Hawaii Real Estate : Buyer

BUYER FREQUENTLY ASKED QUESTIONS

Why Use a REALTOR®?
Whether you're buying or selling a home, your REALTOR® can help make your real estate transaction a successful one. They are with you every step of the way throughout the transaction from start to finish.

What Is a REALTOR®?
A REALTOR® is an individual licensed to list and sell real estate, one who is also a member of a local Board of REALTORS®, the State Association of REALTORS® and the National Association of REALTOR®. As a member of these three professional trade associations, a REALTOR® is bound by a strict Code of Ethics, the canons of professional behavior that guide daily activities in the real estate business. A REALTOR® pledges fidelity to clients, but also pledges to treat all parties fairly.

Why should I enlist the help of a real estate agent? Won't I get a better price if I don't have one and negotiate with the seller on my own?
When you become the client of a real estate agent, you become their priority and their entire job is to work in YOUR BEST INTEREST. Someone selling their house or an agent representing the seller will work with the seller's best interest at heart. You need someone to be in your corner throughout the transaction to make sure that you have all the information you need to make the best decision in buying a home. Your agent will present you with market information, coordinate showings and help you through the entire transaction.

Aren't all foreclosures supposed to be a "great buy" or at a discounted price? Shouldn't I try to buy a foreclosure for the best deal?
A foreclosure simply means that payments were not made on a loan, the loan was defaulted and the property is now owned by the lender, housing authority or whomever the mortgage was owed to. Foreclosures can be listed at market value and many times are to be purchased "as is" (meaning you buy the house in the condition it appears at the time it was listed). In a hot market, you may find foreclosures selling at the same price as any other house in the neighborhood. Foreclosure does not mean discount, but depending on the market, you may find some good deals that are considered foreclosures. Ask you real estate agent for more information before considering a foreclosure.

How long can I expect it to take to find and buy a home?
It can take anywhere from a couple of days to a couple of years depending on how quickly you want to purchase a home, what the market conditions are like and what homes are for sale. Please see our timeline for a better idea of how long it could take.

How many open houses or showings should I go to in one day? We have very limited time so shouldn't I try to get to every open house listed for that Sunday?
When you go into a chocolate store and try 15 different candies, you know some were better than others, but often times can't remember why or may even confuse the candies with each other. This is what happens when you see too many properties at one time. You can bring along a camera to take pictures of the different homes, but please ASK if it's okay (some families would prefer that you do not take pictures of their personal possessions). Try to select a neighborhood and go to 5 or 6 houses in that area. Take notes to remember what you liked and what you did not like about each property. This will also help your agent in narrowing down your criteria.

We've seen 40 houses with our agent and don't see exactly what we want. What should we do?
Remember, you may not find the perfect house "as is". You may have to make some improvements on your own or decide if you want to renovate part of the house. You might need to re-evaluate your house hunting strategies or even start looking at your criteria to see if it is reasonable. For example, if you are looking for a fee simple, beachfront property with 8,000 sq feet of living area, 6 bedrooms, 4 baths, built in 2000 but under the listing price of $250,000 in a very hot market, you may have to develop a new set of criteria and work with your agent towards a reasonable goal. Differentiate between what is needed for a functional home and what is desired in your fantasy home.

How much do I have to pay my real estate agent?
All prices and commissions are negotiable so never think there is a "standard" or "flat" fee. Some agents may charge you an amount upfront or they may ask the seller's agent to share the commission they would receive from the sale of the house.

What is buyer's remorse?
Buyer's remorse is an ailment that afflicts most of the buyers after they become owners of the property. If you have symptoms of "I should have waited for the price to go down", "I should have looked around more" or "I should have bought a property in a different neighborhood", you probably suffer from buyer's remorse. Anytime you commit a large sum of money to any purchase, you often wonder if you made the right decision. If you have done your research, made your decisions using information and recommendations from the professionals and have followed all the steps we have listed in our "Buying a House" section, you will have peace of mind knowing that you have made an educated choice in buying your property. You cannot predict the future, but knowing that real estate is generally the wisest investment a person can make, will help you get through buyer's remorse and turn it into buyer's satisfaction.

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