Honolulu, Hawaii Real Estate Hotsheet 3/30-4/1/13

Monday's Hotsheet.

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Appraisal Shortfall Scenarios
by Craig Nakashima
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With the current market conditions experiencing low mortgage rates and limited inventory, many transactions are depending heavily on appraisal values due to contracted prices at above list prices. This is common when the market prices are on the rise. Appraisers may have a difficult time appraising a property for the amount that the buyer has contracted to purchase the property for. This will become an issue for financing and could cause cancellations of escrows if the buyer is not able to qualify for the higher loan to value ratio.

Last week's newsletter by Craig Nakashima, a loan officer with Pacific Access Mortgage, included a few scenarios that may occur in the event an appraisal does not come in at the price the buyer has offered on a property. Take a look at them and feel free to ask Craig or me for more information.
 
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Summaries of Residential Resale Statistics and Local Market Update Reports: http://nakama-mlshotsheets.blogspot.com/search/label/statistics/.

The Honolulu Board of Realtors Sunday Open House Guide: http://www.hicentral.com/images/Documents/HBROpenHouseReport.pdf (Updates every Friday by 3pm).

Rick Nakama (R GRI) 808-382-6761 East Oahu Realty, Inc.

Information is believed reliable, but is not guaranteed.