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96827 : Real Estate Advice

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Activity 179
Tue Dec 1, 2009
David M Nash answered:
Prices have not gone down much and we are seeing them hold steady in the most desirable areas. Because there is soooo little extra inventory, the prices have stayed put or in some neighborhoods are actually starting to go back up. (Palolo in particular)
If you are in the over $1.5M market please give me a call because there are some incredible bargains on homes people have to sell right now! The key is not in finding the right neighborhood, but in finding the home that someone really wants to sell NOW.

I have a short sale in Kahala on my You tube site, contact me and I can send you the direct link.
Aloha,
David Nash
TheOahuAgent.com
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0 votes 8 answers Share Flag
Mon Dec 7, 2009
Team Real EstateSINY answered:
I'm not sure how business is being conducted in Honolulu but, did the agent tell you why? are you purchasing a foreclosure? is the homeowner away? You want to negotiate your purchase as soon as possible. Waiting may result in additional offers.

On Your Team.
Irena Popilevsky
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0 votes 3 answers Share Flag
Thu Dec 10, 2009
Debra (Debbie) Rose answered:
Jack - I am confused as to what it is you are disputing.
Was the information he provided incorrect? Were you damaged in some way?

Any known information regarding a property must , or at least, should, be disclosed.
If your agent is now working as your listing agent, and he has valid information about the home , he has a duty to disclose it.......why did you not want the disclosure to be made?

What is it you want to arbitrate ? If the agent used incorrect information, that's one thing.
I don't see how any actions you take against your agent will delay the closing - if you are involved in withholding information, however, that might be something your buyer will want to look into.

Obviously, there is missing information here, so it's difficult to comment any further.

Best wishes..........
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0 votes 10 answers Share Flag
Wed Nov 26, 2014
Hillary Sibley, RB answered:
Aloha,

I'm unsure which websites you are currently using to look for a home, however if you are already working with an agent in Hawaii they have the ability to set you up on an automated real estate search (through Oahu's Multiple Listing Service website). Your agent can then narrow your search by school names. You would just have to provide the names of the schools located in the districts you prefer.
The website is a user-friendly system that has worked for many of my clients, whether here on the Island or somewhere else. If you are not currently working with an agent I'd be happy to help with your real estate needs.
Hope this helped!

Mahalo,
Hillary Sibley, (R), ABR, CRS, GRI
Century 21 All Islands (Hawaii Kai)
808-348-1086
hillarysibley@hotmail.com
www.hillaryshomes.com
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0 votes 5 answers Share Flag
Mon Dec 7, 2009
Bill Eckler answered:
Diane,

Once you "close" a sale the property becomes yours. There may be other legal implications that would be best presented by an attorney.

Good luck
0 votes 4 answers Share Flag
Tue Jul 21, 2009
Dallas Texas answered:
WOW most lenders won't approve a loan if over appraised value EVEN IF the buyer makes up the difference.

Mortgage broker who is working loan should assist in conference call between all parties resolve issues due to sales offer can contract dates.

Difficult state more not involved with process and etc. I would have concerns on behalf of all parties

National Featured Realtor and Consultant, Mortgage Loan Officer, Credit Repair Lecturer
Follow me on Twitter: http://twitter.com/Lynn911
Lynn911
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0 votes 2 answers Share Flag
Wed Jul 1, 2009
Monique Ting answered:
Aloha,
You might be right in thinking the home is overpriced, but until you actually see the property, it is hard to confirm or deny that.
The property is in a very desirable location & seems to have undergone extensive renovation using high end materials. In this kind of market however, the owners might have a hard time getting anyone seriously interested in putting in an offer at or near what they are asking, because of the limited number of buyers looking in that price range. This property is for the high end buyers .
As we all know, market value is not really the dollar amount that a property is truly worth ( such as construction or replacement cost) , but more what a ready & able buyer is willing to pay!
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0 votes 3 answers Share Flag
Wed Jun 3, 2009
Vicky Faulk answered:
Your question is not completely clear. Signature on what? The purchase agreement? The escrow papers?

Is there just one buyer or multiple buyers?

By "go to escrow", do you mean open the escrow to start the process, or close the escrow taking title to the property?

What is the situation?
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0 votes 4 answers Share Flag
Mon Feb 25, 2013
Frank Diaz answered:
There are two reasons why you see this a lot here
1. It is illegal to advertise a certain number of square feet if they do not actually exist.
2. We have a lot ot "Ohana" living situations, where lanais are enclosed, decks are built and rooms are added on.
These are not always done by getting permits, especially 20+ years ago. This a good reason for a home inspector to look over everything carefully. Even in homes where the square footage is the same, you may see bathrooms modified, walls constructed or removed and some suspect electrical connections.

When in doubt, verify everything including square footage. Ask lots of questions.

Aloha,
Frank
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0 votes 3 answers Share Flag
Wed Jul 1, 2009
Frank Diaz answered:
Hi Rosemary,

It appears that they have done at least $100,000 in improvements in this home.
There are a number of questions that should be asked regarding permits and construction. The best way to compare this home to others is by looking at homes of similar size, in the same general area, that were remodeled in the last 5 years.

Please call me at 808 723 0900 if you would like to check into this further.

Aloha,
Frank Diaz
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0 votes 1 answer Share Flag
Sun May 31, 2009
Rosemary Lee asked:
Tue Jun 2, 2009
Katie Minkus, R(B) answered:
Aloha, Rosemary. That would not necessarily be unusual, because most transactions in Hawaii go into escrow with a laundry list of contingencies that allow the Buyer to cancel the transaction at various points along their due diligence and discovery process. Thus the Seller's agent is still going to do their very best to get other buyers interested in the property and make backup offers until the point in time when the Buyer has cleared the vast majority of their contingencies and the transaction is truly proceeding toward closing. Plus, the property has been advertised for at least a week as being on the Open House tour, and I know Sunday Open House is a huge deal on Oahu, so they're not necessarily going to cancel the Open House at the last minute because a lot of preparation goes into an Open House, or any other showing. Make sense? Warm aloha, Katie Minkus,R(B) Broker-In-Charge, Hawaii Life Real Estate Services, LLC. ... more
0 votes 3 answers Share Flag
Mon May 14, 2012
Bill Eckler answered:
Costa Rica has some interesting laws for owning property, especially when it comes to foreign ownership. Our recommendation is to be sure you have a clear understanding of their laws related to property rights. ... more
0 votes 6 answers Share Flag
Mon Dec 28, 2009
Karel Kon answered:
I have few short sale listings . It can take up to 6 months to get an answer from the lender.
Also If your offer is too low it might get ignored as well.
.Aloha
0 votes 3 answers Share Flag
Mon Apr 6, 2009
Hillary Sibley, RB answered:
Aloha Drew,

Thank you for your question regarding 234 Ohua Ave. #118, Honolulu, HI and priced at $94,500. After reviewing the information in our Mulitple Listing Service, it looks like this condo does not have a washer/dryer in the unit itself, however it says there is community laundry. It shows that there is no parking associated with this property. I will call the listing agent in the morning to find out more information about additional/termporary parking.
The taxes for this property are approximately $17 a month. The lease rent per month is $321. If you would like more information about Leasehold (LH) properties, I'd be happy to send you an informational packet.
If you would like any additional information please feel free to send me an email or give me a call.

Mahalo,
Hillary Sibley, (R)
Century 21 All Islands
808-348-1086
hillarysibley@hotmail.com
www.hillaryshomes.com
... more
0 votes 2 answers Share Flag
Thu Apr 2, 2009
Walt Berhalter answered:
Hi Tony,

Here is a brief from the IRS:
Use Form 5405 to claim the first-time homebuyer credit.
The credit may give you a refund even if you do not owe
any tax.
For homes purchased in 2008, the credit operates
much like an interest-free loan. You generally must repay
it over a 15-year period. For homes purchased in 2009,
you must repay the credit only if the home ceases to be
your main home within the 36-month period beginning on
the purchase date. See Repayment of Credit on page 2.
...c You (and your spouse if married) did not own any other
main home during the 3-year period ending on the date of
purchase.
If you constructed your main home, you are treated as
having purchased it on the date you first occupied it.
If the daughter can not generate the income to support the purchase she may be a recepient by gift from a related person and not elegible -- get a good tax lawyer or CPA to provide the tax planning advice BEFORE the client messes things up.
(On the mainland I am admitted to the US Tax Court since 1980 or so). Don't let them try to fit their interpretation of the tax code into their situation. If the IRS disagrees the penalties and interest (not to mention atty fees) will be much more than the $8,000 at issue here.

Good luck,

Walt Berhalter, Chief Instructor for Century 21 All Islands, Broker, GRI, ABR, ABRM, RSPS, SRES, E-Pro, AHWD, JD, CLU, MBA, (RB)

waltb2b@cs.com
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0 votes 1 answer Share Flag
Mon Mar 23, 2009
Frank Diaz answered:
Hi Courtney,

On pre-foreclosures, they are typically owned by the bank. There is no reason or incentive for them to want to do a rent to own scenario. What would they have to gain? Ideally, they would like it vacant, so it can be shown by an agent at any time.

If the home is still owned by the homeowner, they have lost control of the situation, and you will not be dealing with them when it comes time to buy. Generally speaking, rent to own is not a good deal. You must be careful how you structure it if you decide to do something like this. If you decide to go ahead with it, be sure to have a real estate attorney review the contract. They are often written in favor of the seller.
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0 votes 1 answer Share Flag
Mon Dec 7, 2009
Frank Diaz answered:
Hi Janel,

You should think about this more. Would you want someone that doesn't have a license to represent you? I don't think it's a good idea. What if there are problems with the transaction? What recourse would you have. Let's say she forgot something important, or missed something on the contract. You would be in a bad position, especially with a coworker.

Also, she can not be paid from the broker that is listing the property. It is illegal to pay a commission to a nonlicensee. Think of other licensees for comparison, such as a psychologist, attorney or contractor. Stick with someone that is insured, active and licensed.

Frank
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0 votes 3 answers Share Flag
Wed Mar 4, 2009
Frank Diaz answered:
Hi Bill,

The AOAO first puts a lien on the property. That lien puts a cloud or hold on the title, so it must be paid before you get clear title. Also, the mortgage company is not going to let the home go for $1. They probably won't send it to auction at all. In most cases, in Hawaii, they will get an agent to market it, and sell it "As Is."
The mortgage lender has to release their interest in the property (the $300K in your example), and sell it for market value. That is defined by whatever someone will pay for it (and they will accept). It could be $200K or $300K. The mortgage company must pay the association dues (starting from when they took title), or they can't pass clear title.
The AOAO may also foreclose on the mortgage company (for not paying AOAO fees), after it has foreclosed on the homeowner. The AOAO may also seek a judgment on the original homeowner for any gap between what they owed when the bankruptcy or foreclosure occurerd and they fell behind on payments.

Call me if you have further questions. I am the treasurer at my AOAO and have foreclose on two units for non-payment.

Frank
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0 votes 0 Answers Share Flag
Mon Jun 29, 2015
Frank Diaz answered:
If you don't want to do a dual agency, then don't. You can encounter a lot of problems with dual agency if you're not careful.If you haven't signed anything with the first agent, then you are not obligated to use that person, but you should consider that carefully. You at least owe that person an explanation as to what you plan to do. If the 2nd Realtor has an interested client, you are still a long way to getting a completed transaction. The right thing to do is tell the 2nd agent that you were considering another agent, so the 2nd one is not involved in an ethical or legal conflict.

As to the 3% (to guide us through paperwork) - that is not a good description of the transaction. First of all agents sometimes work for years with a client to find them the right home. How much is 100 hours of your time worth? Secondly, it is not just paperwork. It takes years of experience to write the offer correctly, then take it through closing. As times have gotten harder, you need an agent more, not less. I don't agree that an attorney "can probably do a better job" than a good Realtor. They know contracts, but they don't work with buyers and sellers every day in the field. You may need to talk to an attorney about this situation though.

If the 2nd agent ends up in a dual agency situation, they can negotiate the commission with you. They should have done it when they brought a buyer. If not, you (and the agent) are in a gray zone.
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