Category Archives: Tips for Home Buyers

What Foreign Buyers or Sellers of Agricultural Land Must Know

Foreign Buyers and Sellers Must Report U.S. Agricultural Land Holdings with form FSA-153.

For more info, contact the USDA Farm Service Agency at 871-5500 ext. 2 or visit www.fsa.usda.gov.

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Flood Zone Look Up Tool for Hawaii Properties

Do you want to know the flood zone of a property on Maui, or anywhere in the state of Hawaii? Well, check out the Hawaii Flood Hazard Assessment tool, which anyone can search.

If you are interested in buying a home on Maui, we can help you with that flood zone tool and any other real estate questions. Contact Delmore Realty, www.delmore.net 808-242-1467.

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VA-Approved Condo List for Maui

Do you want to know all the VA-approved condos on Maui? If you are a veteran and eligible for a loan that is guaranteed by the Department of Veterans Affairs, you can search for all the condos at this link:

https://vip.vba.va.gov/portal/VBAH/VBAHome/condopudsearch

However, the VA site as of today is a little strange, and frankly, a lot of people don’t know some of the necessary tricks to use it, even great loan officers who do VA loans. I have figured out what you need to do to search for all the VA-loan eligible condos on Maui as of today, and have compiled them into this list for you. The secret is that the city is not always “Kihei”, for example, but often, “Kihei, Maui”. You will get 7 records in Kihei, but you get 29 different records in Kihei, Maui. Same for Lahaina, where you get 5 records, but you get 12 more records with Lahaina, Maui. There’s actually over 70 records in the system for properties on Maui. There’s even some upcountry, however, some appear to be some kind of small CPR (condominium property regime) properties that won’t normally have many units available.

See below for the list I compiled. I hope you find this useful. Please feel free to contact me if you want to buy a property using a VA loan. Kimberly Delmore R(B), Delmore Realty, www.delmore.net, kim@delmore.net, 808-298-6655 (direct).

ID City – Per VA Searcher
South Maui (Kihei)
155 AUHANA STREET CONDO 1092 Kihei
AUHANA KULEANA 665 Kihei, Maui
AWIHI TOWNHOUSE 615 Kihei, Maui
BAY VISTA APTS 767 Kihei, Maui
HALEAKALA GARDENS, FHA061 Kihei, Maui
HALEAKALA SHORES 48 Kihei
KAI MAKANI 1169 Kihei
KALAMA GARDENS 771 Kihei, Maui
KALAMA TERRACE APARTMENTS 654 Kihei, Maui
KAMAOLE ONE 1058 Kihei
KAMOA VIEWS 623 Kihei, Maui
KANOE APARTMENTS 1060 Kihei
KEAWEKAPU 731 Kihei, Maui
KEONEKAI VILLAGES 730 Kihei, Maui
KIHEI ALII KAI 653 Kihei, Maui
KIHEI BAY SURF 784 Kihei, Maui
KIHEI GARDEN ESTATES 605 Kihei, Maui
KIHEI KAI NANI 775 Kihei, Maui
KIHEI RESORT 707 Kihei, Maui
KIHEI VIEW APTS CONDO FHA089 Kihei
KIHEI VILLAGES I 627 Kihei, Maui
KIHEI VILLAGES II 649 Kihei, Maui
KIHEI VILLAGES III 697 Kihei, Maui
KIHEI VILLAGES IV 698 Kihei, Maui
KIHEI VILLAGES V 699 Kihei, Maui
KIHEI VILLAGES VI 700 Kihei, Maui
KOA RESORT PH I & II 795 Kihei, Maui
LANAKILA 580 Kihei, Maui
MAUI GARDENS 1004 Kihei
SOUTHPOINTE AT WAIAKOA FHA132 Kihei, Maui
SOUTHPOINTE AT WAIAKOA FHA133 Kihei, Maui
SOUTHPOINTE AT WAIAKOA FHA134 Kihei, Maui
THE BOARDWALK 280 Kihei, Maui
WAIOHULI BEACH HALE 722 Kihei, Maui
WAIPUILANI FHA032 Kihei, Maui
WHITE SEA TERRACE APTS 777 Kihei, Maui
West Maui (Lahaina)
CHANNEL HOUSE 417 Lahaina, Maui
HO’ONANEA AT LAHAINA 727 Lahaina
HO’ONANEA AT LAHAINA 1128 Lahaina
HO’ONANEA AT LAHAINA 1159 Lahaina
HO’ONANEA AT LAHAINA 1088 Lahaina
HO’ONANEA AT LAHAINA 1083 Lahaina
LAHAINA RESIDENTIAL 650 Lahaina, Maui
LAHAINALUNA HOMES 587 Lahaina, Maui
LEI NANI APARTMENTS I 515 Lahaina, Maui
MAUI ISLANDER 755 Lahaina, Maui
NAPILIHAU FHA109 Lahaina
OPUKEA AT LAHAINA FHA355 Lahaina
OPUKEA AT LAHAINA FHA349 Lahaina
OPUKEA AT LAHAINA FHA350 Lahaina
OPUKEA AT LAHAINA FHA342 Lahaina
THE BREAKERS 3706, 3708 & 3710 571 Lahaina
THE MAUI LANI TERRACES 658 Lahaina
Upcountry (Makawao, Kula)
28 MAHA 789 Makawao, Maui
40 MOHALA PLACE FHA033 Makawao, Maui
58 MOHALA PLACE FHA034 Makawao, Maui
KALAMA TOWNHOUSES 646 Makawao, Maui
KEALALOA COURT 714 Makawao, Maui
PANIOLA COUNTRY ESTATES 162 Makawao, Maui
THE COTTAGES AT KULAMALU FHA341 Makawao
THE COTTAGES AT KULAMALU FHA340 Makawao
THE COTTAGES AT KULAMALU 1071 Makawao
THE COTTAGES AT KULAMALU FHA354 Makawao
THE COTTAGES AT KULAMALU FHA348 Makawao
THE COTTAGES AT KULAMALU FHA363 Makawao
104 KULALANI DRIVE 469 Kula, Maui
KULAVIEW 148 Kula, Maui
PIRES PLACE 759 Kula, Maui
Central Maui (Kahului, Wailuku, Maalaea)
515 LIHOLIHO 632 Wailuku, Maui
HARBOR LIGHTS 720 Kahului, Maui
IAO GARDENS 62 Wailuku, Maui
IAO PARKSIDE IV FHA079 Wailuku, Maui
IAO PARKSIDE PHASE II FHA081 Wailuku, Maui
IAO PARKSIDE PHASE III FHA082 Wailuku  
KAHULUI IKENA

KEHALANI GARDENS

1074 Wailuku  

 

MAALAEA BANYANS 770 Maalaea, Maui
MILO COURT AT KEHALANI 787 Wailuku
MILO COURT AT KEHALANI 2 1089 Wailuku
PUUONE HALE ALII 536 Wailuku, Maui
PUUONE TOWERS 65 Wailuku, Maui
THE ISLAND SANDS 155 Wailuku, Maui (Maalaea)
WAILUKU MANOR 453 Wailuku, Maui
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100% Loan – USDA in Maui, Hawaii

Edited on 6/3/13: Note – As of May 30, 2013, all of Wailuku has now been included in the USDA loan – eligible area!

Orignal Post Below:

It’s worth knowing that there is a 100% financing option available for those that qualify. The USDA Rural Development Section 502 loans are available for single family homes in most parts of the island. Only Kahului and most parts of Wailuku are excluded (Waihe’e and some parts of Oceanview Estates in Waiehu are USDA eligible). At this time, Kihei is still included, however, there are rumors that Kihei may be going away. October 2013 is the next expected announcement/revamp to the program from USDA.

Besides geographic criteria, there are also income eligibility requirements. “Applicants for loans may have an income of up to 115% of the median income for the area,” according to the USDA website, for the USDA Single Family Housing Guaranteed Loan program. As of this writing, the Maui County adjusted gross income limit is $108,300 for a family of 1-4 for this loan program  Not only is there no required down payment, additionally, the interest rate is often lower than conventional rates.

You can use this link to enter a property’s address to see if it is located in an USDA eligible area.

If you are interested in finding out more about USDA loans or any other loans like a direct loan from GAD Capital, contact me and I can recommend a good lender to assist with your qualification. Here’s more information at their website.

Kimberly Delmore, ABR, CRS, REALTOR-Broker, Delmore Realty cell: 808-298-6655

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Don’t look for a discount on Maui Real Estate prices

The cat's out of the bag. Most buyers of Maui property still think they
 can get a good discount from the listed price when they make an offer. 
Let the truth be known. If you really want that property be prepared to
offer over the listed price.

In March 2013 the medium (the price in the middle where half are under 
and half are over) list price for residential properties that sold was
$499,000.The medium sold price was $508,000. So if you really want that 
property be prepared to pay more. It's a seller's market.

For condominiums the medium list price on sold properties in March was 
$375,000. The actual sold price was also $375,000. No discounts here. 
Don't blame your agent when you make a weak offer that is no where near 
list price and get rejected. You need to be informed on what is really 
happening in the market place. Smart sellers price their property 
correctly and get multiple offers in this competitive market place. 
Call Delmore Realty, 808-242-1467, for a good marketing approach and 
honest buyer representation.

Thomas G. Delmore, Principal Broker, Delmore Realty 808-242-1467
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Maui Home Inspectors

The J-1 General Inspection of Property Contingency of the standard Purchase Contract used by Hawaii Realtors is one of the most critical contingencies in the contract.

When your offer (purchase contract) is accepted by a Seller on a home (or other property, such as a condo) in Hawaii, you have the right to inspect the home’s condition within the time specified in J-1 of the contract. If you are not satisifed with the home’s condition, you have the right to cancel the contract prior to the end of the contingency period. 14 days is a common timeframe to inspect in many of the transactions for home buying in Hawaii.

According to Property Search, it is highly advisable to hire a professional property inspector to do your inspection. It will likely cost you anywhere from $200 – $600 or more, depending on the size of the property. When you work with Delmore Realty, we are happy to help you set up a home inspection appointment for your purchase.

The Realtors Association of Maui (RAM) provides a list of affiliates who provide services in the category of home inspection. Some of the affiliates are also members of ASHI (American Society of Home Inspectors), which is a highly regarded professional organization for home inspectors. One can be an ACI (ASHI Certified Inspector), which is the highest level of ASHI membership, or an ASHI Associate, in which one is still working to achieve the ASHI designation. More information can be found at www.ashi.org, along with ways to search within a radius of your zipcode or your city and state for an ASHI inspector.

Here are some of the Maui inspectors found using the RAM affiliate list of inspectors as well as the ASHI search as of today, 4/3/13 (modified 10/10/13):

– A Sound Mind Home Inspection, Beau Petrone, tel: 808-870-0593 (RAM Affiliate and ASHI Associate)

– Alii Home Inspection, Mark Damon, tel: 808-280-6652 (ACI)

– Barkman Inspection Service, John Barkman, tel: 808-357-8305 (RAM Affiliate)

-CertiTech Inspections, Thomas Lewis, tel: 808-242-7000 (ACI)

-Craig Smith Building Inspections, Craig Smith, tel: 808-572-3009 (RAM Affiliate and ACI)

– Hawaii Inspection Group, Inc., Thomas Douma, tel: 808-879-6000 (RAM Affiliate and ACI)

– Mark Thorman Home Inspections, Mark Thorman, tel: 808-874-3456  (RAM Affiliate and ACI)

– Ray N. Orikasa Home Inspection, Ray Orikasa, tel: 808-268-2306 (RAM Affiliate)

– Renewal Properties, LLC, Douglas Heisserman, tel: 808-572-0004 (RAM Affiliate)

– Signore Building Inspection, Paul Signore, tel: 808-876-0170  (RAM Affiliate and ACI)

J-1 gives Buyer the “… right to (personally or by any expert, professional, or other representatives of Buyer’s choice): (a) inspect the Property or any portion thereof; (b) inspect all major appliances and fixtures (plumbing, electric, and gas) included in the sale; (c) inspect all public records rleating to the Property …” and the professionals listed above can assist with that.

Call us at Delmore Realty at 808-242-1467 when you need help on your purchase and let us take you through all the important parts of the purchase, including the home inspection.

Kimberly Delmore, Realtor-Broker

Certified Residential Specialist, Accredited Buyer’s Representative

Delmore Realty www.delmore.net

kim@delmore.net, direct: 808-298-6655

 

 

 

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Understanding Maui’s Property Taxes

As a homeowner or prospective homeowner, it’s very important to understand how Maui’s property taxes work.

The County of Maui has a brochure called “Understanding Property Taxes” that is very helpful. This brochure outlines important dates, such as Dec 31 deadline for filing exemption cliams, the due dates for taxes, deadlines for filing tax apeals, important #s to call, how properties are assessed/apprasied and more.  There is also a website, www.mauipropertytax.com.

Every year the County Council decides on the tax rates. The tax year runs from July 1-June 30th. August 20th is when the 1st half year taxes are due. Feb 20th are when the 2nd half taxes are due. The latest tax rates as of this blog, for the 2012-2013 year are as follows:

Residential $5.75, Apartment $6.20, Commercial $6.90, Industrial $7.10, Agricultural $6.00, Conservation $6.20, Hotel & Resort $9.15, Time Share $15.50, Homeowner $2.75, Commercialized Residential $4.50.

There are a few opportunities for exemptions which can reduce your taxes. The most common is the homeowner exemption. See a link to our blog about the homeowner exemption at http://delmore.net/blog/2012/12/13/homeowner-exemption-application-due-by-dec-31-2012/.

There is a minimum rate of $250 for properties that meet the county’s criteria.

The County of Maui’s tax division can be reached at 270-7297 for further questions about property taxes.

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Homeowner Exemption Application Due by Dec 31, 2012

It’s that time of year again…homeowner exemption applications are due by the end of the year. If you have just bought a property in 2012 and are living in your home on Maui as a primary residence, or if you owned your primary residence and never knew about the homeowner exemption, then do complete the homeowner exemption application to start saving a lot of money. You will get taxed at the lowest rate and get the homeowner exemption. Here is the link to the application: http://www.mauicounty.gov/documents/3/38/138/Home_Exemption_2013%20PUBLIC_201206211720475843.pdf

Per the flyer “Understanding Property Taxes” by the County of Maui, the version dated 7/9/12, “…if you own and occupy your property as your principal residence on January 1, you will be eligible for a single exemption of $200,000. This amount will be deducted from your property assessment before your net taxable value is calculated.”

The Real Property Tax brochure continues, “For example, if you own a house and lot valued at $550,000 and are eligible for a single home exemption of $200,000, your net taxable value will be $350,000. This figure is divided by 1,000 then multiplied by the applicable tax rate, which is set by the County Council, to determine the taxes owed.”

In this example ablove, $350,000 divided by 1,000 is 350. 350 multiplied by the Homeowner rate ($2.75 for 2012-2013 tax year) = $962.50 is your tax owed.

Be aware that the 2012-2013 tax rates (set by the County Council) as well as the homeowner exemption was recently changed. The previous year, the homeowner exemption was $300,000.

If your property is valued low enough, and you qualify for a homeowner’s exemption, you will only owe the minimum tax of $250 to the County. What a deal! Maui owners should appreciate how low their taxes are relative to many other places in the country.

You only have to file the homeowner exemption application once for your property and the homeowner rate and exemption will apply until there is a change in status. At that time, the owner has the responsiblity to inform the County of any change or may be subject to a penalty. If you are a new owner of a property, you must file the application, even if the old owner had a homeowner exemption.

 

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Record Low Interest Rates

Interest rates have never been lower. 15-year fixed rates dropped for the first time ever to below 3%, to 2.97%, the lowest on record since Freddie Mac began tracking weekly data more than 40 years ago. On the 30-year fixed, rates were at 3.75% as of May 31st, according to an article on CNN Money.

The record-low interest rates combined with low prices on Maui means now is an optimal time to buy, if you qualify and have all your paperwork in order to give to your lender, who are looking for very complete and thorough files to process loans.

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Properties On or Near Oceanfront Come with High Insurance Costs

One compoment of owning a home is paying for property insurance. Many people dream of owning a home in Hawaii that is on or near the oceanfront. There can be a lot of pleasure in owning such a property. However, one must also take into consideration the much higher cost of property insurance when such a home is in a high rate flood zone.

I recently asked Spencer Lau of Atlas Insurance Agency-Maui, located in Wailuku, for a quote on a modest home located near the ocean in Waiehu, Maui, a neighborhood within Wailuku, as someone had contacted me to find out more about this property. The home is located across the street from the ocean, and considered to be ina  high risk flood zone VE. The house, with less than 1500 s.f. of interior living area, would cost anywhere from $2,980 per year to $3,789 per year to insure, based on which deductible option a homeowner would choose (from a high of $5000 to a low of $1000 deductible). A similar house in a non high risk flood zone would only be approximately $365 for coverage…so it was around 10 times as high to be in this high risk flood zone, near the ocean.

Be aware that the federal government, FEMA (Federal Emergency Management Agency) sets the rates for flood insurance, and it is a big consideration when thinking of owning a property close to the ocean.

Here is a website, freeflood.net, that seems pretty accurate in allowing you to look up a property by address to determine which flood zone the property is in and if a lender is likely to require flood insurance.

This link to the county of Maui’s website also shows tsunami evacuation zones. This is not necessarily exactly the same as FEMA’s flood zones, but properties in one category or likely to also be in the other.

 

 

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