums of money. It is imperative that the
transfer of these funds and related documents
from one party to another be handled in a
neutral, secure and knowledgeable manner. For
the protection of buyer, seller and lender,
the escrow process was developed.
As
a buyer or seller, you want to be certain all
conditions of sale have been met before
property and money change hands. The technical
definition of an escrow is a transaction where
one party engaged in the sale, transfer or
lease of real or personal property with
another person delivers a written instrument,
money or other items of value to a neutral
third person, called an escrow agent or escrow
holder. This third person holds the money or
items for disbursement upon the happening of a
specified event or the performance of a
specified condition.
Simply
stated, the escrow holder impartially carries
out the written instructions given by the
principals. This includes receiving funds and
documents necessary to comply with those
instructions, completing or obtaining required
forms and handling final delivery of all items
to the proper parties upon the successful
completion of the escrow.
The
escrow must be provided with the necessary
information to close the transaction. This may
include loan documents, tax statements, fire
and other insurance policies, title
insurance policies, terms of sale and
any seller-assisted financing, and requests
for payment for various services to be paid
out of escrow funds.
If
the transaction is dependent on arranging new
financing, it is the buyer's or the buyer's
agent's responsibility to make the necessary
arrangements. Documentation of the new loan
agreement must be in the hands of the
escrow holder before the transfer of property
can take place. A real
estate agent can help identify
appropriate lending institutions.
When
all the instructions in the escrow have been
carried out, the closing can take place. At
this time, all outstanding funds are collected
and fees--such as title
insurance premiums, real
estate commissions, termite inspection
charges--are paid. Title to the property is
then transferred under the terms of the escrow
instructions and appropriate title
insurance is issued.
Payment
of funds at the close of escrow should be in
the form acceptable to the escrow, since
out-of-town and personal checks can cause days
of delay in processing the transaction.
The
following items represent a typical list of
what an escrow holder does and does not do:
The
Escrow Holder :
·serves
as the neutral "stakeholder" and the
communications link to all parties in the
transaction
·prepares
escrow
instructions
·requests
a preliminary title search to determine the
present condition of title to the property
·requests
a beneficiary's statement if debt or
obligation is to be taken over by the buyer
·complies
with lender's requirements, specified in the
escrow agreement
·receives
purchase funds from the buyer
·prepares
or secures the deed or other documents related
to escrow
·prorates
taxes, interest, insurance and rents according
to instructions
·secures
releases of all contingencies or other
conditions as imposed on any particular escrow
·records
deeds and any other documents as instructed
·requests
issuance of the title insurance policy
·closes
escrow when all the instructions of buyer and
seller have been carried out
·disburses
funds as authorized by instructions, including
charges for title insurance, recording fees,
real estate commissions and loan payoffs
·prepares
final statements for the parties accounting
for the disposition of all funds deposited in
escrow. (These are useful in the preparation
of tax returns.)
The
Escrow Holder Does Not:
·offer
legal advice
·negotiate
the transaction
·offer
investment
advice
Your
local title company will be happy to provide
additional information.
Hawaii Foreclosure Laws
Attorney General's Office
425 Queen St.
Honolulu, HI 96813
Tel: (808)586-1500 www.hawaii.gov/ag
Type of Document:
Mortgage
Types of Foreclosure:
Non-judicial: Available
if the power of sale clause is included in
the mortgage document.
Judicial: Without a
power of sale clause the foreclosure must be
handled by lawsuit in the courts.
Deficiency judgement:
Available to lender under a judicial
foreclosure only.
Upon passing the examination, the test
center personnel will give you the
instructions and application form, along
with the score report and any other
documentation as required per the
instructions.
You may file your complete application, with
proper fees, and the required documents by
mail to:
Real Estate Commission
DCCA/PVL
Licensing Branch
P. O. Box 3469
Honolulu, HI 96801
Or hand deliver to:
Licensing Branch
335 Merchant Street, Room 301
Honolulu, HI 96813
We are not reciprocal with any other State,
however, a salesperson may qualify for an
equivalency to the prelicense education
requirement and/or the equivalency to the
Uniform Examination.
Please review the real estate salesperson's
Flowchart and General Information Sheet for
general steps on becoming a Hawaii licensed
real estate salesperson on active status.
Individuals with a current and unencumbered
real estate salesperson's license in another
state may become a Hawaii real estate broker
with the approval of the proper applications
(see the real estate broker Flowchart for
additional information).
The Big Island Reporter Online is a service of The Big Island Reporter Newspaper.
"The Hawaiian Islands Communities Newspaper"
The Big Island Reporter, 75-6081 Alii Drive, FF-201
- Kailua-Kona, Hawaii 96740, (808) 990.1323
This site and all contents are copyright 2003, The BIR is a division of The Green Valley Reporter
Newspaper,
Mark K. Wood, Owner and Publisher
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