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Due to the strong
interest in the many of the new home communities, some developments will
be offered by a lottery drawing. In order to participate in the lottery,
you will need to complete a lottery application (see your Kapolei Realty
Agent for the form), and a pre-qualification letter from a lender. Both of
these items need to be returned to the individual site offices by a
specified date for the given lottery (contact your Kapolei Realty Agent
for deadlines NOW).
There will be a
predetermined date for the lottery drawing. You do not need to be present
to have your name selected.
In order to
qualify for the lottery, you must be pre-qualified by a lender for a
mortgage loan (some developers will offer a buyer an incentive to use a
preferred lender, contact your Kapolei Realty Agent for the preferred
lender for the development you are interested in).
In some
subdivisions you also have to be non-contingent. In other words, you will
not be able to have a house sale contingency (if you would like further
clarification on definitions click here or speak with your Kapolei Realty Agent).
Again, this is not true for all subdivisions, contact your Kapolei Realty
Agent for further details.
Names will NOT
be selected in the order that applications are returned. The names of all
applicants will be placed in the lottery at one time. Names will be drawn
and sequential lottery numbers assigned; your lottery number will
determine your place in the selection process. Lottery numbers may not be
reassigned to another party.
Once all the
names have been drawn and lottery numbers assigned, applicants will be
contacted in the sequence of their assigned lottery number. If your name
is selected, you will need to respond and sign a reservation form
specifying your home site and floor plan within a deadline specified by
the developer. Most developers require a deposit at the time of
contracting. Contact your Kapolei Realty Agent for specific requirements
for individual developments.
If you are
planning to be out of town during the lottery, please indicate a phone and
fax number at which you can be readily reached. If you are unreachable
most subdivisions will continue to the next potential Buyer, they will not
leave a message and wait for a response. The reservation and the contract
can be faxed to you for signature. If you wish to have someone to
represent you, that person must have a power of attorney to sign for you.
If you have any
questions or concerns or if you would like clarification on any aspect of
the lottery process please contact your Kapolei Realty Agent. If you would
like an application CALL NOW!
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