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Foreclosures
Most people know by now what “REO or Foreclosures” are all about. Just in case you do not, here’s the lowdown in the first paragraph and following are some tips on buying foreclosures in Hawaii.
Foreclosure (or REO – Real Estate Owned) is a legal process in which a lender attempts to recover the balance of a loan from a borrower, who has stopped making payments to the lender, by forcing the sale of the asset used as the collateral for the loan.
REO: NOT NECESSARILY THE BEST DEAL
If you are looking for a foreclosure property you’ve probably heard that there are still some great deals out there, worthy of your life’s savings.
The truth is, foreclosures are not necessarily the best deal. Back in the downturn (starting in 2007), on average they were 40 – 60% less than traditional properties. Today, they sell very close to market / appraised value.
If you find an REO that is a “fabulous” deal, just remember, you get what you pay for – and this could be a red flag, so get busy on your due diligence. There is “NO” seller’s disclosure provided when purchasing a foreclosure.
Additionally, once you are ready to make the purchase the bank sends an addendum that negates almost every safety trigger for the Seller in our Hawaii State contract. Plus, the bank requires the buyer to pay per diem of at least $150 per day if the property does not close on time, only if, for some reason the buyer cannot perform. If closing late is the fault of the bank there is no per diem charge. The most likely time frame for closing is 30 days for all cash, and 45 days if you require a mortgage.
If your goal is to purchase a foreclosure, the truth is probably that you are, in fact, looking for a great deal. Great deals exist, but don’t limit your choices to foreclosures alone. In this market we have a shortage of properties available for sale, why would a bank sell their foreclosures for less than appraised or market value?
Short sales continue to be one of the best deals next to Auctions.
However, this is only if you have the patients to work through the wait it takes for the banks to make up their minds on the sales price and “IF” they feel the borrower is worthy of selling their property as a short sale. Sometimes we are lucky enough to find a short sale on the market that is already bank approved which drastically shortens the time to close one of these properties.
Latest Local Foreclosures
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- 2 Beds
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- Fee Simple Tenure
Listing courtesy of Coldwell Banker Island Prop-Ku.
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Listing courtesy of Clive Realty.
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- 3 Beds
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- 399923 MLS
- Fee Simple Tenure
Listing courtesy of Clive Realty.
Beautiful, fresh and classy! This renovated GROUND floor unit in the heart of Napili is move-in ready. The 2nd bathroom has been converted to a full bath with a walk-in s...
- 2 Beds
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- 399922 MLS
- Napilihau Villages I Bldg.
- Fee Simple Tenure
Listing courtesy of Keller Williams Realty Maui-L.
Kai Ani Village 2-bedroom 2 bath "Hoku" floor plan. This meticulous upstairs condo has its own entry way w/ covered lanai enjoying Haleakala views. The kitchen has a grea...
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- Fee Simple Tenure
Listing courtesy of Coldwell Banker Island Prop(S).
Your turnkey experience at iconic Kaanapali Beach awaits you! This lovely upgraded and updated studio unit at the Maui Eldorado offers a carefree lifestyle in beautiful ...
- 1 Baths
- 399920 MLS
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Listing courtesy of Fine Island Properties, LLC.
Step into the enchanting world of Maui's upcountry, where nature's beauty meets the comforts of home. Nestled in the serene town of Kula, renowned for its lush agricultur...
- 4 Beds
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- 399919 MLS
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Listing courtesy of Keller Williams Realty Maui-Ka.
Makawao home with areas to add additional ohana. All parts of home have been permitted. Home is in need of some tlc but is move-in ready. Any new addition requiring pe...
- 3 Beds
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- 399918 MLS
- Fee Simple Tenure
Listing courtesy of Classic Maui Properties, Inc..
Upstairs, two-bedroom, two-bathroom condo at the desirable Kai Ani complex in the heart of Kihei is now available. New(ish) carpet and paint throughout. Cherry-wood cab...
- 2 Beds
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- 399917 MLS
- Kai Ani Village Bldg.
- Fee Simple Tenure
Listing courtesy of Hawaii Life (W).
This upstairs, corner unit in the most serene and tranquil part of this wonderful complex lives more like a home than a condo. Tile floors throughout, granite counter to...
- 3 Beds
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- 399915 MLS
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Listing courtesy of Hawaii Life (W).
There is perfection in every aspect of this custom built beauty! This fully fenced single level home includes 4 spacious bedrooms, 3 full bathrooms and an extended family...
- 4 Beds
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- 399914 MLS
- Fee Simple Tenure
Listing courtesy of Emerald Club Realty Inc.
Location is everything at Keonekai Villages, and this updated ground floor unit features one of the most desirable in the property. The fenced back yard area is uniquely ...
- 2 Beds
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- Keonekai Villages Bldg.
- Fee Simple Tenure
Listing courtesy of Keller Williams Realty Maui-Ki.
This 6 acre parcel, Agricultural zoned property is located in beautiful Upcountry Maui. Experience the picturesque backdrop of flourishing trees, rolling hills and ranch ...
- 399910 MLS
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Listing courtesy of Hawaii Life (W).
Experience the epitome of island living at The Masters! This fully furnished 2-bedroom, 2-bathroom condominium offers breathtaking ocean views of two picturesque islands,...
- 2 Beds
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- 399909 MLS
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Listing courtesy of Maui Resort Realty.
Welcome to your dream home to enjoy the Maui Lifestyle! This modern and tastefully remodeled townhouse, situated right across from Cove Beach Park, offers the perfect ble...
- 3 Beds
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- 399908 MLS
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Listing courtesy of Fine Island Properties, LLC.
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