When it come to lending go local……
One of the most important elements in any transaction is the lender. A good lender can save a transaction while one that is unfamiliar with the terrain can just as easily cost you the whole enchilada. My advice is simple: Use a local lender. I cannot stress this enough. I, and many others I’m sure, can tell you horror tale after horror tale of unsuspecting buyers who used their (seemingly) faithful mainland lender only to find out at the 11th hour that they “no can do.” Sometime the agent is able to switch to a local lender and save the deal but oftentimes it falls out of escrow to everyone’s dismay.
Now I’m not saying that every mainland lender fails to perform but I am saying that the risk a buyer takes when using a mainland lender only adds to the stress of the transaction. If you think more stress is needed, guess again. Real estate is emotional, very emotional for both buyer and seller. That’s why there are two agents inbetween; to filter out the occasional flashes of emotion that come at some point in every transaction between buyer and seller. But I digress.
Getting back to lenders: Mainland loan officers will tell you in all honesty that they can do the loan. The problem is, they don’t know what they don’t know and when it gets to the underwriter, they will not stop asking questions until everything the loan officer didn’t know, is very clear. Unfortunately, it is at this point that the underwriter, now with full knowledge of the situation, will tell you that for such and such a reason, they cannot do the loan. Not good.
Local lender know the lay of the land. They know what a “Princeville” is, what “Kiahuna” looks like, what is going on in Poipu. They don’t ask what an ADU or a guest house or a CPR is, they don’t need a list of possible appraisers or anything else because they’ve been there and done that – in other words they know pretty much everything because they are part of the Community. So do yourself (and your agent) a favor and go local.
Most all agents can refer you to reputable loan officers with a demonstrated ability to perform. I always recommend that my clients contact two or three officers and see who they are most comfortable with and who has the best loan program for their needs. It could make all the difference in the world which in this case would mean – you end up with the house or condo or land of your dreams instead of major disappointment.
If you are thinking of buying and don’t know what lender to contact, please call or email and I will provide you with several contacts. Remember, achieving your goal of ownership in Paradise should be a pleasant experince, not a nightmare.
Until next time,
Aloha Elaine
This magnificent sunset was taken in MT on my recent camping trip.
Elaine Schaefer (R, GRI, ABR)
Broker in Charge – Princeville Resort Office
Graduate, Realtor’s Institute
Accredited Buyer’s Representative
Top Producer 100% Club
RE/MAX Kauai
Princeville Resort Office
POB 223632
Princeville, HI 96722
cell: 808 639 2935
home fax: 1 808 440 4552
email:soldonkauai@yahoo.com
website: www.kauairealestatenow.com
blog: www.blogs.alohaliving.com/princeville-condo-sales
……you can have your own piece of paradise
ask me how!
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