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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

property image
23 Nohokai, Kihei $289,000

Walking distance to shopping and dining at Azeka Shopping Center, as well as South Kihei Road. The property is no longer considered wetlands. The U.S. Army Corps of Eng...

  • 381803 MLS
  • Fee Simple Tenure
Courtesy of CardOneRealty Corp.

Listing courtesy of CardOneRealty Corp..

183 Ikea, Pukalani image
183 Ikea, Pukalani $775,000

Great opportunity for the savvy buyer! Located off Old Haleakala Hwy., these two homes on a very large rectangular lot are located at the end of Ikea Place. Homes seem li...

  • 3 Beds
  • 1.5 Baths
  • 381801 MLS
  • Fee Simple Tenure
Courtesy of HomeSmart Island Homes

Listing courtesy of HomeSmart Island Homes.

933 Hihimanu Unit 23, Kihei image
933 Hihimanu Unit 23, Kihei — Hokulani Golf Villas $1,599,900 ▼

The BEST location in Hokulani Golf Villas, situated near the top of the 18th Fairway of the Maui Nui Golf Course allows this home to have enchanting ocean views. Upon ent...

  • 4 Beds
  • 3 Baths
  • 381800 MLS
  • Hokulani Golf Villas Bldg.
  • Fee Simple Tenure
Courtesy of Wailea Realty Corp.

Listing courtesy of Wailea Realty Corp..

155 Wailea Ike Unit 151, Kihei image
155 Wailea Ike Unit 151, Kihei — Grand Champions $720,000

Fabulous single level one bedroom two bath fully furnished very popular Grand Champions condo. Small peek-a-boo ocean views unit which is very difficult to gain access t...

  • 1 Beds
  • 2 Baths
  • 381799 MLS
  • Grand Champions Bldg.
  • Fee Simple Tenure
Courtesy of Maui Luxury Real Estate LLC

Listing courtesy of Maui Luxury Real Estate LLC.

252 Lau Oliwa, Wailuku image
252 Lau Oliwa, Wailuku — Milo Court At Kehalani $590,000

Discover your new home at this Kehalani property, with the best value in all of Central Maui! Functions like a full home at a condominium price, this newer constructed 2-...

  • 3 Beds
  • 2.5 Baths
  • 381796 MLS
  • Milo Court At Kehalani Bldg.
  • Fee Simple Tenure
Courtesy of Island Sotheby's Int'l Rlty(W)

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

2777 S Kihei Unit E-202, Kihei image
2777 S Kihei Unit E-202, Kihei — Maui Kamaole $830,000

Beautiful 2 bedroom 2 bath turnkey vacation rental with a peek a boo ocean view at much sought after Maui Kamaole in gorgeous South Maui. Conveniently located in the com...

  • 2 Beds
  • 2 Baths
  • 381795 MLS
  • Maui Kamaole Bldg.
  • Fee Simple Tenure
Courtesy of NextHome Pacific Properties

Listing courtesy of NextHome Pacific Properties.

2430 S Kihei Unit 503, Kihei image
2430 S Kihei Unit 503, Kihei — Royal Mauian $1,199,000

Featuring one of the most iconic ocean view corridors on Maui, Royal Mauian 503 is a rare opportunity to own on Kihei's golden mile. This 2 bedroom, 2 bathroom oceanfront...

  • 2 Beds
  • 2 Baths
  • 381794 MLS
  • Royal Mauian Bldg.
  • Fee Simple Tenure
Courtesy of Island Sotheby's Int'l Rlty(W)

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

94 Laukahi, Kihei image
94 Laukahi, Kihei $1,398,000

Custom Moana Estates home, beginning with the Italian ceramic tile entry, African mahogany transom and front door, solid tiger wood flooring, custom ceramic tile counter ...

  • 4 Beds
  • 3 Baths
  • 381793 MLS
  • Fee Simple Tenure
Courtesy of Hawaii Life (W)

Listing courtesy of Hawaii Life (W).

130 Laukahi, Kihei image
130 Laukahi, Kihei $1,050,000

Located in the very popular Moana Estates. Single level 3 BR 3 BA floor plan with laundry-room and a 2 car garage. Brand new carpet throughout. Owned Photo Voltaic and...

  • 3 Beds
  • 3 Baths
  • 381792 MLS
  • Fee Simple Tenure
Courtesy of Coldwell Banker Island Prop(W)

Listing courtesy of Coldwell Banker Island Prop(W).

6291 HONOAPIILANI, Lahaina image
6291 HONOAPIILANI, Lahaina $9,900,000

One of Maui's most secluded oceanfront properties located on a 3.5 acre promontory known as The Alaelae Peninsula. The estate is just a short distance from the heart of K...

  • 4 Beds
  • 4.5 Baths
  • 381791 MLS
  • Fee Simple Tenure
Courtesy of Hawaii Life (KAP)

Listing courtesy of Hawaii Life (KAP).

15 KULANIHAKOI Unit 8B, Kihei image
15 KULANIHAKOI Unit 8B, Kihei — Haleakala Gardens $365,000

This stunning unit has the WOW factor and is a must see. Stylishly renovated spacious 2 bedroom, ground floor condo. Tastefully upgraded kitchen with oversized bar counte...

  • 2 Beds
  • 2 Baths
  • 381787 MLS
  • Haleakala Gardens Bldg.
  • Fee Simple Tenure
Courtesy of Coldwell Banker Island Prop(W)

Listing courtesy of Coldwell Banker Island Prop(W).

22 Pahoe Unit C-105, Kihei image
22 Pahoe Unit C-105, Kihei — Ke Alii Ocean Villas $999,000

Private and spacious tropical oasis just steps to one of Maui's favorite beaches Kamaole Beach Park I , this 3 bedroom 3 full bath condo is in impeccable condition with t...

  • 3 Beds
  • 3 Baths
  • 381786 MLS
  • Ke Alii Ocean Villas Bldg.
  • Fee Simple Tenure
Courtesy of Wailea Realty Corp.

Listing courtesy of Wailea Realty Corp..

1133 Malu, Makawao image
1133 Malu, Makawao $899,000

Classic plantation home in mint condition. This home was built in 1939 and lived in by the original family for over 70 years. Located on a quiet dead end road and still v...

  • 3 Beds
  • 2 Baths
  • 381785 MLS
  • Fee Simple Tenure
Courtesy of Coldwell Banker Island Prop(W)

Listing courtesy of Coldwell Banker Island Prop(W).

3563 Kekolu, Makawao image
3563 Kekolu, Makawao $560,000

Recently remodeled top to bottom and right in the middle of Makawao, this Maui plantation home was built to last. It has all new appliances, new windows, new cabinets, n...

  • 2 Beds
  • 1 Baths
  • 381784 MLS
  • Fee Simple Tenure
Courtesy of Hawaii Life (W)

Listing courtesy of Hawaii Life (W).

22 Kai Makani Unit 22-201, Kihei image
22 Kai Makani Unit 22-201, Kihei — Kai Makani $565,000

Enjoy resort like living at Kai Makani! 2nd floor, 2 bedroom/2 bath end unit. Very private with lots of extra light. Kai Makani is a lower density, non vacation rental bu...

  • 2 Beds
  • 2 Baths
  • 381783 MLS
  • Kai Makani Bldg.
  • Fee Simple Tenure
Courtesy of Wailea Realty Corp.

Listing courtesy of Wailea Realty Corp..

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