"How Can We
Help You?"
The Real Estate Client
The Right Way To Buy A House! (Part 1 of 3)James Patton, CRS
Remember Mr. and Mrs. Lesia and Mr. Fishborne's home on Hula Drive?
("More Than One Way To Buy A House," Parts 1 & 2, Sept. & Oct. 1998). Their transaction was setup to fail. From inspections and contract to diligence and market knowledge, almost nothing was sound.The hapless tale need not have happened.
Remember the house at Hula Circle? The Lesias could have bought it from Mr. and Mrs. Hapsail…but the family of Herb & Sally Gladfine got it. Vern & Lilly Hapsail wanted a smaller house and hoped Mr. Fishborne's overpriced house would help sell theirs. It did. Vern Hapsail wanted -- and had the ability -- to sell at "market price" to get a quick sale. He understood that dispensing with nostalgia and selling for less could still get him where he wanted to be -- (and not hung up on numbers) -- since to sell for less was also to buy for less. The spread was what mattered, and, thinking like a winner, the goal was what counted with Mr. & Mrs. Hapsail.The buyers, Mr. and Mrs. Gladfine and their two children lived in Colorado.
Mrs. Gladfine was expecting. They hoped their third child would be born in Honolulu in late summer. We sent brochures about Kapiolani Women's & Children's Hospital (KWCH) and other hospitals. We did what was important to Mr. and Mrs. Gladfine to help them make good buying decisions. We showed them how they could buy a home of their choice in Hawaii, what they were like, and what their alternatives were. On solid ground, they sold their mainland house, renting it back until their planned relocation date in June. Their down payment money was "freed up," and so were they -- to seize opportunities.The Gladfines flew to Oahu during their kids' spring break from school to buy.
I had provided the Gladfines with comprehensive introductions and tutorials about real estate in the islands by telephone conversation, e-mail, and fax. It helped immensely that they had been here before. Had they decided on one of the other islands, I would have screened agents and found a good one for them on the island of their choice (Maui, Kauai, or Big Island). As for most, Oahu was their best choice. Mr. and Mrs. Gladfine disembarked at the Honolulu Airport already conversant in the language and details of Oahu real estate. They knew what they were doing with respect to the local market -- and arrived on Oahu ready to absorb information and act as appropriate, not start cold.It turned out the Hapsail's home was perfect.
At Coco Isle Realty, the umbrella agency of Coco Isle Realty, we had spotted the Hapsail property the day it came on the market. The Gladfine's preparation enabled them to make an offer before other interested parties -- in other words, while their first choice property was still available and competition was at a minimum (one of my guarantees to them was they would not miss out for lack of preparation!).THE OFFER.
The Hapsail property was asking $288,000. The Gladfine offer addressed certain seller needs and preferences that, as buyers, they could easily accommodate (e.g. closing date). They would put 20% cash down (avoiding mortgage insurance) and get a new mortgage, already applied for. Their offer contained a "prequalification" letter but the Gladfines were working on the more important loan "pre-approval" certificate.* The Gladfines knew their offer of $270,000 was low, but they followed my advice that they should begin by making an offer "you would love to have accepted." We did not think the seller would take it (though we were quite willing to be wrong!). While right about this, we learned...(Part 2 continued next month)* Call me on how to get one.
James Patton, CRSToll Free (800) 997 - 8701
Call Today To Get The Process Started
©2003 Coco Isle Realty
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