Home Buying in 96701>Question Details

Wanna, Home Owner in 34950

how can someone find investment property in hawaii without getting scammed?

Asked by Wanna, 34950 Fri Jan 2, 2009

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6
What a great question. It can be scary trying to buy a property without actually being present. Having a licensed Realtor will help put your mind at ease.

First thing to do is go get prequalified for a loan, so that you know how much you can spend.
Second, make a list of areas you would consider buying in.
Third, determine what are the property must haves? 3 bedrooms, 2 bathrooms etc.
Finally give your Realtor all the information you can about what you are looking for and how soon you hope to be able to buy.

In all reality, you will likely still want to come out to Hawaii and look over any property, condo, or home you are going to buy. Before you buy it.
0 votes Thank Flag Link Wed Sep 18, 2013
Fortunately Hawaii is part of the USA so there are federal and state laws in place to protect you. If you are interested in picking up a bank owned property, you can go directly to Fannie Mae's website and search. Be wary of seller's and real estate agents who promise you guaranteed appreciation and future rental numbers, as we know the past rental history but can't predict the future. As an investor, you can research rental income, average appreciation, recent sales and market data with a realtor. Members of the National Association of Realtors are held to a higher ethical standard, and also look for a realtor with education, who holds a designation like ABR, GRI, or CRS. I am on Kauai, but I can help you find a realtor through the CRS referral network, if you have trouble finding someone you can trust on your own.
Web Reference: http://www.homepath.com
0 votes Thank Flag Link Sun Feb 1, 2009
Your best bet is to get a local and trusted agent to act as your buyer broker. you will want someone to guide you through the buying process. In most cases you can hire a buyer broker at no additional cost to you, they get paid by the listing agent at closing the fee stated in MLS. This way you have someone looking out for you. Do not pay any moneyu up front, check out their references and you should do fine. I have spoken with a few local agents so if you would like me to refer one, just let me know. Good luck with your search.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Sun Jan 4, 2009
Aloha! First of all, you'll want to define exactly what you mean by "getting scammed." What does that mean to you? Secondly, I advise you work with a Buyer's Broker and NOT the listing agent for a property in which you're interested. In Hawaii, if the listing agent assists you as a Buyer, it's called "dual agency" and the agent is supposed to "go neutral" meaning they cannot help you negotiate or give you any advise that would put your interests ahead of the sellers. Many consumers mistakenly believe that they will get a "better deal" by working with the listing agent and in Hawaii that is simply untrue. The opposite has been statistically proven by NAR.

I agree that your best course of action is to interview a few different Brokers and get a feeling for how well you might work with them. I have a list of questions you may want to answer and am happy to send that to you via email - just contact me directly: katie@lavarockrealty.com. Once you find someone you trust and want to work with, then be sure to tell them everything that might assist them in helping you - there is an unkind saying in the industry that "buyers are liars" and the reason for that is that often Buyers don't tell their agents everything because they don't "trust" them and often that's to the buyer's disadvantage, even though they feel they are "protecting yourself." If you find a Broker you can trust, then their job is to protect you and advocate on your behalf! Remember, no agents get paid until the transaction closes, so they are working for you and reap the monetary reward at the end.

Lastly, I recommend you work with a local area expert. If you want to buy property on Oahu, stick with an Oahu-based agent. If it's the Big Island you're looking for, I'm here to assist you if you would like.

Best of luck! Warm aloha and happy new year - Katie Minkus, R(B). katie@lavarockrealty.com
0 votes Thank Flag Link Sun Jan 4, 2009
Interview 3 Realtors to get a feel for who you would like to work with. When it comes time to get financing, do the same thing - talk to 3 lenders (I generally recommend one mortgage broker and 2 local banks). You may want to talk to the Realtor's current clients and past buyers (ask for 3 references). Check the agent's licensing status at:
http://pvl.ehawaii.gov/pvlsearch/app

Most importantly, inform yourself. Use information on the Internet to verify what you are being told. Be sure that you get plenty of information, such as comparable sales data (including property listings that did not sell), and detailed information such as photos, taxes, maintenance fees, and local ordinances.

Feel free to contact me at 808 723 0900 if you have any further questions.

Aloha,
Frank Diaz
Web Reference: http://www.hawaiihome.biz/
0 votes Thank Flag Link Fri Jan 2, 2009
Find a good, honest, hard working Realtor who understands and knows what your goals are. Like me! Patrick Lambert. 808-937-1188 or check my webpage to see the areas I work http://www.patrickjlambert.com
0 votes Thank Flag Link Fri Jan 2, 2009
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