All Loan Officers and Real Estate Agents in Hawaii were given a memo (it was released on May 19th) that Hawaii VA Loan Appraisals are taking longer now due to . The memo from the Head of VA Home Loans here on Oahu made sure to stress that on Oahu (Honolulu County) the VA Home Loan Appraisal are taking UP TO Five...yes, 5 weeks to complete.
With Hawaii VA Home Loan Appraisals in Honolulu Country taking much longer than usual (based on the amount of home loans in progress) it is definitely placing a burden on all involved in the Real Estate Home Buying Process for the Veteran:
- Military Personnel who are transferring to Hawaii obviously stay in a hotel until they acquire housing. An appraisal taking up to five weeks can delay the transaction from 30 days to 60 days or more.
- Veterans who are utilizing their VA Home Loan Guaranty get discouraged when they see the rest of the transaction is moving swiftly ....but being held up just for the appraisal.
- The loan officer, real estate agent, escrow are put on hold waiting for an appraisal. The rest of the 'team' who are working together to get the transaction done are stuck in limbo.
You see, our Hawaii Real Estate Transaction Process is quite different than a lot of other states and it also includes the buyer and seller signing all loan and escrow documents at different times. We all don't sit down at the same time to sign documents and we do not hand over keys right then and there.
After signing all loan and escrow documents we still have to wait for up to 3 days for the loan company to fund the monies to escrow. AFTER escrow receives the monies then, and only then, can escrow file the conveyance documents with the Bureau of Conveyances which recorded the morning after.
Now, we have another damper on our Hawaii Real Estate transactions. Since our Governor 'had to balance our budget' she ordered that State Offices will close three Fridays of every month (no pay but better than 10000 jobs lost).
The Bureau of Conveyances says it's now TWO days for processing documents for recordation.
With all the delays for appraisals and recording documents I'm starting to believe that it's a test to show the seriousness on everyones part.
The buyer who is really wanting to purchase property, the seller who needs to sell to relocate, the real estate industry professionals who are REALLY thinking in their clients best interest.
Talk about cleaning house.
Celeste "Sally" Cheeseman is a Realtor-Associate with Century 21 Liberty Homes in Mililani, Hawaii. With a sharp understanding that a listening ear is the key to a client's needs she serves the island of Oahu (Honolulu County) and all Hawaii Military Relocating to Hawaii, Hawaii Retirees, Hawaii Job Transfers and Hawaii Residents. Website: www.hawaiihomesmarket.com
Celeste "Sally" Cheeseman is a Realtor-Associate® and Certified Residential Specialist (CRS) with Century 21 Liberty Homes in Mililani, Hawaii. With a sharp understanding that a listening ear is the key to a client's needs she serves the island of Oahu (Honolulu County) and all Hawaii Military Relocations, Hawaii Retirees, Hawaii Job Transfers and Hawaii Residents, Home Buyers and Sellers.
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