During the beginning of the year the Hawaii Short Sale listings were abundant!  I had tried in vain to get buyers into a 'great deal' althought the time constraints did not work out. Contract after contract and denial after denial. People were fighting over short sales and only the patient ones survived.

By July a Hawaii Short Sale listing I have with another agent 'got into contract' and it was finally approved.

By August another listing 'was in contract' and recently the seller gave up.

One buyer put in a contract in late August and another in early September.....BOTH Short Sales are now  bank approved and one is recording next week.

Prior to this year I had not had the opportunity to do a short sale (either buyer or seller) and through all of this I have found that short sales are LOTS of research, hard work and patience.....and in the end it pays off when it goes through. 

Seems to me it's a BIG accomplishment to help someone from going through a  foreclosure....

 or to have a happy buyer who got a great deal.

It's like fishing.....it takes a lot of PATIENCE!

Lending guidelines are continuously changing and very strict when approving a buyer for a loan.  That IS a VERY good thing. We NEED to have a well qualified buyer putting in an offer lest it's wasting everyone's time and putting the seller and buyer's life on hold. 

When an offer comes in the Realtor® goes over all details of the contract, the addendums AND the prequalification/preapproval letter that's attached.  We speak to the loan officer and go through the credit worthiness of the buyer.

Pursuant to our Purchase Contract the buyer has XX amount of days after acceptance of the offer to go through the application process and submit a prequalification letter based upon the review of Buyer's credit report and items in the loan application.

Time and time again we will run into a situation where the loan officer is all for the buyer being well qualified only to have them evading an update during that first week after acceptance.  Why? Because they're scrambling to FIND a lender that will take their client's loan when all along they KNEW that it's borderline to begin with.

We think in the best interests of our clients and scrutinize all letters of credit worthiness and speak to the loan officer regarding their letter of prequalification or preapproval.  We then pass all the information to the seller and go over the offer...and they make a uniformed decision if they will accept that offer or not.

We think and do everything in our power for the best interests of our clients.

BUT..........Mr. Loan Officer........

There's a difference between the "buyer is well qualified" and it ‘may or may not fly'.

 Condominium Documents are a big business here. They're needed .... therefore, the cost is jacked up to 'accommodate' the buyer who is purchasing the home. If you have the bulk of the documents (By Laws, Articles of Incorporation, Declarations and so forth) and just need the RR105c (property information form), budget, minutes, reserves and insurance summary paying for them separately ends up costing more than the whole packet.

So we buy the whole packet. If we're lucky the document center for the association sends them by email and we can just pass them on to the buyer's agent. If not, the documents are printed out and trees are used to print out this stack of documents. If the buyer doesn't want the stack we have to scan and email all of this.

And if they could ALL be in pdf file then why the huge cost of $350 per when it can take a few minutes to zap it over?

We represent our clients best interests. THAT is my first and foremost priority when strategizing the sale of a home. In  Strategic Planning + Hard Work = Property IN CONTRACT my planning turned out to be a big positive and the townhouse was in contract by day ONE after the Open House. With 50+ guests to view the Mililani Townhouse for Sale there was no doubt in my mind that all efforts paid off.

But by the third day in contract the buyer's agent politely calls to inform us that they are backing out. No home inspection yet either. "The wife didn't really like it" was the reason....but hey......

.....I'd rather find out quickly rather weeks down the line.

At last Sunday's Open House the guest sign in sheets were filled out completely with guest, name of agent and so forth. I had also made notes on the side of the guests (i.e. very interested and said their agent would be contacting me) so I would remember who they were.

So when the contract fell out I hopped on the phone and within the hour had called five agents with the interested clients from the Open House. They were so excited and the following day received four contracts. We are now back in contract and have a back up offer besides.

Always have a backup plan.

Because as we all know it's never for sure....until it records.

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Celeste "Sally" Cheeseman is a Realtor-Associate with Century 21 Liberty Homes in Mililani, Hawaii. With a sharp understanding that a listening ear is the key to a client's needs, she serves the island of Oahu (Honolulu County) and all Hawaii Military Relocating to Hawaii, Hawaii Retirees, Hawaii Job Transfers and Hawaii Residents.

Website: www.hawaiihomesmarket.com

Supporting Hawaii Local Businesses!

I received this email a couple days ago and saved it so I could keep reading it. Before I continue ...this person is a Hawaii licensed real estate agent and a member of our board /mls. 

I have my own opinions about this scenario and keep wondering why a licensed agent and member of our board/mls would want others to look for property when they have access to the mls?

HMMMMMM.......

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PROFESSIONAL REAL ESTATE INVESTOR LOOKING FOR PROPERTIES Hi, my name is XXXXXXXX and I am an investor in the local area.  Due to the current economic conditions, I have decided to ramp up my existing operations.  I not only represent myself but I also have several investors in and out of the area that I help find, rehab, rent out, and manage properties.  Because of the money backing me, I have set the goal to buy 100 hundred properties within the next 12-18 months.  Some of these properties I will buy and hold myself, some of them I will sell to other investors and some I will buy, fix up and flip for myself.  Regardless of the strategy I use on each property, I need to be very aggressive on the price I pay for the property, especially in the current market.  I have not chosen a real estate agent to represent me yet.  The agent that I choose cannot be afraid to offend other agents with low offers.  The agent I choose also will have to be available at all times.  I use several strategies to buy and sell properties quickly, including making verbal offers when permitted.  I will also look at a lot of properties and buy only a few.  So an aggressive work schedule will be required.  The upside of the agent who get accepted will be lots of commission.  We will close on properties every month.  I will pull in the agent on for Sale By Owner deals.  At times I will write additional commission into the contract when we ramp up to full speed.  All that aside, I am a professional and I expect to work with a professional.  I want to make money and I want the agent to make money.  Here are the type of properties I am looking to buy:

Single family home 3bedroom/2bath +, at least 1,000sq.feet.

No vacant ground

Located in whole Oahu only in low crime neighborhoods.

If you have properties that fit this description or would like to represent me please call me at XXXXXX or send me e mail to  XXXXXXX

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Wassup Folks?

We all talk about how we go above and beyond the call of duty in our businesses and there are many different opinions of exactly what that means. In a market that has been undoubtedly slow we have to be unique in our approach in doing the best we can for a Hawaii Home Seller and GETTING THE PROPERTY SOLD!

After viewing a property the Saturday before  it was obvious there would be MUCH to do as the property was a rental for MANY years. The listing was signed with the contingency that it would not be shown until all repairs and cleaning were complete. 

I started brainstorming and came up with a few ideas I thought would work to get it on the market and hold an Open House the next Sunday:

• By the next morning- Sunday-  the painter started on not only painting but spraying new ceiling throughout the downstairs. (don't ask me how it got so many dings and scrapes...they may have been walking the ceilings?)
• The painter finished up putting back the ceiling fans etc by Monday. The handyman started to do a few odds and ends and installed the new range hood.
• On Tuesday we went in to do some cleaning to put a ‘woman's touch' on everything. Argh....that took 2.5 days and it was more than what I first thought. Also, the flooring guys came in to change the tile in both bathrooms and put new baseboards and the handyman came back to finish up some final work.
• On Wednesday the new dishwasher was delivered, I put up the listing on the MLS with specific instructions that the first showing was at the first Open House on Sunday.  Added just a bit of staging (plants, rugs, table etc.) so the floor plan was evident.
• Thursday and Friday screens were cleaned, additional caulking and open lanai painted (it had splotches of three different colors) and I added the listing to MULTIPLE sites and the final touch up cleaning through Saturday.

From Wednesday to Saturday many calls came in to view the property before Open House day but they were politely declined due to  ‘work being done' and told to please attend the First Open House/Showing on Sunday.

Sunday's Open House proved fruitful and it turned out to be a great strategy for a highly desirable complex........21 groups of people (about 50+ individuals) came through and only 1 person signed in the guest book that DID NOT HAVE AN AGENT.  By Monday morning (yesterday) we had an offer in hand.  By the afternoon we had other calls from agents saying their clients came to Open House and considering putting in an offer.

The property is now in contract and in escrow.

Moral?   Even though a lot of work in a short period of time (and at minimal price) went into getting the property ready.... it was well worth it to get the property sold!

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Celeste "Sally" Cheeseman is a Realtor-Associate with Century 21 Liberty Homes in Mililani, Hawaii. With a sharp understanding that a listening ear is the key to a client's needs, she serves the island of Oahu (Honolulu County) and all Hawaii Military Relocating to Hawaii, Hawaii Retirees, Hawaii Job Transfers and Hawaii Residents.

Website: www.hawaiihomesmarket.com

Supporting Hawaii Local Businesses!

The stone image of "Makapu'u " the supernatural woman and another one of Malei are no longer visible but it is said that Makapu'u (bulging eye) was in the form of a black rock. She was a female kapua (flower, blossom, child) who came to to Oahu (Honolulu County) with a famaous voyaging priest.  

Malei, another female kapua was a stone set up to attract Uhu (Parrotfish) to the area. They made offerings of Lipoa (a type of seaweed) and also said to be a rock relative of Pele (the fire goddess)

But the Makapu'u Lighthouse is still standing and located on the East side of Oahu high above on the cliffs overlooking Makapuu beach. The lighhouse was established and first lit in 1909 and the light is still operational (as depicted in the picture).

The current use for the Makapu'u lighhouse  is for "Active Aid to Navigation.

The owner is the U.S. Coastguard.

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Happy Halloween Everyone!  Unfortunately I was unable to dress up this year but will share the past two Halloween's on ActiveRain with all of you. The one on the left is from A Halloweenie Story and Greeting From Hawaii! from 2008 and the one on the right  is from Halloween At the Office With Wizards & Fairies last year. 

And the one below is Shadow with her boinging ears.....Have fun....and be safe!

After working diligently the last few month with short sale buyers I am pleased to announce that recently  two of my Hawaii Home Buyers finally got approved for short sale properties!  For most of 2009 it's been hard to get Hawaii Relocation clients into contract. For one, they are just relocating here to Hawaii and it's been a long trip and they just want to get into a home.

On the other hand, local area residents are already in a home and in these two cases they wanted to REALLY buy a home and had time to wait for a good deal and a home they can call their own.  Short Sales are no easy picnic for the seller or buyer. The process is lengthy and in many cases multiple offers are being submitted or homes are not appraising at the offering prices.

A few tips for Hawaii Home Buyers considering short sale properties:

• Make sure you have the time and patience to wait for a short sale to get approved by the bank. If you don't then there is no sense wasting your, the agents, the seller and the bank's time. The short sale MUST be approved by the lender and just that process could take anywhere from two to four months and then another two to three months for the transaction process.
• Before you have your Realtor® write up that contract make sure that they check current comps (preferably the last three months) and that the property is listed in a comfortable price range. If it's too high it is not going to appraise and too low and the bank may not accept it anyway.
• The Lender most likely will request that the property be sold "As Is" and because of the sellers hardship they most likely will not approve any repairs or credits for repairs. They may not even approve of paying for the association documents, pest inspections, surveys and so forth. You may have additional costs to deal with so be prepared.
• There may be more than one offer due to the lower list price of the property (and condition) so as always...put in your best offer. If you looking to just lowball an already lower priced home then your killer negotiations will most likely lose the home you really love.
• Have a Professional home inspection even though the lender may not approve any repairs, remedies. It is in your best interests to KNOW what may need repairs and what you may need to fix. If there is structural, hazardous, electrical and plumbing issues that would take a considerable amount of money to remedy a home inspection will reveal all.
• Make sure you have a knowledgeable Realtor® who can explain the Short Sale Process and all that is typically involved in this type of transaction.

My buyers were well informed and are on their way to be happy homeowners.

How about you?

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Celeste "Sally" Cheeseman is a Realtor-Associate with Century 21 Liberty Homes in Mililani, Hawaii. With a sharp understanding that a listening ear is the key to a client's needs, she serves the island of Oahu (Honolulu County) and all Hawaii Military Relocating to Hawaii, Hawaii Retirees, Hawaii Job Transfers and Hawaii Residents.

Website: www.hawaiihomesmarket.com

Supporting Hawaii Local Businesses!