"How Can We
Help You?"
(Continued) Coco Isle Realty And InstantAgent Presents (Continued)
More Than One Way To Buy A House!
Home
By InstantAgent
Coco Isle Realty
Part 2
The Counter And New Offer: (1) (1) Mr. Hapsail felt the offer was too low and presented a counteroffer to the Gladfines three days later for
$285,000, with some minor changes. (2) The listing agent conveyed the message that the price was firm,
and that perhaps the Gladfines should consider Mr. Fishborne's house on Hula Drive. (3) The Gladfine's were considering accepting the counteroffer
(having seen Mr. Fishborne's overpriced home and everything available in the
neighborhood). (4) James urged the Gladfines to wait one more
day since the lender was about to finalize their "pre-approval" (which would be
a certificate good for cash subject only to an appraisal and title report). They could
then submit a tantalizing new offer, a little higher, offering virtually "all
cash." (5) They did this
two days later. They offered $278,000 backed by a lender certificate that the 80% loan
stated in the offer was already fully approved, provided the property appraised and
the title report was clear -- two items ultimately the seller's responsibility...the
transaction would not fail to proceed for financing reasons due to the buyer. That is
worth a discount.
Then, A Point Of Information Set Off A
Chain Of Events: (1) Mrs. 
Lee, Seller # 2 and the
elderly widow selling the little house Mr. and Mrs. Hapsail wanted to buy, suddenly needed
immediate cash to buy into a new retirement community. Mrs. Lee was said to be considering
a "full price" offer from a buyer who wanted both seller financing and time to
sell another property. However, what Mrs. Lee really needed was a quick closing and cash,
not income and delay. (2) The Hapsail's listing agent showed
her clients that by accepting the Gladfine's second offer, the Hapsails could solve Mrs.
Lee's problem and obtain her property, possibly at a major discount--and make three groups
happy in the process! Mr. Hapsail now saw that through
"pre-approval," the Gladfines actually had "all cash." If they could
close and give him the needed cash right away, he would take their offer-- even though it
was $7,000 below his bottom line! There would be one change: to get the price, the
Gladfines would have to close within 15 days, not the 45 days offered. In James' opinion,
the date could be met. The Gladfines accepted the time frame and the property went into
escrow. They flew back home at the end of spring break, with Mr. Gladfine to return
in two weeks for the final "walk through" inspection and signing (with his
wife's power of attorney). The appraisal was done in the Gladfines absence, but James met
the appraiser and walked through the inspection with him. (3)
Confident their property would appraise, the Hapsails had
immediately made an offer on Mrs. Lee's "darling" little house--offering all
cash, a fast closing, and acceptance of the property in "as-is" condition -- but
at a 
"low"
price that nevertheless worked for Mrs. Lee's needs. However, the offer to Mrs.
Lee was contingent on the Gladfine's closing successfully on Hapsail's property within
three weeks. (4) Mrs. Lee accepted immediately with no
counter offer. (5) Mrs. Lee also accepted her other, full
price offer as a "backup" in case Mr. Hapsail failed. (6) The
Gladfines performed their "due diligence" inspections before going back to the
mainland, within the first ten days, using professionals (thorough visual inspection,
termite inspection, lead paint testing, home inspection, etc. -- the land survey was done
after the appraisal, and the results faxed to Mr. & Mrs. Gladfine), and copies of all
reports were faxed to them on the mainland. (7) The lender
was prompted to turn the appraisal around in 10 days. (8) Gladfine's
inspections revealed termite damage in the garage, which Mr. Hapsail agreed to fix. There
were no live termites and no lead paint. (9) The survey
showed that Hapsail's neighbor's fence encroached four inches at one point, but falling
within the accepted six-inch legal limit, the Gladfines accepted the minor encroachment
and moved forward.
The
Closing: The appraisal on
Hapsail's house came in at $285,000, more than enough for the
lender to loan 80% on the property. There was a final walk through inspection just before
signing. The termite damage in the garage had not been repaired, and James arranged for an
appropriate amount to be held from the seller's proceeds so the Gladfine's could take care
of it in their own way after closing. The property closed and "recorded" within
the fifteen days.
The
Aftermath: In a "simultaneous" closing, Mr. Hapsail paid all cash for
Mrs. Lee's house
the same day he closed and sold his Hula Circle house to the Gladfines. There were two
ecstatic buyers and two ecstatic sellers on that closing day. Mr. Gladfine called his wife
in Colorado, congratulated her, took an extra week's vacation and stayed on in Hawaii. He
then arranged for work to be done on their new house after his return to the mainland to
plan their relocation to their new Oahu home in the Summer. Today,
all principals are happily ensconced in their new homes: Mrs. Lee in the
retirement community and Mr. & Mrs. Hapsail in the cute little neighborhood home. Mr.
and Mrs. Gladfine, Melly, Mike and two year old Polly are thriving on Hula Circle. Mr.
Fishborne, the For Sale By Owner, continues to try to sell on Hula Drive. The
Lesias, whom
James now represents, plan to renew their home search this summer, this time the right
way.
Analysis
(1)
The Gladfines had their own agent legally required to represent their interests. They were familiar with Hawaii real estate principles and customs, what a typical sale involves, and what was for sale and sold before they made an offer.(2) They had a winning philosophy and a clear plan they adhered to. They were informed before they arrived in Hawaii, and they shopped after they arrived.
(3) They used sophisticated strategies and got an excellent price on their first choice home. Their preparation enabled them to act quickly and defeat other offers.
(4) They had an experienced agent who was also a broker and a Certified Residential Specialist. This agent made sure the financing was feasible and anticipated and avoided pitfalls.
(5) Their agent kept them informed, negotiated effectively, handled problems which emerged, and made sure there were appropriate inspections, and that laws were followed and adequate seller disclosures were made.
(6) The Gladfines' approach enhanced their own lives, and those of others involved in the related transactions. The Gladfines used common sense, listened to expert advice, and looked to their homelife and community relationships beyond the transaction as they made important choices during the transaction.
Thanks
Folks!
Two Ways To Register With
Coco Isle Realty: 1,
2
Go To Part 1:
More Than One Way...
|
James Patton Toll Free (800) 997-8701 Ilikai
Marina Bldg, #1389, |
||
|
||
|
 |
Site
Designed & Maintained By
Glass Spider Designs, Inc.