Why
use the Ellisons?
Are you considering selling your home or property in Hawaii? Your
property is likely to be one of the largest possessions that you have.
Selling your property is bound to be of great concern, especially if you
are off-island while managing your investment. This is why Steven and
Lauralynn will keep you constantly informed throughout the listing to
make the right choices. Although recommended, it is not necessary for
you to be present during the sale of your property when working with the
Ellisons.
You will also need a clear understanding of local market conditions and
risks. A wrong move could result in frustration and extra expense. That
is why it is essential to have a real estate professional. Steven and
Lauralynn will work to make the sale of your home or property a successful
and satisfying experience.
Greater Exposure
Steven and Lauralynn are experts when it comes to marketing property.
One of the reasons you may have found this website is due to their commitment
to advancement in marketing tools. The Ellisons will
develop a marketing plan for maximum exposure. As well as being listed
on their website and in the MLS (multiple listing service), this may include
placing a sign on the property, Open Houses, developing advertisements
for local and Island-wide publications, and feature sheets/mailers to
market your home. They will also arrange all showings of your property.
- The Website. It is said that by the year 2003, 70% of homebuyers will have started their search for property on the world wide web. The Feature Listing page markets the Ellison's listings on the web. It is important to have maximum exposure through such a median.
- The MLS is a computer-based system that relays valuable information about your home or property to hundreds of realtors and potential buyers.
Setting a Price
Setting a price for your home or property is a difficult, but important
process. Steven and Lauralynn have the experience to help you understand
the dynamics of the Hawaii market and to decide upon a realistic price
that ensures the best possible price for your property. Conditions that
will directly affect the price of your home include location, condition,
and competition. The Ellisons make an effort to pre-qualify all potential
buyers prior to showing each property.
Receiving offers
After you have received an offer on your property, the Ellisons will guide
you through the process. Hawaii’s real estate contracts are typically
12+ pages long and can contain many unfamiliar terms. They will explain
all the details of a contract so that you’ll feel well informed
and confident in your decisions. As property sellers themselves, they
have first-hand knowledge of seller concerns and questions.
Escrow
In Hawaii, after an offer has been negotiated and agreed upon, the buyer
and seller typically use what is called an escrow company. Escrow will
serve as a neutral third party. Escrow will also handle collection and
distribution of all funds, coordinate title and closing issues with lenders
and title companies and record the sale with the State of Hawaii. The
Ellisons will keep you informed throughout the escrow process to make
sure crucial dates and events are completed in a timely manner.
The following are frequently asked questions and answers about selling property in Hawaii:
How much time will it take it take to close the sale once
we have an accepted offer?
What should I do to make the property marketable?
HARPTA/FIRPTA WITHHOLDING (What every seller should read!)
Seller’s Answers
How much time will it take it take to close the
sale once we have an accepted offer?
The escrow period will typically be 45 to 60 days in cases where
the buyer is obtaining financing or where there are special conditions
about the property. If the buyer is paying cash, this time period can
be as little as 30 days or sooner. However, the actual escrow period will
be based upon terms of the contract.
What should I do to make the property marketable?
Less is more. If you have a lot of personal items throughout the home,
consider packing them away. This will also give you a head start on moving.
Have the home and yard in show condition whenever possible. Taking care
of these items will increase your chance of attracting more buyers and
obtaining higher offers. Some buyers will request showings on short notice
and first impressions are important.
HARPTA/FIRPTA WITHHOLDING (What every
seller should read!)
FIRPTA (Foreign Investment in Real Property Tax) and HARPTA (Hawaii Real Property Tax Act) relate to tax payments due from sellers who are not residents of the United States or of Hawaii, respectively. FIRPTA "requires that if the seller is a foreign person, the buyer must withhold 10% of the amount realized by the seller to cover any seller tax liability. Residences below $300,000 that are going to be occupied by the buyer are exempt from this provision."
HARPTA (Hawaii Real Property Tax Act) requires every
buyer of Hawaii real property to deduct and withhold from the non-resident
seller's proceeds, 5% of the gross amount realized on the sale to be applied
to any Hawaii income tax due from the seller with regard to the sale of
the property. A buyer would be exempted from this requirement if the seller
furnishes the buyer with an affidavit stating that the seller is a resident
(includes resident aliens), together with his taxpayer’s identification
number…" [from Vitousek et al, Principles and Practices of
Hawaiian Real Estate, Honolulu, HI, 1995.]
