"How Can We
Help You?"
The Real Estate Client
The Right Way To Buy A House!(Part 3 of 3)
James Patton, CRS
Mrs. Lee accepted immediately.
She did not even make a counter offer through her agent, since her goal was immediately attainable without one. She did not want to risk losing this particular strong buyer, Mr. & Mrs. Hapsail. The Pre-Approval of the Gladfines (the Hapsail's buyer; a name Mrs. Lee would probably never hear) is what made Mrs. Lee's "perfect" sale possible. (5) Mrs. Lee also accepted her other, full price offer as a "backup" -- a conservative precaution in the unlikely case Mr. Hapsail failed. (6) Through me, the Gladfines performed their "due diligence" inspections within the next ten days using professionals (termite, lead paint, land survey, home inspection, etc.). I faxed copies of all reports to them on the mainland. (7) I met the appraiser at the property and prompted her to turn the appraisal around in less than 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-based paint. (9) The survey showed that the neighbor's fence encroached at one point. Falling within the six-inch ("de minimis") legal limit, the Gladfines accepted the encroachment and moved forward.The Closing: (10)
Hapsail's house appraised for $285,000 -- more than enough to get the Gladfines an 80% loan on the property. (11) I arranged a final "walk through inspection" before signing for the just-returned Mr. Gladfine. (12) Mr. Hapsail forgot to repair the termite damage in the garage. I had an appropriate amount held from the seller's proceeds so the Gladfines could take care of the damage after closing. (13) We closed & "recorded" within the fifteen days.The Aftermath:
(14) In a "simultaneous" (same day) closing, Mr. Hapsail paid all cash for Mrs. Lee's house through escrow the moment he closed and sold his Hula Circle house to the Gladfines. (15) Ecstatic, Mr. Gladfine called his wife in Colorado. He stayed on by taking an extra week's vacation. He wanted modification work done while he was back home preparing for summer relocation, and made the necessary arrangements.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 -- born on time according to plan in Honolulu -- are thriving on Hula Circle. The For Sale By Owner, Mr. Fishborne, continues to try to sell on Hula Drive. The Lesias are planing to begin anew this summer -- this time, with an agent representing their interests.Analysis:
(A) The Gladfines were familiar with Hawaii real estate principles and what was for sale before an offer was made. (B) They had a winning philosophy and adhered to a clear plan. (C) They used professionals and sophisticated strategies, and they got an excellent price on their first choice home. (D) Their experienced agent kept them informed, negotiated effectively, handled emerging problems, ensured appropriate inspections, and alerted buyer and sellers to current laws and the need for adequate buyer and seller disclosures. (E) They sold their mainland home first. (F) The Gladfines' way of doing business enhanced their lives and those of others in the related transactions.Next Month, Part 1:
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