Kahuna Investments

After receiving a call from the [redacted] I contacted Judy and

asked for advise.  There are no sufficient comps to market this home and

very little activity.  I had no idea what a fair price would be with

limited research data.  The [redacted] had mentioned they simply wanted out

from...

under the mortgage and the house off their hands.  Judy recommended

we offer them $1,000 over payoff.  In order to know that figure I asked

them to please get their payoff.On Nov 13, 2015 I went to view [redacted]. 

The time frame scheduled made it very difficult to view the property as the sun

was going down and there was no power inside.  I told the [redacted] that we

wanted their home and would offer them $1,000 over payoff.  She said so

this is a done deal, and I said yes.I told them both that I would need to come back out to take

photos during the daylight and put a keybox on the house.  I told them the

way we work is either (A. buy the house and keep the house, B. buy the house and

flip the house, or C. Assign/sell the house to one of our investors).  I

explained that we needed a keybox on this house so that the investors could see

the property if they needed.  I went back to the house, took photos and installed a

keybox.  When I returned to the office, I told Judy I didn't have a good

feeling about this and may not be able to move.  Judy recommended I start

marketing ASAP.  So I ran ads on [redacted] and [redacted] to see what kind

of activity I would get.  I got nothing.The holiday hit and I was pushed back with my work, so I put

theirs on the back burner for a few days while continuing to market and try to

get something.  On December 7, 2015 I spoke with Corey P[redacted] owner of Kahuna Investments and explained I didn't think we'd be able to help

these people due to no market in their area.  We agreed not to

pursue.  I called the [redacted] and explained to them we would not be able to

do anything with their home as there was not enough activity to warrant proceeding

with a purchase and the probability that we or another investor would not be

able to sell in a timely fashion. In this case, we never officially had a written contract signed by all parties.  We made an effort to test area and make it worth while.  In any written contract we have, we usually have a generous inspection period to back out of a deal if we feel it's not right.  This would probably fall into that category.  We acted in good faith, yet the outcome is not what the seller wished to happen. Our communication could be better and our company will take steps to improve that aspect.

Unfortunately, my company cannot compensate in this case.  We never had a valid written contract with the seller.  I do agree with them that the lack of communication was just that lacking.  I have discussed this with entire staff and communicated that we will be more responsive.  Yet, even If we did have a valid contract, most contract allow an inspection period or a due diligence period.  In those contracts you can still back out of a deal even if everyone agreed and signed.  This case is no different from that situation.  We, in good faith tried to market and make sure we could do this deal and found we could not.  Kahuna Investments wishes the seller good luck in selling his home and can recommend a couple great Realtor's in area to help them.  We try to buy all the houses we can that makes since to us.  Unfortunately, we never had a written contract, and we failed with lack of communication.

it is true that we did not have a written contract, nor were we aware of this agent' investigating practice. As I stated in my letter she told us at least 3 times that they WERE BUYING our house. She made us an offer, we accepted & it is wrote in a text to me of the intentions to get a contract signed, it is also stated on the card that we got in the mail that a fast cash offer for a fair price within 2 days & we can be closed within 7 days. She made the offer the day she looked at the house, confirmed it when I called a day or two later, confirmed it again in this text & then again to my husband when she put the lock box on the door so that is actually 4 times she Confirmed that they were buying our house! She said Nothing else to us about an investigation into the marketing etc. All we are asking for is the $1000 as Compensation for a possible loss of rental income &/or listing our house with a Trustworthy Real Estate Agency during that time we were being stung along by an agent that lied to us multiple times.

Review: We received a card in the mail advertising Kahuna Investments stating "We will make you a fast cash offer for a fair price within 2 days & we can be closed within 7 days" We called & arranged a meeting with their Agent from Tulsa, OK. She came & looked at the house & made us an offer while we were there at the house to which we agreed & shook hands. On Sat. Nov.14th, she text & ask for a payoff from our bank, they need it as part of the contact, I told her they required a written request & I sent off for it that day. Then she sent another text stating "I've let my office know what we agreed to, and as soon as we have the amount we can draw up the contract. We cover all the closing costs, so you will get the $1000 over the payoff." We had actually talked to another Relator before contacting Kahuna But had Not listed with her yet & she had asked us to let her know by Wed. the following week, So on Monday, I called the Agent from Kahuna & ask her point blank "So can we consider the house Sold?" She replied "Yes, Consider it Sold"! I called the other Relator & cancelled our listing. We got the payoff amount & I e-mailed it to the Kahuna Agent on 11/25/15 & ask her when we could expect to go to closing. She said probably the following week after the Holiday. It became late in the week & we hadn't heard from her so I text on Thur. & she replied that she had been busy & would get back to me later that day. Never heard from her so on Monday morning I called, No Answer till 4pm she called & said that they were NOT going to buy our property due to marketing in that area. She had Repeatedly Lied to us saying that our house was Sold to them & we Lost Possible Income from Renting it out &/or listing it with a Trustworthy Relator!! VERY DISHONEST!! All she had to do was tell us that she would get everything to her bosses & let us know what they decided, INSTEAD She Lied!! We would like to get At Least the $1000 they Agreed to in the Sale for Loss of rent or a legit listing.Desired Settlement: We would like to request that they at Least pay us the $1000 the Agent promised in our "Agreement" for Loss of Possible Rental Income &/or Listing our house & property with a Trustworthy Real Estate Agent. The Agent from Kahuna Investments also put a lockbox on the front door of our house & when my Husband met her over there to do that, He ask her again if that meant they were buying the house for sure & she said Yes, We are Buying it!

Business

Response:

After receiving a call from the [redacted] I contacted Judy and

asked for advise. There are no sufficient comps to market this home and

very little activity. I had no idea what a fair price would be with

limited research data. The [redacted] had mentioned they simply wanted out

from under the mortgage and the house off their hands. Judy recommended

we offer them $1,000 over payoff. In order to know that figure I asked

them to please get their payoff.On Nov 13, 2015 I went to view [redacted].

The time frame scheduled made it very difficult to view the property as the sun

was going down and there was no power inside. I told the [redacted] that we

wanted their home and would offer them $1,000 over payoff. She said so

this is a done deal, and I said yes.I told them both that I would need to come back out to take

photos during the daylight and put a keybox on the house. I told them the

way we work is either (A. buy the house and keep the house, B. buy the house and

flip the house, or C. Assign/sell the house to one of our investors). I

explained that we needed a keybox on this house so that the investors could see

the property if they needed. I went back to the house, took photos and installed a

keybox. When I returned to the office, I told Judy I didn't have a good

feeling about this and may not be able to move. Judy recommended I start

marketing ASAP. So I ran ads on [redacted] and [redacted] to see what kind

of activity I would get. I got nothing.The holiday hit and I was pushed back with my work, so I put

theirs on the back burner for a few days while continuing to market and try to

get something. On December 7, 2015 I spoke with Corey P[redacted] owner of Kahuna Investments and explained I didn't think we'd be able to help

these people due to no market in their area. We agreed not to

pursue. I called the [redacted] and explained to them we would not be able to

do anything with their home as there was not enough activity to warrant proceeding

with a purchase and the probability that we or another investor would not be

able to sell in a timely fashion. In this case, we never officially had a written contract signed by all parties. We made an effort to test area and make it worth while. In any written contract we have, we usually have a generous inspection period to back out of a deal if we feel it's not right. This would probably fall into that category. We acted in good faith, yet the outcome is not what the seller wished to happen. Our communication could be better and our company will take steps to improve that aspect.

Consumer

Response:

it is true that we did not have a written contract, nor were we aware of this agent' investigating practice. As I stated in my letter she told us at least 3 times that they WERE BUYING our house. She made us an offer, we accepted & it is wrote in a text to me of the intentions to get a contract signed, it is also stated on the card that we got in the mail that a fast cash offer for a fair price within 2 days & we can be closed within 7 days. She made the offer the day she looked at the house, confirmed it when I called a day or two later, confirmed it again in this text & then again to my husband when she put the lock box on the door so that is actually 4 times she Confirmed that they were buying our house! She said Nothing else to us about an investigation into the marketing etc. All we are asking for is the $1000 as Compensation for a possible loss of rental income &/or listing our house with a Trustworthy Real Estate Agency during that time we were being stung along by an agent that lied to us multiple times.

Business

Response:

Unfortunately, my company cannot compensate in this case. We never had a valid written contract with the seller. I do agree with them that the lack of communication was just that lacking. I have discussed this with entire staff and communicated that we will be more responsive. Yet, even If we did have a valid contract, most contract allow an inspection period or a due diligence period. In those contracts you can still back out of a deal even if everyone agreed and signed. This case is no different from that situation. We, in good faith tried to market and make sure we could do this deal and found we could not. Kahuna Investments wishes the seller good luck in selling his home and can recommend a couple great Realtor's in area to help them. We try to buy all the houses we can that makes since to us. Unfortunately, we never had a written contract, and we failed with lack of communication.