Sunday, October 15, 2006

 

Guidelines


Those interested in making an offer or having discussions with me about an offer will find the following information helpful:

1. The place 2 doors down from me sold (still in escrow / realtor seems eager for back-ups) for $925,000.00.
2. The 12,000 s.f. rim lot 100 yards up the road (3950 Sierra) was listed for $1,125,000.00 when it went into escrow.
3. I know what the lovely place next door sold for 2 years ago when the owners finally agreed on a way to get their dream house sold. Brad & Elise Yates got it at a fire sale price, in my opinion.
4. I come from a long line of real estate developers, investors, and brokers. My mother was the world’s best in my opinion. She had hundreds at her funeral in 1995, many of whom were very satisfied clients.
5. I have an inactive Hawaii broker’s license.
6. You will need the services of a broker or lawyer, unless you are one. I am both.
7. I recommend hiring a broker to write up any offer. Lawyers are unnecessary at this stage. A title / escrow will close the transaction and its attorneys will prepare all needed conveyance documents, etc. 8. Your mortgage broker or mortgage company may be of substantial assistance to you.
9. I have property appraisals I will consider giving you access to only for purposes of obtaining loan approval after your offer is in escrow.
10. A non-refundable deposit outside escrow will be required in order to open an escrow. This will compensate me for dealing with you in the event we agree at a later date to cancel escrow on mutually satisfactory terms. A 10,000.00 earnest money deposit will be placed in escrow as well, at the time it is opened, pursuant to the usual conditions in the standard H.A.R. Deposit, Receipt, Offer & Acceptance form (DROA).
11. You will need to hire a reputable house inspector and pay for a written report.
12. Your offer will be on the property in "as is" condition. I will disclose all known deficiencies for purposes of aiding your agent in preparing an offer, but they are yours to resolve and deal with. They include the following:
a. dry wood termite infestation
b. roof leak in the area of the chimney
c. electrical wiring and plumbing deficiencies
d. wood rot in trim around the entry door and windows on the east & north sides of the house.

I will stop here, because the next number is unlucky. I look forward to hearing from you.


Saturday, October 14, 2006

 

D`Arcy at "Homes by the Sea"



I was pleased to receive an email message today (Friday the 13th) with a very specific question about the "owner financing" option. I've provided an answer here (see below) and promised another, more detailed post later, sometime this evening, I expect.
I hope you are having a good weekend so far -- I'm happy for the moisture. The yard at 3916 Sierra is going to be getting some major work during this next week, and will green up nicely.
Mike / Misha


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On 10/13/06, D'Arcy <darcy@homesbythesea.com> wrote:

Aloha Mike,
What are you requiring as a down payment if you carry the contract? How long will you finance and at what interest rate?
Thank you for your time.
Aloha,
D'Arcy

D'Arcy Kerrigan, Realtor
Ku'u Home Realty
808-371-5123 cell
http://www.homesbythesea.com/
real estate results you can depend on

My Reply:
Mahalo for the inquiry, and the information about you and your enterprise.
I'll forward you a DRAFT of a blog post that I expect to put up today after I get input from my builder brother on Kauai and my NYC real estate developer /consultant.

It's entitled "Those interested in submitting offers ..."

I'm going through a divorce, D'Arcy, and any offer will be submitted to a Judge unless my spouse agrees. I have no idea what her position will be regarding "carrying the contract." I'm open to offers.There are no "requirements". Creativity is something I'd expect from a knowledgeable purveyor of the aina, which I assume you to be. No offer will insult me; however, I'd appreciate it if folks would not waste my time.

One of the reasons I'm giving up on my dreams for this place is that I have a very large number of competing, high priority life goals which have to be squeezed into this last decade or so of productive time I expect to have left on our awesome, troubled planet. [Both my parents died years prior to their respective predicted life expectancies. My father's side of the family has a frightening history of Alzheimer's, so perhaps Dad's demise in the pink of health, at the top of his game at age 67 in a vehicular collision had a silver lining.] If you're interested in finding out more about my interests and projects, check out my "Teachlaw" blog at
http://teachlaw.blogspot.com

With sincere aloha,
Mike Salling
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-- Patriotism is not short, frenzied outbursts of emotion, but the tranquil and steady dedication of a lifetime. Adlai E. Stevenson

Sunday, October 08, 2006

 

Sunday, October 8, 2006

In response to the Honolulu Advertiser ad (which will run continuously this week) I've had several calls, one from the Big Island. The most frequent question is: "What are you asking?" Those in the neighborhood know about my black and white sign that I put up from time to time-- it says $1,000,000.00 or best offer. My brother was on O`ahu today and I spent an hour trying to talk him into partnering with me so I won't have to sell the place. He's too involved with his properties on Kaua`i right now, I'm afraid, and both of us are at the age where it's wise to make our lives less, rather than more complicated.

Realtors knowledgable about the area have told me any "tear down" on a reasonalbe lot is worth $850,000.00 to $900,000. My old house (affectionately known as Casa Sierra Rise) is certainly no tear down, unless the buyer has her or his heart set on covering the lot with something huge like the place nearing completion 100 yards further up Sierra Drive. The first thing I'd add to my place if I were staying there would be wrap around decks on the back side to take advantage of the killer views of the ocean and Diamond Head-- whoever built my old place back in the 1930s didn't care much about the gorgeous views of the sunset I watch from the back porch. I must have seen the fabled "green flash" a hundred times or so from there over the past 10 years.

This is an opportunity that won't be available for long, so I urge interested parties to act without delay.

With sincere aloha,
Mike Salling

Wednesday, October 04, 2006

 

For Sale By Owner

3916 Sierra Drive -- corner of Sierra & Wilhelmina (where they cross the second time.) Motivated seller will entertain any offer on this gorgeous 5,899 s.f. view lot with a 70+ year old, one-of-a-kind, 1,870 s.f. Spanish architecture 2 story house (a fixer-upper for sure -- 3 bedrooms & 2 bathrooms as is -- unsurpassed potential for upgrades & expansion.) Or, tear it down & start from scratch. Owner financing considered. Call (808) 388-7300 for further details, appointments to view, etc. Michael R. Salling P.O. Box 37646 Honolulu, HI 96837








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