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Maui REO Closed – Stice Team Plays Hard Ball With Solid Representation

Congratulations to the Ancheta Ohana of Wailuku, Maui! The Stice Team is very happy, proud, and relieved that we just closed our most recent REO/bank owned/foreclosure of the year and got the Ancheta Ohana a fantastic new home.

The Ancheta Ohana are the proud new owners of 25 Ohia Leo Place (MLS# 347349) a fantastic newer home that was last sold in 2006 for $700,000, and the Stice Team assisted the Anchetas in getting the property with a purchase price of $460,000—What a Screaming Deal!

This was a total team effort between the Anchetas, The Stice Team, and Craig Hauisen of Prospect Mortgage, who helped the Anchetas with their loan process.

Here is exactly what the Ancheta’s had to say about the process:

I would like to thank Tracy and Jeremy Stice for all the work they did in getting us a wonderful home. We had been wanting to purchase a larger home for a few years now, and Tracy and Jeremy would intermittently show us homes they felt we would be interested in. Sometimes my husband was not interested, sometimes I was not, and the Stice Team patiently continued to show us various homes. What we loved about the Stice Team is that we were never pressured or made to feel that we were obligated to move forward on purchasing any of the many homes they showed us over the years. They both supported our decision not to purchase until the right home was located.

A few months ago, the Stice Team called us with the perfect home. It was a foreclosure, and it was a good deal. We were so excited! We put in our bid, but then found out that we were not selected, as someone else had made a stronger offer. We were disappointed, but we knew that something else would come along, some day. Not even a month later, Jeremy called to inform us of another home, similar in size to the one we didn’t get, but for a much lower price. There was another strong offer already on the house, but the Stice Team made themselves available to quickly show us the home, according to our schedule. Time was of the essence, and Jeremy was very flexible in coordinating his schedule with ours. He was very accommodating, which made it very easy for us to quickly put in our bid. There were multiple snags and roadblocks which Tracy easily worked through. Tracy is extremely knowledgeable and completely open. I loved working with the Stice Team.

One short month later, we are now the proud owners of a lovely home, one that our family of four unanimously approves of. In retrospect, everything happened for the best outcome, including not obtaining any of the homes we looked at previously. The Stice Team consists of two men, father and son, who have integrity and great knowledge. They are truly helpful and loving people. It was my honor and pleasure to have them as my real estate agents.

With Aloha,
Michelle Romero Ancheta

Here is a truncated version of how it all went down:

I immediately called Michelle Ancheta the very minute that I saw this home come on the market because I knew it was a perfect fit for their family (prudent timing is everything to the success of today’s buyers). We scheduled a showing and after seeing the property, Michelle and her husband Ron, informed me that they wanted to write an offer on this home.

I shared with the Anchetas that I thought it would take at least the full asking price to get the property under contract because I anticipated that we would have a competitive buying situation with other buyers submitting offers very quickly as well; this is indeed what happened. The asking price of the property was $448,050 and we submitted an offer that very same day for that amount.

In talking to the listing agent, I had a pretty good feeling that the Anchetas were going to get the home, but we were still waiting for the bank to respond. Two days later, the listing agent called and informed me that the bank had chosen to work with another buyer – I was shocked, as was the listing agent because she felt that we had the strongest offer on the table.

I immediately called Michelle and shared this with her, and basically asked her how much getting this house meant to her and her family. She discussed it with Ron and they called me back a bit later and said that they wanted to bump up their offer to $460,000. I put this in writing and submitted it to the listing agent about an hour later.

The next day, the listing agent called me and said that the bank was now asking for the highest and best offer from both buyers (common practice used by banks in competitive buying situations). I shared this with the Anchetas and they said that they wanted to stand firm at $460,000. The following day, I was informed that the bank wanted to work exclusively with the Anchetas at $460,000. I called them and they were delighted.

One of the most important processes in a real estate transaction that involves a loan contingency, like the Ancheta’s property, is the appraisal process. The appraisal basically validates or invalidates the market value of the property and how this coincides with the contract value between the buyer and seller. During the appraisal process, it came to our attention that the water was not turned on by the bank and thus we could not complete the appraisal.

This caused roughly a one week delay in our transaction and is noteworthy because many banks are very stringent about the 30 day closing time frames that they make buyers adhere to. Often times, banks will mandate that buyers pay a daily per diem amount for the amount of time that it takes to close the transaction beyond the original scheduled closing date; this amount is usually about $50-$100 per day. This can be especially difficult for buyers to perform in this quick 30 day closing time period when they need a loan to complete the buying process, and a delay like this does not help.

When it came down to closing the property, the bank was trying to make the Anchetas close on the original closing date and threatened the per diem if we did not, but through the efforts, determination, and negotiation strategy of both Tracy and the loan officer, we were able to close the property about one week later than originally scheduled, and the buyer had to pay no per diem fees and we even got the bank to cover the $100 fee re-inspection fee for the home inspector to re-inspect the house once the water was turned on. Talk about solid buyer representation and playing hard ball with the bank.

The Stice Team is so pleased and grateful we could be a part of this new transition and fantastic new home for the Anchetas. You all are an amazing family and we think this couldn’t have happened to more deserving people. Your love and kindness is the essence of Aloha.

Buyers:The Stice Team is here at your service. Contact us directly at Stice@HawaiiLife.com or 808.281.2178, we would be happy to set up a buyer representation meeting to educate you about the market, guide you through the entire buying process, and show you how the solid representation of The Stice Team’s unique combination of experience, expertise, and energy will help protect you, and produce the results that you want and deserve as a loyal buyer.

Please reach out directly to me at my below contact information, or feel free to create your own HawaiiLife.com account, where you can view all properties on the MLS and save your favorites. Just click here and you will see the tab at the very top right of the page that says Sign Up, which you can then click on and follow the steps—it is easy and rewarding.

Aloha,

Jeremy Stice, R(S)
Hawaii Life Real Estate Brokers
808.281.2178
Stice@HawaiiLife.com

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Gary M. Bland R (S)

May 17, 2011

Jeremy- Great job and I agree fully on this purchase price. The Hawaii Life Team gets the job done. Kudo’s

Gary M. Bland R (S)

May 17, 2011

Jeremy- Great job and I agree fully on this purchase price. The Hawaii Life Team gets the job done. Kudo’s

Anthony Sayles R(S)

May 19, 2011

Well Done Stice Team. Imua

Anthony Sayles R(S)

May 19, 2011

Well Done Stice Team. Imua

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[…] The article then details the strong prevalence of REO/bank owned/foreclosed properties in our market. Read about how the Stice Team assisted a local Maui family with their recent purchase of one of these types of properties in my previous blog, Maui REO Closed – Stice Team Plays Hard Ball With Solid Representation. […]

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June 22, 2011

[…] Full-time local residents, like the Ancheta Ohana, will be paying very low property taxes on their Wailuku home (pictured above) as it is their primary residence. Read about the Ancheta’s success story in this blog, Maui REO Closed – Stice Team Plays Hard Ball With Solid Representation. […]

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June 22, 2011

[…] Full-time local residents, like the Ancheta Ohana, will be paying very low property taxes on their Wailuku home (pictured above) as it is their primary residence. Read about the Ancheta’s success story in this blog, Maui REO Closed – Stice Team Plays Hard Ball With Solid Representation. […]

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