I Wanna Buy a House NOW!….. ahhhhh NO!

You wanna buy a house?  GREAT!  First time Buyer? GREAT!  You have to move in when????

In my practice, it’s not uncommon that some Buyers must find housing 30 days.

The pressure can be intense when military families are on the move, especially  to unfamiliar territory.   They must make quick decisions.  Consider this scenario:  A service member just received orders to another base.   Orders say report date is within 60 days, and deployment orders to a war zone is pending.  The spouse of the service member is five months pregnant with a 3-year-old in tow.   There’s only 60 days to get this done.  What to do?

First, you must sign out of the losing base, pack and ship household goods, if authorized, clean and ship POV (private vehicle), find temporary quarters on the arriving base, make sure travel authorization is squared away, ensure dislocation allowances are authorized, sign in at the arriving base, begin “in-processing” while getting the family adjusted, receive POV if it arrived to the new destination, locate household goods and start finding a house for the family to stay, sign in immediately to the local military obstetrics clinic, all while preparing to deploy to the Middle East.  Too much and unlikely? On the contrary.  It’s as common as it comes in the military.  I know because this because this scenario is my story and the story of families like mine.

It’s no wonder many military families feel more inclined to move into on-post housing.  For the service member, it’s a quick solution in order to quickly return back to the business of warrior duty.  A placeholder to keep the family safe until the service member return home to assist in taking care of family business.  For an assignment to Hawaii where there is an adjustment in pay for cost of living and where Basic Allowance for Housing (BAH)  and Veterans Administration (VA) loan limits are higher than majority of the nation, most folks have difficulty paying a landlord than their own mortgage. That’s understandable.

Buying a home in Hawaii or anywhere in the nation during current economic conditions will take more time than 30 days.  In fact, 50 to 60 days to close is a more realistic time frame once an offer is accepted by a Seller.  That time frame also does not include the home selection process.  With that in mind, military Buyers must do some serious research prior to arriving when considering purchasing in Hawaii.  If I can give any advice to incoming personnel contemplating the idea of buying a home in Hawaii, do some research and find a professional and knowledgeable real estate agent who works in the market you are considering.  Develop rapport with that person.  Having a great relationship with a real estate advisor is key.  If your agent understands the military PCS process, even better.

Find a local lender.  Your local agent can help connect you with the right loan officer depending on the type of loan program you are considering. Since Hawaii is in the middle of the Pacific Ocean, the different time zones makes the purchase challenging at times.  Most importantly, local mortgage professionals understand our unique market better than our mainland counterparts.

Homeownership still does matter and there is no other feeling like it when you own your home, not to mention the long term advantages of owning a piece of America.  If you suspect that you will be receiving PCS orders to Hawaii, start researching right away and find a professional who will work for your best interests in mind.