Did you know that Oahu has the largest and oldest Army post in America? Across all of Hawaii, there are 11 military bases.
Oahu and other islands are a hot spot for active military members. This provides a unique housing market situation in these regions. Military realtors have the knowledge and expertise for dealing with these exact situations.
A realtor in Hawaii can handle VA real estate cases, but a military realtor better addresses the specific needs and situations of military personnel.
If you are selling your house in Oahu and have an interest in learning more about military realtors, then keep reading on for more information.
Military Realtor Hawaii
How does a military realtor in Oahu differ from a standard realtor? A qualified realtor in Hawaii with experience in VA housing and loans can get you out of your house quickly.
They know the process of the military and the quick turnarounds that pressure buyers and sellers. They can navigate around the complexities of a VA loan, appraisal process, and lenders. These realtors can also give you advice on if you should keep your unit as a rental.
Ultimately, you have the potential of selling for a profit in today’s market if you use military realtors.
Taking advantage of VA loans is one of the biggest benefits a military realtor can look into for you. These loans don’t require the buyer to put any money down or take out a private mortgage.
They have similar rates to standard loans as well although realtors might suggest shopping around first before locking yourself in. The average interest rate on a VA loan for 30-years is 2.75 percent.
VA loans often have a poor misconception among other people. They are marked as unreliable and they take too long for processing. A military realtor who works consistently on VA loans can help this process go more smoothly.
On average, VA loans can take as long as standard loans when realtors work with experienced lenders.
To qualify and receive a VA loan, you have to go through lenders. These lenders are private or government mortgage insurance companies. Typically, a standard realtor is not as familiar with specific VA loan lenders.
This means you could fall into the trap that many sellers fear – a lender who is not as experienced with handling VA loans. Military realtors often have their connections and resources for working with reliable and efficient lenders that can make the appraisal process go smoothly.
Home Appraisal Process
Arguably, the home appraisal process can make the loan approval process go slower. The military operates slightly differently in that homes used with a VA loan have to meet a specific set of criteria.
Unlike a standard loan, an appraiser looks at standards for the property that the U.S. Department of Veteran Affairs has outlined. The VA lender is who hires out the appraiser.
This makes it even more critical for using a quality agent who can work directly with the lender. You will also assume the fee costs of the appraiser.
It is also important that you keep in mind an appraiser is not a home inspector. They can point out obvious repairs, but it would be wise to have a separate home inspector come through first.
Mostly, these appraisers are looking through a checklist that helps protect a mortgage company’s VA loan that they are lending out. Some of the things that these appraisers look at are:
- Adequate living space
- Functioning electricity
- Safe water and sewage supplies
- Roof condition
- Vented and accessible crawl space
Anything that poses a risk for someone’s safety or is not structurally sound must be fixed first. The guidelines above are not comprehensive, but give a good idea of some of the things they look at.
One of the roles of an appraiser is also making sure the home has a fair price tag. But what happens if you are selling your home on Oahu and it comes back with a low appraisal? Essentially, this means the lender thinks the home is unfairly priced.
If you are selling your home, you know that now has never been a better time. The median price of a single-family home in Oahu is over $1 million.
Hawaii military relocation is not uncommonly seen in this part of the country. You want to get the most out of your home so that you can afford a new house in this skyrocketing market.
It is likely you could sell your home to another VA loan borrower. If the borrower is okay paying the difference in price, then they can proceed with the loan. However, many borrowers who go through the VA loan process are doing it for the zero downpayment benefit.
There are instances for a second appraisal. In these scenarios, it is typically completed by another party. In most cases, the borrower and seller negotiate the price.
A qualified military realtor helps place your home at market value while considering the implications of the appraisal process. This ensures you don’t have to go through the process of a low appraisal and renegotiation or fall-out from an interested buyer.
Military Realtors Near You
Finding qualified and experienced military realtors does not have to be hard. Ultimately, they can provide you with the knowledge and expertise needed for selling your home quickly and at a fair price.
They can also help set you up with rental agreements, find your new house, and give advice on VA loans. Contact us today and speak to one of our military realtors about selling your home in Oahu.