I recently closed on my foreclosure listing in Kailua Kona, located in the prestigious Iolani subdivision.
Iolani is an established subdivision with fine homes where owners enjoy superb ocean views at a fantastic elevation averaging 750ft above sea level.
This transaction was an exciting ride and I thought my readers would enjoying sharing the experience!
Typically, properties listed in this location range in price from $800,000 <, however, due to the repair work that was needed and the design of the home that was somewhat unusual – we listed the property at $785,000.
We hit the market and it was off to the races. I had multiple offers presented within days of going “live” we went under contract, only to have that Buyer back out before physically visiting the home. Back on market – round two of multiple offers coming in, and finally, an executed contract. Back into escrow we went!
To make the process more exciting the Buyers needed to sell their own home, located in Kona to make the Iolani purchase happen. As this is a large contingency, typically Sellers do not want to extend this courtesy to a Buyer. The Buyers were certain of the fact that they could sell their home in the agreed upon time and provided the assurances my Seller was looking for.
After the typical escrow period, where the Buyer was in fact able to Sell their home – we closed!
The moral of this story is: You just never know in real estate. I couldn’t have been more surprised when my Seller agreed to accept the Buyer’s purchase subject-to contingency!
Thank you for reading – and remember, if there is anything I can do to help in your West Hawaii real estate – get in touch!