StarBulletin.com

Kailua couple offers bounty of $100,000 for homebuyers


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POSTED: Thursday, December 11, 2008

Wanted: real estate buyer. Reward: $100,000.

In a grim real estate market where homebuilders and sellers across the nation are offering incentives from Harley-Davidson motorcycles to wide-screen TVs, a Hawaii couple is upping the ante by offering a $100,000 bounty to anyone who can locate a buyer or two.

David Bangert and Linda Harris of Kailua listed their two high-end Hawaii properties on the market about five months ago with real estate agents, but amid a declining market and lackluster response, they recently decided to include a $100,000 reward for each property in hopes of locating a buyer soon.

“;It's definitely worth it to speed up the process for us because we would like to have it over with,”; said the 62-year-old Harris, who wants to retire.

The couple's first property is a 2,500-square-foot, four-bedroom home on a 35,000-square-foot oceanfront lot in the Windward community of Hauula. It's listed for $1.7 million, down from the initial $2.3 million, and features a gourmet kitchen, stunning views of the Pacific Ocean from all angles and a stream that runs along side the property.

The second is a pristine, 38-acre undeveloped parcel near the ocean in the Keaau area of the Big Island for $1.2 million.

“;We've had some bites, (but) at this point in time in the real estate world, it's not whether people want it,”; Harris said, “;it's whether they can finance it.”;

She said the $100,000 reward would be paid out by escrow during closing if a property is sold for the list price. If it sells for lower than the asking price, the reward would be 3 percent of the selling price. For example, if the home sells for $1.6 million, the reward would end up being $48,000.

“;I'm absolutely positive that there are people that would love to be able to generate that kind of money in this kind of way,”; Harris said.

The couple is willing to put up the cash, despite having licensed professionals already trying to sell their properties. They are still willing, and required, to pay commissions to the agents.

“;With a bounty, I can put it out to the world and have an army of bounty hunters looking for a buyer,”; Harris said.

The prized referral fee was first reported as a blurb in a neighborhood column in MidWeek.

Harris believes the offer is legal under Hawaii law, so long as the bounty is collected by someone who is not a real estate agent.

The state Department of Commerce and Consumer Affairs said it was the first time it had heard of such an offer and urged all parties to check with an attorney to make sure it doesn't violate laws.

Bounty hunters must register with the couple before submitting their potential buyers.

 

Those interested in registering for the reward can contact Linda Harris at .(JavaScript must be enabled to view this email address).