Finding Great Deals in Kona's Rising Real Estate Market-Rich Bosselmann R(S) Koa Realty Inc.
Well priced homes in Kona are selling in just days, wth multiple offers. Real estate professionals are having a hard time finding properties for their clients because of the recent trend of low inventory and cash buyers looking for homes. This can't sound good to the current buyer interested in Kona real estate. But don't dispair! You can get a great deal on Kona real estate right now.
This is how you get a great deal on Kona real estate today in two steps.
A. Pre-quals are powerless against cash: Many of todays buyers in the Kona real estate market have cash. Don't worry, you can compete with these guys, just fine. If you are going to need financing, you need to be pre-approved. A prequalification letter carries little weight because it's written on the barest of information, without tax return review, and often no credit check. Today, most of the financing is underwritten to Fannie Mae and Freddie Mac guidelines. Pre-approvals can be obtained by running a potential buyers credit and income information through the automated underwriting system that interfaces with the lender. This automated underwriting approval will list specific conditions that must be met to secure funding of the loan. There may be an up front fee to get pre approved but it is worth it because the truth of the matter is this. A pre approval is almost as good as cash and many of the cash buyers will low ball the first offer, opening the door for you. If it's a popular listing in todays market, you may have one cash buyer that may be offering sight unseen, and a buyer that is on vacation and decided to by a piece of paradise, no pre-qual, but ready to make an offer. The key is to get pre-approved and find a well priced property in Kona as soon as it hits the market (which I can help you with) and go in strong with a solid offer. It's also important to have your agent (hint: me) communicate with the selling agent to let them know that you are a solid and committed a buyer, motivated to closing the transaction.
B. So, now you are prepared with your pre-approval and ready to move if that perfect Kona real estate hits the market. You may need to be a little aggressive in the beginning when writing an offer and negotiating the purchase because it's important to get an executed contract with the seller. Once it is signed, the competition falls away to look for other properties and you have some breathing room to inspect and really investigate purchase. This is called, doing your due dilligence. This where a good real esate agent, knowledgable in Kona real estate can really help out. It's important to remember that buying real estate in Kona is an important decision, and can be a wonderful investment that has a positive effect on your future. If you are interested in buying a home, condo or land in Kailua-Kona Hawaii, contact Rich Bosselmann R(S) at (808) 785-4664, or richbosselmann@gmail.com
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