Coconut Grove Property SOLD With a Challenging Appraiser!

By
Real Estate Agent with BERKSHIRE HATHAWAY HomeServices Hawai'i Realty RS-63620

Coconut Grove is located in Kailua on the island of Oahu. It is in the heart of Kailua just blocks away from the beach which is the attraction for this community. It is also one of the most affordable areas in Kailua. The general median price range for Kailua is in the mid $800,000's and Coconut Grove's current median price range is $698,600. The homes are older, built in the 50's and 60's, and the lots are small as well. There are also some lots CPR'd which means that there may be two or more houses on one lot.

This property was listed by Coldwell Banker Pacific Properties. It is a 4 bedroom, 2 bath property. 2034 square feet interior, 5502 exterior. Listed for $740,000. Sold for $730,000.

Because of the affordability factor of Coconut Grove, buyers tend to swarm over these properties. My buyers were new to Oahu and wanted to live in this area. They opted to stay in a hotel/bed and breakfast while they shopped for homes which proved to be not a good choice since the escrow took longer then they expected.  They were fortunate enough to land this property, in a multiple offer situation which is quite common right now.

However this was probably the most challenging deal I have had in my real estate career. Mostly due to the fact that the appraiser assigned to this property was the most difficult appraiser known on the island (which I have had before). Whenever you mention his name to anyone in the business, you see faces drop and hear a sigh of sadness. He is known as the kiss of death to any realtor or lender that deals with him. What puzzles me is why he hasn't been booted out of the business yet. Appraisers have a criteria to abide by, however they also have the power to create conditions to a loan that may not be necessary under the guides of looking out for the best interest of the buyer. It is a very subjective form of power that they have. They also choose what other properties they are using for comparables which can make or break a deal. Most appraisers have been just fine, but unfortunately there are a few that seem to abuse this power that they have.

To make a long story short, he used low comparables, which we were fortunate enough to adjust the price, he had a laundry list of conditions which most were bogus that we had to satisfy on the NOV (notice of value in a va loan), and to boot it took a month to receive his report which also set us back in time (which they are suppose to take 14 bus days max).

A very challenging situation, but with the help of our broker, and the motivation of both the buyer and seller, we got through this deal in one piece! Dealing with this appraiser truly soured the taste in everyones mouth that was involved with this deal. A very unfortunate situation but in the end because of all parties involved determination, we got to the finish line.

Word to the wise........You need a good realtor and lender on your side to purchase or sell your property. Don't under estimate this!! It sometimes can be very complicated, and challenging.

Posted by

Aloha,

Lila Marino-Camacho (RA)

"International Sterling Society and Top Salesperson-Units, Windward Office 2012, Top 10% Oahu Realtors 2012"

Coldwell Banker Pacific Properties

Cellular: (808) 341-6034

Email: Lilamc315@hawaii.rr.com

Website: www.KailuaRealEstateOahu.com

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Lila Marino-Camacho

RA - Windward Oahu (Kailua-Kaneohe) & Relocation S
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