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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

19 Kaalea Unit 12A, Wailuku image
19 Kaalea Unit 12A, Wailuku — Iliahi At Kehalani $529,000

Welcome to Wailuku and enjoy this pristine ready to live three bedroom + two and one half bathroom condominium at Iliahi at Kehalani. Fantastic condition, ready to move-i...

  • 3 Beds
  • 2.5 Baths
  • 384571 MLS
  • Iliahi At Kehalani Bldg.
  • Fee Simple Tenure
Courtesy of Coldwell Banker Island Prop(W)

Listing courtesy of Coldwell Banker Island Prop(W).

155 Auhana Unit A, Kihei image
155 Auhana Unit A, Kihei — 155 Auhana Street $435,000

Charming cottage within easy access to beach, shops, transportation and restaurants. CPR of 10 stand-alone cottages on exclusive use lots with wonderful neighbors. Beaut...

  • 1 Beds
  • 1 Baths
  • 384569 MLS
  • 155 Auhana Street Bldg.
  • Fee Simple Tenure
Courtesy of Pueo Realty LLC

Listing courtesy of Pueo Realty LLC.

111 Kahului Beach Unit B311, Kahului image
111 Kahului Beach Unit B311, Kahului — Harbor Lights $145,000

Quiet location on the shady side of the B-building and overlooking at the pool. Some remodeling has been done but need to be finalized. Tile floor with nice inlays in th...

  • 2 Beds
  • 2 Baths
  • 384568 MLS
  • Harbor Lights Bldg.
  • Fee Simple Tenure
Courtesy of Maui Lifestyle Realty LLC

Listing courtesy of Maui Lifestyle Realty LLC.

3823 Lower Honoapiilani Unit 217, Lahaina image
3823 Lower Honoapiilani Unit 217, Lahaina — Hale Ono Loa $695,000

Incredible Ocean Views from this two bed, two bath vacation rentable condominium situated Oceanfront on Maui's West Side. The unit's corner location boasts additional pri...

  • 2 Beds
  • 2 Baths
  • 384567 MLS
  • Hale Ono Loa Bldg.
  • Fee Simple Tenure
Courtesy of Coldwell Banker Island Prop(L)

Listing courtesy of Coldwell Banker Island Prop(L).

13 Halili Unit K 13, Kihei image
13 Halili Unit K 13, Kihei — Villas At Kenolio I $469,500

Welcome home to Villas at Kenolio, designer corner unit located in building K in a lovely garden setting in one of the best well maintained complexes. The unit boasts ext...

  • 2 Beds
  • 2 Baths
  • 384566 MLS
  • Villas At Kenolio I Bldg.
  • Fee Simple Tenure
Courtesy of Fine Island Properties, LLC

Listing courtesy of Fine Island Properties, LLC.

280 Hauoli Unit B5, Wailuku image
280 Hauoli Unit B5, Wailuku — Hono Kai $550,000

Rare opportunity to own a direct ocean facing unit in Hono Kai. Up-close ocean view from your new beautiful, spacious Ma'alaea condo! Open kitchen with wide bar/countert...

  • 1 Beds
  • 1 Baths
  • 384565 MLS
  • Hono Kai Bldg.
  • Fee Simple Tenure
Courtesy of Maui Luxury Real Estate LLC

Listing courtesy of Maui Luxury Real Estate LLC.

280 Hauoli Unit B6, Wailuku image
280 Hauoli Unit B6, Wailuku — Hono Kai $599,000

Rare opportunity to own a direct ocean facing unit in Hono Kai. Beautifully remodeled prime oceanfront unit in Ma'alaea! Updated in 2016, it features elegant tile floors ...

  • 1 Beds
  • 1 Baths
  • 384564 MLS
  • Hono Kai Bldg.
  • Fee Simple Tenure
Courtesy of Maui Luxury Real Estate LLC

Listing courtesy of Maui Luxury Real Estate LLC.

4909 Lower Honoapiilani Unit C2C, Lahaina image
4909 Lower Honoapiilani Unit C2C, Lahaina — Kahana Sunset $585,000

This is arguably West Maui’s best beachfront, ocean view value for a one bedroom vacation rentable property. This excellent vacation rental unit is simply gorgeous with d...

  • 1 Beds
  • 1 Baths
  • 384561 MLS
  • Kahana Sunset Bldg.
  • Fee Simple Tenure
Courtesy of Keller Williams Realty Maui-Ka

Listing courtesy of Keller Williams Realty Maui-Ka.

4909 Lower Honoapiilani Unit B5, Lahaina image
4909 Lower Honoapiilani Unit B5, Lahaina — Kahana Sunset $715,000

Thought you couldn’t afford a luxury beachfront condo on Maui. Think again. Kahana Sunset B5 has the multimillion dollar view and the luxury quality finishes you're dream...

  • 2 Beds
  • 2 Baths
  • 384560 MLS
  • Kahana Sunset Bldg.
  • Fee Simple Tenure
Courtesy of Keller Williams Realty Maui-Ka

Listing courtesy of Keller Williams Realty Maui-Ka.

1 Bay Unit 5201, Lahaina image
1 Bay Unit 5201, Lahaina — Montage Residences Kapalua Bay $4,900,000

Relax and enjoy the Tropical ambiance and unforgettable brilliant Turquoise seas of Kapalua Bay! Stunning views from lovely 3 bedroom, 3.5 bath Large Residence with a den...

  • 3 Beds
  • 3.5 Baths
  • 384557 MLS
  • Montage Residences Kapalua Bay Bldg.
  • Fee Simple Tenure
Courtesy of Coldwell Banker Island Prop(S)

Listing courtesy of Coldwell Banker Island Prop(S).

661 Hoe Kawele Unit Home #88, Lahaina image
661 Hoe Kawele Unit Home #88, Lahaina — Kahoma Village $895,000

Come Home to Kahoma Village, a new West Maui community right off Historic Front Street. Within the neighborhood you’ll find 3 different offerings to suit almost anyone; T...

  • 3 Beds
  • 2.5 Baths
  • 384556 MLS
  • Kahoma Village Bldg.
  • Fee Simple Tenure
Courtesy of Pacific Island Realty, LLC

Listing courtesy of Pacific Island Realty, LLC.

134 Waikoloa, Hana image
134 Waikoloa, Hana $1,199,000

Rural Hawaiian Atmosphere Adjoining a thoughtfully restored spring-fed loko (Hawaiian fishpond), with open vistas of Hana Bay, this 4 bedroom, 3 ½ bath home is just ste...

  • 4 Beds
  • 3.5 Baths
  • 384555 MLS
  • Fee Simple Tenure
Courtesy of Island Sotheby's Int'l Rlty(M)

Listing courtesy of Island Sotheby's Int'l Rlty(M).

111 KAHULUI BEACH Unit D324, Kahului image
111 KAHULUI BEACH Unit D324, Kahului — Harbor Lights $174,900

Experience this wonderfully renovated 2 bedroom/1.5 bath condominium with outstanding harbor views and fresh ocean breezes at an unbelievable for Maui price. Practical an...

  • 2 Beds
  • 1.5 Baths
  • 384553 MLS
  • Harbor Lights Bldg.
  • Fee Simple Tenure
Courtesy of Island Sotheby's Int'l Rlty(M)

Listing courtesy of Island Sotheby's Int'l Rlty(M).

60 Opalipali, Kula image
60 Opalipali, Kula $598,000

Kula Meadows is revered as one of the finest electronically gated residential subdivisions in Lower Kula. At approximately the 1100 ft. elevation the weather is typified ...

  • 384552 MLS
  • Fee Simple Tenure
Courtesy of Maui Real Estate Advisors LLC

Listing courtesy of Maui Real Estate Advisors LLC.

1450 S Kihei Unit B202, Kihei image
1450 S Kihei Unit B202, Kihei — Maui Gardens $400,000

Unit B202 is an upstairs unit with 2 bedrooms, 1.5 baths and over 750 SF of interior living space, plus an oversized lanai to enjoy beautiful Maui days. This unit was rec...

  • 2 Beds
  • 1.5 Baths
  • 384550 MLS
  • Maui Gardens Bldg.
  • Fee Simple Tenure
Courtesy of Keller Williams Realty Maui-Ki

Listing courtesy of Keller Williams Realty Maui-Ki.

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