Although I grew up in small farming towns, we moved to Kauai from the city. I have many embarassingly funny stories about my cultural adjustment, especially getting used to what we call the “Coconut Wireless”…
Enjoy the song and lyrics – Coconut Wireless, by Kepa Kruse, a Kauai musician
When you live as a small community on a rock in the middle of the ocean about 50 miles wide, it’s natural that we know what’s going on with each other. There’s literally no place to hide :) The good part is people learn to live and let live. I’ve been to many gatherings where several “ex’s” and their new spouses were a welcome part of the extended ohana (family). The spirit of aloha truly at work.
So what does that have to do with real estate? Well, the coconut wireless is active about the history of houses, just like relationships.
This REO listing in Princeville is a prime example. It went into escrow this week at a reduced price of $650,000 after initially being listed for $807,900.
I previously had this property listed as a short sale, with 9 different offers ranging from $698,000 to $775,000.
In the midst of the market activity and offers, a local roofer found a problem that became a part of the Princeville coconut wireless real estate updates. In fact a buyer’s agent showed the house after having a “board meeting” about the roof while surfing that morning. Mind you, the roof report was never in writing.
Even though we documented the needed repairs, pushed the lender to accept the current offers vs. a lower REO price – they remained non-negotiable. There were other properties in Princeville owned by the same lender where similar roof problems also led to a much lower final sales price. However, the lender wouldn’t negotiate from the appraised value that didn’t factor in cost of repairs.
Just as with relationship news, the coconuts always get bigger with the telling. Houses, just like people, get a reputation that’s hard to get rid of. How do you effectively explain that to a lien holder based in New York??
Top 3 Tips to keep your home off the Kauai real estate coconut wireless;
- Before listing, invest in a thorough home inspection report. You’ll then know up-front what your buyers will find.
- If you can afford to fix anything identified, fix it.
- If not, use the report as disclosure. It’ll make for stronger negotiations and a better bottom-line result, with less risk.
If you haven’t already listened to the local song in this post, please turn up your speakers and give yourself a treat. For more local ‘kine music visit www.Mele.com.