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Aloha Wonderful Punatics,
We are considering purchasing a home in Puna directly from an owner. Does anyone on the forum have experience with such a transaction? Also a recommendation of a trustworthy real estate attorney is very much appreciated.
Mahalo
Kate
Posts: 942
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Anything I say about buying directly from an owner and the dangers of that would probably be attacked by those that think that Realtors are evil, money-hungry jerks. So I'll stay quiet about that.
I will say that I think Al Konishi is about the best real estate attorney on this side of the island. Get a hold of him to help you make sure you're legally protected.
John Dirgo, RA, ABR, e-PRO
Island Trust Properties, LLC
808-987-9243 cell
http://www.hawaiirealproperty.com
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I'm sure with a good real estate attorney it could work out fine but oh the pitfalls. What about a title search,tax liens,contractor or any other liens,surveys or pins,home inspection,and all the other stuff that goes with purchasing a home.
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i have bought and sold directly several times, in fact 3 months ago i sold a commercial building this way. I use an attorney to write the contract and do a title search. the rest is up to you as always, pin staking, home inspection.... remember everything is negotiable and sometimes you can get a great interest rate when the owner carries the paper. you never know if you dont ask, sometimes for tax reasons they WANT to carry... can be a great deal if done right...
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I've only purchased a home directly from an owner once and it was in California. It was the easiest home purchase we ever experienced. We were experienced home buyers, though. We've had nightmare experiences with agents and good experiences with agents. Our FSBO purchase was helped by the fact that we were dealing with decent people who just wanted a straight-forward transaction, just as we did.
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Both times I've sold homes, I've done it "by owner." Once on the mainland and once here in Puna.
And both times, everyone ended up very very pleased at the enormous sums of money saved.
But yeah, probably wouldn't hurt for you to have someone on your side...kinda nursing you along, telling you what to do next and next and next and next....particularly if you are doing this long-distance.
Not sure that it has to be an attorney, though ...that sounds expensive. A plain ol' upstanding, locally-respected, highly-recommended realtor should do the trick. From what I understand, some folks actually specialize in being "buyer's-agents," yah?
Good luck to you, by the way.
(...and remember...a general rule of thumb...never ever give a seller what they want...start out by offering about 35% less than they're asking. What's the worst that could possibly happen? )
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quote:
Aloha Wonderful Punatics,
We are considering purchasing a home in Puna directly from an owner. Does anyone on the forum have experience with such a transaction? Also a recommendation of a trustworthy real estate attorney is very much appreciated.
Mahalo
Kate
I join Mr. Dirgo in regards to the opinion expressed but I have to ask you a question. Why would you want to purchase directly from the owner without representation that would not cost you anything?
Aloha,
John S. Rabi, ABR,CM,CRB,FHS,PB
http://www.JohnRabi.com
Typically Tropical Properties
75-5870 Walua Road, Suite 101
Kailua-Kona, HI 96740
(808)327-3185
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Aloha,
You all are so helpful. Thank you for your encouragement and warnings. It would be sweet if those who think a direct transaction is a bad idea share your specific concerns.
Mahalo
Kate
Posts: 55
Threads: 9
Joined: Mar 2006
quote:
I join Mr. Dirgo in regards to the opinion expressed but I have to ask you a question. Why would you want to purchase directly from the owner without representation that would not cost you anything?
Aloha,
John S. Rabi, ABR,CM,CRB,FHS,PB
http://www.JohnRabi.com
Typically Tropical Properties
75-5870 Walua Road, Suite 101
Kailua-Kona, HI 96740
(808)327-3185
"not cost you anything"???? Where do you think the money for the realtor comes from? It might be included in the price, but it's still coming from the buyer. And if the home is sold fsbo, the percentage won't be included.
I personally like have someone else do all the complicated paperwork, but it's hardly a bargain!
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I would add this: It is always better --and usually more expensive-- to work with a professional. That being said, there are some sellers who do not wish to pay a professional to assist in the sell of a property. There are thousands of such sellers. Their properties are for sale by owner. Some of these properties may suit your criteria. I found two properties that were both for sale by owner (one seller later engaged a professional) in Puna. Both properties were, of course, unique, and both were desireable to me in many ways. I considered both of these. With one of these properties, I was acquainted with the seller sufficiently and felt comfortable with him. I liked the place, the price was good, and I would have considered an agentless transaction had there not been so many other properties (no shortage of inventory in Puna) that caubght my fancy. I would never recommend going "agentless". I personally think the peace of mind is worth it --especially in a place as treacherous (and beautiful --don't treachery and beauty often go together?) as Hawaii.
So, go for the beauty, but beware the treachery!
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