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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

480 Pio Unit 101, Wailuku image
480 Pio Unit 101, Wailuku — Puuone Hale Alii $350,000

Rarely available corner unit (there are only three (3) - 2 bedroom apartments) in the Puuone Hale Alii apartment complex. Unit #101 has a total living area of approximate...

  • 2 Beds
  • 1 Baths
  • 391159 MLS
  • Puuone Hale Alii Bldg.
  • Fee Simple Tenure
Courtesy of SHK Realty, LLC

Listing courtesy of SHK Realty, LLC.

88 Hana, Paia image
88 Hana, Paia $5,556

AVAILABLE: Unit C-926 SF BASE RENT: $6.00/SF Monthly NOE: $1.25/SF Monthly Available July 1, 2021 Central A/C Retails space w/ private bathroom Two reserved parking stal...

  • 391158 MLS
  • Fee Simple Tenure
Courtesy of Commercial Prop of Maui LLC

Listing courtesy of Commercial Prop of Maui LLC.

500 KAPALUA Unit 15V-3, Lahaina image
500 KAPALUA Unit 15V-3, Lahaina — Kapalua Golf Villas $795,000

This one bedroom, two bath single floor fully furnished Golf Villa is located in the front row of the Kapalua Bay golf course hole #4. The lanai railings were fully modif...

  • 1 Beds
  • 2 Baths
  • 391157 MLS
  • Kapalua Golf Villas Bldg.
  • Fee Simple Tenure
Courtesy of Keller Williams Realty Maui-L

Listing courtesy of Keller Williams Realty Maui-L.

3390 E Lani Ikena, Kihei image
3390 E Lani Ikena, Kihei $2,300,000

Enjoy easy indoor-outdoor living from this beautiful home on one of the largest lots in the prestigious gated community of Wailea Pualani Estates. Well-positioned on a f...

  • 3 Beds
  • 3.5 Baths
  • 391156 MLS
  • Fee Simple Tenure
Courtesy of Hawaii Life (W)

Listing courtesy of Hawaii Life (W).

13 Iliau Unit 18A, Wailuku image
13 Iliau Unit 18A, Wailuku — Iliahi At Kehalani $560,000

SPECTACULAR VIEWS, end / corner unit with thee BEST VIEWS and thee BEST LOCATION in the complex.. The original flooring + original appliances all replaced, (2 yrs new) ...

  • 3 Beds
  • 2 Baths
  • 391155 MLS
  • Iliahi At Kehalani Bldg.
  • Fee Simple Tenure
Courtesy of Hawaii Real Estate Team

Listing courtesy of Hawaii Real Estate Team.

630 Waiehu Beach, Wailuku image
630 Waiehu Beach, Wailuku $895,000

This home on Waiehu Beach Rd is not on Waiehu Beach Rd. Although the address is such, this very comfortable plantation beach-style flag home sits way back from the road w...

  • 3 Beds
  • 2 Baths
  • 391154 MLS
  • Fee Simple Tenure
Courtesy of Debbie Wong Real Estate

Listing courtesy of Debbie Wong Real Estate.

5295 Lower Honoapiilani Unit C39, Lahaina image
5295 Lower Honoapiilani Unit C39, Lahaina — Napili Point Ii $1,200,000

Napili Point is a small oceanfront enclave overlooking Honokeana Cove in Napili. Residence C-39 enjoys a premier location, perfectly situated to take in Maui’s spectacul...

  • 2 Beds
  • 2 Baths
  • 391153 MLS
  • Napili Point Ii Bldg.
  • Fee Simple Tenure
Courtesy of Island Sotheby's Int'l Rlty(L)

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

653 Kauhikoa, Haiku image
653 Kauhikoa, Haiku $465,000

Welcome to Haiku Kauhikoa Farms Development! This beautiful land offers so much for the imagination to run wild. The land is perfectly flat for you to start farming and t...

  • 391152 MLS
  • Fee Simple Tenure
Courtesy of Maui International R E Srvs

Listing courtesy of Maui International R E Srvs.

5385 Lower Honoapiilani, Lahaina image
5385 Lower Honoapiilani, Lahaina $12,850,000

Imagine inviting your guests into the elevator up to your rooftop pool and spa for a sunset they will never forget. This is HOKU KAI. There is simply no other home with ...

  • 8 Beds
  • 14 Baths
  • 391151 MLS
  • Fee Simple Tenure
Courtesy of BD Properties Hawaii LLC

Listing courtesy of BD Properties Hawaii LLC.

2481 Kaanapali Unit 410, Lahaina image
2481 Kaanapali Unit 410, Lahaina — Whaler I $954,000

Don’t blink and miss this spectacular opportunity to own a piece of Aloha on the magical Valley Isle of Maui. A short stroll to the renowned Black Rock Beach, Kaanapali B...

  • 1 Beds
  • 2 Baths
  • 391150 MLS
  • Whaler I Bldg.
  • Fee Simple Tenure
Courtesy of RealHome Services & Solutions

Listing courtesy of RealHome Services & Solutions.

130 Kai Malina Unit NR236, Lahaina image
130 Kai Malina Unit NR236, Lahaina — Honua Kai - Konea $965,000

This bright and airy one-bedroom home is part of a collection of luxury resort condominium suites in the beloved Honua Kai Resort Maui. A distant ocean view can be experi...

  • 1 Beds
  • 1 Baths
  • 391149 MLS
  • Honua Kai - Konea Bldg.
  • Fee Simple Tenure
Courtesy of Coldwell Banker Island Prop(L)

Listing courtesy of Coldwell Banker Island Prop(L).

2695 S Kihei Unit 6-202, Kihei image
2695 S Kihei Unit 6-202, Kihei — Kamaole Sands $590,000

Beautifully updated and immaculate vacation rental condo located in the central courtyard of the highly respected Kamaole Sands Resort. All Rooms are updated. Kitchen wit...

  • 1 Beds
  • 2 Baths
  • 391148 MLS
  • Kamaole Sands Bldg.
  • Fee Simple Tenure
Courtesy of Coldwell Banker Island Prop-Ku

Listing courtesy of Coldwell Banker Island Prop-Ku.

3543 Lower Honoapiilani Unit E206, Lahaina image
3543 Lower Honoapiilani Unit E206, Lahaina — Papakea Resort I Ii $320,000

Take me to Maui! Live, love life at Papakea Resort, just north of Kaanapali and Lahaina. This sweet ocean view 1-bedroom features a remodeled kitchen and bath with tile ...

  • 1 Beds
  • 1 Baths
  • 391147 MLS
  • Papakea Resort I Ii Bldg.
  • Leasehold Tenure
Courtesy of Island Sotheby's Int'l Rlty(L)

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

250 Hauoli Unit 210, Wailuku image
250 Hauoli Unit 210, Wailuku — Kanai A Nalu $499,000

Views for days from this fabulous second floor unit at Kanai a Nalu!! Enjoy waves breaking and whale watching from this stunning unit. This popular vacation destination r...

  • 2 Beds
  • 2 Baths
  • 391146 MLS
  • Kanai A Nalu Bldg.
  • Leasehold Tenure
Courtesy of Wailea Realty+WindermereRE (W)

Listing courtesy of Wailea Realty+WindermereRE (W).

250 Hauoli Unit 105, Wailuku image
250 Hauoli Unit 105, Wailuku — Kanai A Nalu $499,000

Direct oceanfront ground floor unit at Kanai A Nalu! This extremely popular vacation rental features lovely ocean views from both the master bedroom and living area, 3 sp...

  • 2 Beds
  • 2 Baths
  • 391145 MLS
  • Kanai A Nalu Bldg.
  • Leasehold Tenure
Courtesy of Wailea Realty+WindermereRE (W)

Listing courtesy of Wailea Realty+WindermereRE (W).

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