Blog - Real Estate

 Posted in Real Estate on April 2nd, 2010 at 1:03 PM


 

Tech playing key role in real estate deals

Many relying on e-signatures when out-of-town, too busy

By Dian Hymer, Inman News

Invariably, buyers or sellers are faced with important decisions at the most inconvenient times. They may be on vacation or on a business trip. Even if you're in town, you may be tied up in meetings and unable to take time to drive to your real estate agent's office.

There are ways to deal with this that will minimize the hassle and enable you to respond in a timely fashion. Timing is essential in the home-sale business. If sellers have to wait too long for a response, their enthusiasm might wane. Buyers, on the other hand, could find themselves bidding against another buyer if they make an offer on a hot new listing and can't respond to a counteroffer in time.

Often negotiations are handled verbally when buyers or sellers can't be present to sign a purchase contract or counteroffer. But oral agreements to buy and sell real estate are not binding. That's why it's important to have a procedure in place that enables you to sign any pertinent documents as soon as possible, no matter where you happen to be. If you're leaving town, let your agent know the dates you'll be gone and how best to reach you.

HOUSE HUNTING TIP: Many homes are bought and sold using a combination of phone, e-mail and fax. Recently, electronic signatures have become popular. In order to use an electronic signature, you need to sign up with a company that is equipped to provide e-signatures on documents. Use your search engine to find an online provider, or ask your real estate agent, attorney or closing agent for a recommendation. Then, your agent can send you documents; you sign with your e-signature and e-mail the documents back.

Most lenders won't start processing the buyers' loan until they have a signed purchase contract. However, they will start the process if the contract is signed with e-signatures. They are likely to require that you add wet signatures to the contract before closing. The buyers or sellers might also request this.

A downside to e-signatures is that anyone who has access to your computer might hit your designated e-signature key on your keyboard. Keep this information confidential.

Faxed signatures are binding as long as this verbiage is included in the purchase agreement. Documents can be faxed or scanned and then e-mailed to you. You print the documents, sign them and fax them back to your agent.

If you won't be staying at a hotel that provides business services, find a company like FedEx Office or the UPS Store that can fax or scan and e-mail the signed documents back to your agent. Otherwise, ask a friend or real estate agent in the area if you can use his or her fax machine.

Another possibility is to grant power of attorney to someone you trust who can sign documents for you in your absence. The power of attorney should be specific to your home purchase or sale. If someone is going to sign documents that will be notarized and recorded at closing, make sure that the power of attorney document will be acceptable to the buyers' lender and to the title company. It's not a good idea to give power of attorney to your real estate agent.

Sellers who hold title to the home they're selling in a living trust won't be able to use a power of attorney unless the trust documents specifically provide for this. Some sellers who know they will be out of the country when closing occurs arrange to sign documents early. Overnight mail can be used if necessary.

THE CLOSING: However, any documents that need to be notarized in a foreign country must be signed at an American consulate.

Dian Hymer, a real estate broker with more than 30 years' experience, is a nationally syndicated real estate columnist and author of "House Hunting: The Take-Along Workbook for Home Buyers" and "Starting Out, The Complete Home Buyer's Guide."

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Copyright 2009 Dian Hymer


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 Posted in Real Estate on April 2nd, 2010 at 1:02 PM


 Now Could Be Perfect Time To Buy A Second Home

If you're interested in buying a vacation home or investment property, now could be the ideal time. According to the 2009 National Association of REALTORS® Investment and Vacation Home Buyers Survey, 2008 saw a 30.8% drop in sales of vacation homes and a 17.2% decline in sales of investment homes compared with 2007. Less demand has made prices more affordable. By comparison, sales of primary residences dropped 13.2% in 2008 from 2007. In addition, second-home sales comprised just 30% of all home sales in 2008, down from 33% the previous year.Call us to find out how affordable a second home in today's buyer's market could be for you -- or for a referral to a top-notch real estate professional in the area that interests you.


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 Posted in Real Estate on April 2nd, 2010 at 12:58 PM


  

How To Retire in Hawaii

 

My husband and I traveled to Maui  as one of our first trips we ever took together. I had been to Maui in the 70's after graduating college, and a piece  of my heart was always there. I lived in Santa Cruz Ca. for over 25 years. I went to University Of Ca. at Santa Cruz, and stayed after graduating with a degree in sociology., and I was Pre –Med. My husband worked for PG&E, the utility company. He was a construction foreman.

My girlfriend, Grace, a Realtor from California,  moved to Maui and sold real estate there. So, it was perfect. I knew and trusted her, and we purchased 2 vacation rentals. They were studios, like hotel rooms with kitchens, but right on the water with views of Molokai and Lanai on the west side of the island which we love. We would come over together and separately, if we had a vacancy. MY husband came over for months at a time, as he never liked flying. I thought that would be the deal killer. He has gotten much better about flying although he does take medication to ease his nerves.

We talked about spending more and more time in Maui, which at first , did freak me out, as I worked and had a successful business in Santa Cruz Ca. I know selling my business, and moving would be a challenge.  We spent years talking…Then, my husband went on disability, and he said nothing hurts me in Maui, I am moving there…..So, I came over and found us a house, with an attached "ohana" in-law unit, sold the condos, and the rest is history.


The owners of the house rented back from us for 8 months, and my husband had the guest unit in which to live. When the previous owners vacated, we had the opportunity to re-paint, etc. My parents came and stayed in the guest unit after we moved into the house.

My husband has children, and he is OK living here. It is only 5 hours flying to Ca. which is doable. Of course, everyone wants to come and visit you too!

I moved over a year later. I got our Ca. house sold. I got us packed up and moved. We sold furniture, and gave many items to family and friends. I am not noted for being the best mover, so I had our house professionally packed. Our island house was completely different from our Ca. house, so we refurbished it as well. The cost for most people is anywhere between $8000 and $20,000, depending on where you live and how much you are moving. We also shipped over 2 cars, which is about $1000 each.

The cost of living in Maui is very expensive. Eating out is a small fortune. There are a few places that serve great food that are not expensive. I just ask everyone, to find those hidden gems. Shopping at the grocery store is definitely expensive as well. Costco and Walmart  are the best bargains. We do have Farmer's Markets and many people here have small gardens. Everything grows so easily in this soil and in this climate. There isn't the wide variety of foods as in Ca. especially fruits. Some trees need to get cold to produce fruit. That is why we import many items. Our pineapple, papaya and mangoes can't be beat!

You don't have to worry about heating . The temperature doesn't vary more than 10 degrees all year. We are usually in the mid 70's range. The trade winds keep us cool and the air moving. It is wonderful. Clothes shopping is minimal as well, as the temperature doesn't vary very much. Our lifestyle is so casual. Everyone wears "slippers" which I call flip flops.

If someone is thinking of moving here, I would recommend, coming first on vacation, doing your homework , and then seeing if it is feasible. Many people move here, and then don't want to be far from their families, grand children especially. I hear that frequently.

The health care can be challenging as well. That is a factor for some. I still own a property in Ca. If we get sick, we may have to move back in order to receive the very best care. It is a possibility.  However, the atmosphere  here is one of health and enjoying the outdoors, which I believe adds to your longevity.

If you live in Ca. you will not think it is expensive here. If you come from any other state, it is a small fortune. $200,000 will buy you a studio apartment on the water. $300,000 will also buy you a very small condo.

Our homes start at $400,000, but they will need work and not be in a great area. The median price on the West side, Lahaina side is $650,000.

Our values have adjusted down with this economy, but not enough to make it more affordable for most people. It is a great time to buy here. We have more inventory than ever, and sellers are getting more motivated to sell. We could use more qualified buyers, that's for sure.

We cannot compete with Florida pricing, however, Florida does not hold a candle to MAUI, in my humble opinion.  I have spent a lot of time in Florida, and there is no comparison in my book. We have mountains, beaches, culture beyond compare, and lush tropical jungle with waterfalls, and pools.

We do have one retirement community on the island which are apartments, and assisted living. It is called Kalama Heights.  If you google that you can get all their information. www.kalamaheights.com  We do not have any Del Webb communities. We have a lot of golfing communities.  We are a golfers heaven on Maui. I work at Kapalua Realty. The resort is the home of the first PGA golf tournament of the year, at our Plantation Course. In October , we host the LPGA women's tournament at the Bay course. Both courses are just fabulous. We have tennis,kayaking, snorkeling zip lines, hiking, and gyms for a total workout.  I live near Kapalua, and love it. My commute is 5 minutes, and there is no traffic. I have views of Lanai and Molokai, 2 islands , from the "upper road". It is heaven for me to be living here.

It did take me a bit of time to adjust to living in a new place, but I have no regrets. I have a partner in my business in Santa Cruz, and am building a business here on Maui.

I have been to all the islands, and chose MAUI as the best. I can't speak for others who live on various islands. The Big Island has active volcanoes, and sulphuric acid in the air. It is more affordable than Maui. Oahu has Honolulu, a huge city, and more people, which many like. Kauai is the northern most island, very beautiful, but it receives the most rainfall. Kauai has beaches, but they are all open to the ocean with no islands to block wind. Each island has their own personality. They are all so beautiful in their own way. There is also Molokai and Lanai, which are our smaller islands. Molokai has a population of a little over 7,000, and they want to keep it that way. Lanai is privately owner, and houses 2 Four Season Resorts and golf courses. They are both beautiful.

One is a beach resort, the other a mountain resort, with a shuttle connecting the two. www.fourseasons.com will connect you to those hotels.

You can reach me for any additional questions you may have at:

Joanne Foxxe, CRS,GRI

Kapalua Realty

700 Office Road

Lahaina, Hi. 96761

888-724-2922 toll free

808-665-3761 office phone

jofoxxe@aol.com

www.joannefoxxe.com

 


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