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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
Experience the ultimate in convenience with this gorgeous property at 34 E Kuu Aku Ln, Unit 206, Lahaina. Situated across from Lahaina Gateway and Lahaina Cannery Mall, t...
- 3 Beds
- 3 Baths
- 403620 MLS
- Hoonanea At Lahaina Bldg.
- Fee Simple Tenure
Listing courtesy of Berkshire Hathaway Maui Prop-L.
Convenient location across the street from Kahului Community Center Park, and minutes away to Ka'ahumanu Shopping Center. Large 9996 square foot lot. Fixer Upper. There i...
- 3 Beds
- 1 Baths
- 403619 MLS
- Fee Simple Tenure
Listing courtesy of Capitol Properties.
This 3-bedroom, 1.5-bathroom single-level home is situated on a spacious 9,420 sq. ft. lot, featuring a 440 sq. ft. two-vehicle carport and 242 sq ft shed behind the carp...
- 3 Beds
- 2 Baths
- 403618 MLS
- Fee Simple Tenure
Listing courtesy of Shore To Shore Realty, Inc..
Tranquility awaits at 241 Ulaino rd. This five plus acre property exudes all that Hana has to offer. A multitude of tropical fruit trees and flowers abound. This home off...
- 2 Beds
- 2 Baths
- 403617 MLS
- Fee Simple Tenure
Listing courtesy of Fine Island Properties LLC.
Also Listed as Single Family Residential CPR (MLS #403615) Welcome to this meticulously maintained 4 bedroom, 3 bathroom, 2 story fee simple home in the desirable Kahoma ...
- 4 Beds
- 3 Baths
- 403616 MLS
- Kahoma Village Bldg.
- Fee Simple Tenure
Listing courtesy of BHGRE Advantage Realty Valley Isle.
Also listed in Condo Classification MLS# 403616 Welcome to this meticulously maintained Residential CPR with 4 bedroom, 3 bathrooms, 2 story, fee simple home in the desir...
- 4 Beds
- 3 Baths
- 403615 MLS
- Fee Simple Tenure
Listing courtesy of BHGRE Advantage Realty Valley Isle.
HOTEL ZONED vacation rental "loft style" unit in Kihei Alii Kai featuring vaulted ceilings, expansive windows, and breathtaking mountain views. The entire complex is at i...
- 1 Beds
- 1 Baths
- 403614 MLS
- Kihei Alii Kai Bldg.
- Fee Simple Tenure
Listing courtesy of Redfin Corporation.
Enjoy true tropical living in this highly desirable 2 bedroom 2 bathroom ground floor apartment. Luana Kai is a short distance to the ocean. Take in some of the most beau...
- 2 Beds
- 2 Baths
- 403612 MLS
- Luana Kai Bldg.
- Fee Simple Tenure
Listing courtesy of Coldwell Banker Island Prop(S).
Welcome to Pukalani Fairway Estates, where this stunning 2-bedroom, 2.5-bath detached home offers golf course living with unbeatable mountain views—and all the upgrades y...
- 2 Beds
- 3 Baths
- 403611 MLS
- Fee Simple Tenure
Listing courtesy of Real Broker LLC.
Situated in the highly sought after heart of Wailuku town is this gem, the only 3 bedroom, 2.5 bath townhome in Kehalani Gardens on market. This rare two-story townhome o...
- 3 Beds
- 3 Baths
- 403610 MLS
- Kehalani Gardens Bldg.
- Fee Simple Tenure
Listing courtesy of Compass.
Island living meets modern convenience! This exceptional upstairs 2-bedroom, 1.5-bath unit, located in the sought-after building 15, offers the perfect blend of comfort, ...
- 2 Beds
- 2 Baths
- 403609 MLS
- Southpointe At Waiakoa Bldg.
- Fee Simple Tenure
Listing courtesy of Real Broker LLC.
The Villas at Kehalani stands as a testament to private luxury living in a gated community. Offering captivating ocean views and awe-inspiring sunrises over Haleakala and...
- 2 Beds
- 3 Baths
- 403604 MLS
- Villas At Kehalani Bldg.
- Fee Simple Tenure
Listing courtesy of Keller Williams Realty Maui-Ki.
Kaanapali Shores 102. Discover your paradise in this exquisite 2-bedroom, 2-bathroom condo, boasting over 1,500 sq. ft. of luxury living. The master bedroom offers breath...
- 2 Beds
- 2 Baths
- 403603 MLS
- Kaanapali Shores Bldg.
- Leasehold Tenure
Listing courtesy of Keller Williams Realty Maui-L.
Looking for privacy yet with proximity to the Kaanapali area? Then 2827 Kolepa is an extraordinary offering that should not be missed. This beautiful contemporary island...
- 5 Beds
- 6 Baths
- 403600 MLS
- Fee Simple Tenure
Listing courtesy of Maui Paradise Properties LLC.
RARE, Turnkey 5th floor elevation Hotel Residence at Montage Kapalua Bay- one of the highest locations on the property, offering a "Premier Oceanview Residence" category....
- 3 Beds
- 4 Baths
- 403602 MLS
- Montage Residences Kapalua Bay Bldg.
- Fee Simple Tenure
Listing courtesy of Compass.
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