import {fetch} from 'wix-fetch'; function parseRetsXml(xml) { const parser = new DOMParser(); const xmlDoc = parser.parseFromString(xml, "text/xml"); const retsNode = xmlDoc.getElementsByTagName("RETS")[0]; const replyCode = retsNode.getAttribute("ReplyCode"); const replyText = retsNode.getAttribute("ReplyText"); const loginUrl = retsNode.getAttribute("Login"); const searchUrl = retsNode.getAttribute("Search"); return { replyCode, replyText, loginUrl, searchUrl }; } async function searchMLS(xml, query) { const retsInfo = parseRetsXml(xml); const response = await fetch(retsInfo.searchUrl, { method: 'post', headers: { 'Content-Type': 'application/x-www-form-urlencoded', }, body: `search=${encodeURIComponent(query)}` }); const results = await response.json(); return results; } const xml = ' Broker = MemberName = 79190-RETSIDX James T Morrison MetadataVersion = 8.09.00001 MinMetadataVersion = 8.09.00001 User = 547029,NULL,NULL,NULL Login = http://rets.hawaiiinformation.com:6103/rets/login Logout = http://rets.hawaiiinformation.com:6103/rets/logout Search = http://rets.hawaiiinformation.com:6103/rets/search GetMetadata = http://rets.hawaiiinformation.com:6103/rets/getMetadata GetObject = http://rets.hawaiiinformation.com:6103/rets/getObject Balance = 0.01 TimeoutSeconds = 1800 '; const query = 'property type:Residential'; searchMLS(xml, query).then(results => { console.log(results); });
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  • Writer's pictureJames T. Morrison R(S)
    • May 12
    • 2 min read

Cash vs Mortgage in Hawaii Real Estate Escrows

A real estate escrow is a process in which a neutral third party holds and manages the funds and documents involved in a real estate transaction. In Hawaii, there are a few key differences between a cash purchase escrow and a mortgaged purchase escrow.

In a cash purchase escrow, the buyer is paying for the property in full with cash or a cashier's check. The escrow company will hold the funds until all conditions of the purchase agreement have been met, and then disburse the funds to the seller. This process can be relatively quick and straightforward, as there are no mortgage contingencies to be met and no lender involvement.

In a mortgaged purchase escrow, the buyer is obtaining a mortgage loan to finance the purchase of the property. The escrow company will hold the funds until all conditions of the purchase agreement have been met, and then disburse the funds to the seller. However, in this case, the lender will also need to approve the loan and the property before the transaction can be completed. This process can take longer and be more complex than a cash purchase, as the lender will need to order an appraisal of the property and review the buyer's creditworthiness.

One issue that can arise in a mortgaged purchase escrow in Hawaii is the presence of unpermitted structures on the property. Banks and lenders may not value these structures and may not lend on a property that has them. This can create challenges for the buyer, who may need to either have the structures removed or obtain permits for them before the lender will approve the loan.

Another issue that can arise in a mortgaged purchase escrow in Hawaii is the presence of leasehold properties. Banks and lenders may not lend on leasehold properties, as the buyer does not own the land the property is built on and the leasehold can expire. This can create challenges for the buyer, who may need to either purchase the land or obtain a long-term lease before the lender will approve the loan.

In conclusion, a real estate escrow in Hawaii can be a complex process, especially when it involves a mortgaged purchase. Banks and lenders may not value unpermitted structures or lend on leasehold properties, which can create challenges for the buyer. It is important for buyers to be aware of these potential issues and work with a real estate agent and lender who have experience navigating these challenges.



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