Once a property has been identified our team will start the process of drafting up a purchase contract based on what we know and to have it reviewed by one of our brokers for accuracy. We will schedule a day and time to meet with you in person or virtually to review all aspects of the contract and for you to decide the terms you are comfortable with.
The purchase contract is a standard form from the Hawaii Association of Realtors and contains a lot of time frames for both the buyer and seller to complete certain tasks or for the buyer to review documents or reports. Every time frame can de adjusted to either (1) give you as the buyer more time to complete an inspection or review a document or (2) cut time frames (as much as you feel comfortable) to make your offer more attractive to a seller (if the property is competitive). Once the terms have been decided we can finalize the price before you sign the purchase contract and your offer is submitted.
If meeting in person you can sign a hard copy or we can make any changes to the price & terms and send you the contract for signatures electronically through DocuSign.
It is always advised that our buyers write a personal cover letter to submit with their offer. Cover letters can include information about yourselves, situation, and what you like about the property. It is a way for a seller to connect to you and want to sell you the property. In a competitive situation a cover letter can help you win the property.
The 2nd reason a seller might accept your offer over the next buyer may be due to your pre-approval letter. Since you’ve already taken the time to get pre-approved we will contact your loan officer to provide a pre-approval letter that matches the terms of your offer. It is not recommended to show a seller that you are pre-qualified for a higher price.
Once we have your signed purchase contract, cover letter, and pre-approval letter then we as your Realtor will send your offer to the listing agent on your behalf. We will also follow up with the agent via a phone call to ensure your offer is received and to let the listing agent know that if there are any questions they can contact us.
There is no standard time period that sellers need to respond but there is an expiration date to your offer and for the seller to accept the terms as written. The seller has multiple options:
• Accept your offer as is
• Issue you a “Counter Offer’”
• Reject or Decline your offer
• Accept another offer received (If your offer is not accepted we can ask the seller for a counter offer for back-up position)
Joe is a realtor with Better Homes and Gardens Real Estate Advantage Realty. He majored in finance and has experience as a former mortgage loan originator. He has helped buyers both with new project loans and going through the process of applying and obtaining units in new projects. He uses his finance, mortgage, and real estate knowledge to help home buyers find the right properties to fit their needs. Contact Joe by phone or email at (808) 351-8394 or JoeC@BetterHawaii.com.