Hawaii Real Estate | Hawaii Relocations | Hawaii Home Buying & Selling

‘Back in the Day’ it was the norm to have multiple offers AND have a couple of Back Up Offers as well. A Back Up Offer is a security blanket for the seller should the first contract fall out. The Back Up Offer will immediately be in place with a contingency that the original contract has a successful sign off of the cancellation.

In Hawaii, we ‘open’ ESCROW (which is an independent third neutral party that takes care of the interests of both buyers and sellers) with an accepted Purchase Contract and initial deposit of the buyer. They take care of the final settlement with the recording of the documents, paying off the existing liens, mortgages and any other expenses to have a successful closing.

The ESCROW Company will also take care of a cancelled transaction and send out cancellation letters to all parties and initiate the Back Up Offer Purchase Contract in escrow and send out the first documents for the Buyer and the Seller.  The transaction date starts at that time.

This practice ‘saves’ a lot of headache, time and heartache and held true just a few short weeks ago. A transaction for a listing of mine was in contract and a few days before we left on vacation (with my pushing and shoving for the Conditional Loan Commitment Letter) the loan officer says, “In all good faith, we cannot proceed with the buyer’s loan”. YIKES!  You mean the buyer wasn’t qualified after all? 

NO PROBLEMO!  We immediately initiated our accepted Back Up Offer two days before departure on our vacation.  The appraisal is in, survey complete, Termite and Pest Control is scheduled to inspect and give a report, full loan approval and tentative signing is occurring next week.

I’d say that the market is picking up in order to receive back up offers.

I’d say suggesting to the seller to continue showing for back up offers was a positive.

I’d say that a back up offers rock!

Over a  year ago I had a Hawaii Home Seller who had to take the property off the market after serious contemplation. Life decisions were more important than selling a property and I surely understood completely. You can read more about it here>>>  Reflections and Compassion in the Real Estate Industry.

Having compassion no matter what the situation is  a gift every Realtor® should carry. It allows one to get outside ‘self' and step into another's shoes. In this case it was serious life decisions. Retiring, moving to another state in the Continental United States and basically uprooting ....and then the buyer backed out close to closing.  Luckily the job was saved and he the payment for the movers one day short of paid.

Whether buying a home or selling a home it is one of the most stressful undertakings in one's life.

Fast forward to present. We are recording in a couple of days and the rewards are tenfold.  My seller has repeatedly told me how much appreciation is there for not only selling the property but making it as stress free as possible.  Retirement becomes a person when they need to finally take a break and enjoy life too and moving is not as stressful as one thinks when they have someone to help and guide them.

It was a dream for this person to own a Piece of Paradise.

Now a future filled with retirement dreams are unfolding.

It helps to have a Realtor® who understands and has compassion.

~~~~~~~~~~~~~~~~~~~~~~~~

 Celeste "Sally" Cheeseman is a Realtor-Associate with Century 21 Liberty Homes in Mililani, Hawaii. With a sharp understanding that a listening ear is the key to a client's needs  she serves all Hawaii Home Buyers and Sellers on the island of Oahu (Honolulu County) including all Hawaii Military Relocating to Hawaii, Hawaii Retirees, Hawaii Job Transfers and Hawaii Residents.