Buying a foreclosure property can be confusing and frustrating. Add to that the unique twists and turns that the Kauai real estate market has – and it’s enough to make your hair curl…oops mine is already 🙂
Find an experienced Buyers Agent who you feel comfortable with, then make a commitment to work with them. My clients usually sign a Buyers Agreement with me so that we are all clear about what our working relationship is, and in that sense – they’ve “hired” me to work for them, even though I’m paid via the seller’s commission.
Prepare – Prequalify with a Hawaii lender and provide Proof of Cash Funds. When you’re negotiating on a foreclosure or short sale, remember it’s a bank reviewing your offer. They want to see that you’ve taken the time to prequalify – they’ll want another lender’s opinion as to your ability to purchase. It may sound strange, but your agent should ask you for your Proof of Cash Funds to submit with your offer. Please feel free to contact me for more information about what this is and why.
Be Ready to Act Quickly! Emotionally this can be the most difficult. But foreclosure offerings on Kauai are moving quickly. It’s important that with all the homework you’ve done by working with an agent, staying in touch with the market, prequalifying – that you pace yourselves to be ready to write an offer right away if you see something you like. What I tell my clients is to remember that “an accepted offer only means you’ve secured the opportunty to buy.” The ball is then in your court to say YES or NO…. but waiting means someone else will be first in line and at best, we’ll be able to write a back-up offer.
For more information about the Kauai foreclosure market, be sure to subscribe to this blog. To get started on your search, email me at firstname.lastname@example.org. I’m here to help.