I had a funny experience a while back. We were in escrow on a Single Family Home in Ewa Beach on Oahu, and the buyers insisted on using a mortgage broker that they knew from their home town in Washington State. My only concern was that they were comfortable with their team so we went forward.
Real Estate in Hawaii, and more to the point, Single Family Homes, are often built using what is known as "Single Wall Construction." Often it is Redwood T&G planks. They can do this because we don't have harsh winters here so there is no need for heavy insulation in the walls. Newer homes are being built with traditional insulation to keep the Air Conditioning in and this style of construction is known as "Double Wall Construction" and in our Purchase Contracts we describe the style of construction. This home was built with "Double Wall Construction."...but I digress.
Back to my story. So here we are going through escrow and I get a message from the lender, "What are you trying to pull? Are you selling these clients a Mobile Home?!?!" Hawaiian building practices are not well known on the Mainland and the lender thought that "Double Wall Construction" was the same as "Double Wide", which I guess is a mobile home term. This confusion caused a short delay in escrow, but we did close and all were happy.
When you purchase real estate in a community that is new to you, it is important to use LOCAL experts and professionals. These people, Realtors, Lenders and Home Inspectors, know the market and are your best chance to have a smooth transaction through escrow. You will need everything you can get going for you in these days of Funding Quality Control and so forth!
Cheers-
Michael Ramsey Fujita (RA) - 808-630-1828
This is a good post, knowing a bit about Hawaii building practices vs mainland practices it is truly wonderful you closed on this. Do mortage lenders have referrals?
Aloha!
I wonder what would happen in Hawaii if this mortgage lender had to finance a Double-Wide with Double-Wall Construction ????
Sorry, I couldn't resist.
Great Post. Work with professionals that are LOCAL. Can't go wrong there.
Hi Katharine- Mortgage lenders do not fall under the same rules and guidelines as Realtors. The can offer a referral fee to anyone that sends them business. I know many of them wish they did as it would end potential clients asking for "kickbacks etc..." It was nice speaking with you and have a GREAT weekend!
Cheers-
Mike
Brian- Do you think they would charge Double Points???
Right back atcha!
Cheers-
Mike
Michael- Great clarification, I appreciated the call and will keep you in mind when I have someone moving to Oahu.
Thank you Katharine! Is that a photo of you on your last trip over???
Cheers-
Mike
Thank you April- I hope you have a GREAT Spring up there!
Cheers-
Mike
Thanks Michael for posting this on your Blog. This guy Robert Beck is actively spamming agents here in Arizona. I suspected it was a "come on", so I search the web and found your Blog. Just as I suspected it is too good to be true.
Why can't people just make money the old fashioned way, with hard work and honesty?
Joe Domino
HomeSmart Real Estate
www.Scottsdale-AZHomes.com