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Coco Isle Realty And InstantAgent Presents More Than One Way To Buy A House!
By InstantAgent Part 1 Do you remember the buyers, Mr. and Mrs. Lesia, and Mr. Fishborne's home on Hula Drive? (see The Saga Of The InstantAgentless Buyers). Their transaction was setup to fail. From inspections
and contract to diligence and market knowledge, almost nothing was "structurally
sound." This hapless tale of frustration and lost time didn't have to happen. Only
the one-sidedness of the arrangement ultimately protected Mr. and Mrs. Lesia. The seller's
"win-lose" character also sabotaged the seller. You can bet Mr. and Mrs. Lesia
will not take the unaided path a second time, and we at Coco Isle Realty recommend you do not act in isolation in your real estate endeavors. Do you remember the house that came on the market at Hula Circle, across
the street from Mr. Fishborne? The Lesias could have bought it…but the
Gladfines got it!
The
seller at Hula Circle was Mr. and Mrs. Morris Hapsail. They wanted a
smaller house in the same neighborhood. They knew Mr. Fishborne's overpriced house would
help them sell theirs. After watching the Fishborne experience, Mr. Hapsail decided to
sell his property at "market price" as a way to get a quick sale and a
fair price. Sell for less than the hot market of days passed? Yes! The pendulum swings both ways--they would buy for less as well!
The buyers, Mr. and Mrs. Gladfine and their two children (Melly &
 good price, good neighborhood, and suitability for the
Gladfines. James
contacted the listing agent for information and to keep the Gladfines in the loop, in case
they agreed it was a fine property. James made an appointment for the Gladfines at that
and several other properties. On Sunday, Mr. and Mrs. Gladfine visited several open houses
on their own, including Mr. Fishborne's, and learned more about possible neighborhoods. In
the span of a week, James showed Mr. and Mrs. Gladfine twelve carefully selected homes
that fit most of their requirements. It turned out the Hapsail home
was perfect. The Gladfine's preparation enabled them to arrive at that happy conclusion
rather quickly, while the property was still available. The Gladfines decided to make an
offer before another offer got in ahead of them.
The Offer: (1) The Hapsail property was listed at $288,000. Mr. Hapsail
 was anxious to buy a
small, recently listed house on the other side of the neighborhood (Mrs. Lee's, Seller
#2). (2) James met with the Gladfines. They devised a
strategy and James "wrote up" an offer. He adapted the standard eight page
Honolulu Board Of Realtors sales contract ("DROA")
to suit the Gladfine's needs, and added certain additional, needed pages and addenda. (3) The offer took into consideration certain seller preferences
the buyers could easily accommodate, as date of closing. (4)
They would put 20% cash down and get a new mortgage, already applied for. (5) The offer did contain a "pre-qualification"
letter from a lender but the Gladfines were working on the more important loan "pre-approval" and certificate. Unfortunately, at the
time of the first offer, the loan still had not been underwritten. (6)
The Gladfines knew their offer of $270,000 was low. Based on their observations and an
analysis prepared by James, they did not think it would accepted. The
real purpose of the low offer, however, was to discover the seller's position. (7) James submitted the offer to Mr. Hapsail's agent, the listing
agent. They gave two days for a response.
More Prefer To Register First With
Coco Isle Realty?
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Mike,
with Polly on the way) lived in Colorado.
