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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

44 Kanani Rd Unit 2-302, Kihei image
44 Kanani Rd Unit 2-302, Kihei — Hale Kanani $825,000

Lowest price, best view…This penthouse top floor level unit is filled with light and is in pristine condition as the Seller used it for only a few months a year. With an ...

  • 2 Beds
  • 2 Baths
  • 398449 MLS
  • Hale Kanani Bldg.
  • Fee Simple Tenure
Courtesy of International Real Estate Srvs

Listing courtesy of International Real Estate Srvs.

2495 S Kihei Rd Unit 206, Kihei image
2495 S Kihei Rd Unit 206, Kihei — Kihei Kai Nani $929,000

Looking for the perfect vacation rental or a second home? Look no further than hotel zoned, Kihei Kai Nani #206! This upgraded top floor corner unit with extra windows, b...

  • 1 Beds
  • 1 Baths
  • 398448 MLS
  • Kihei Kai Nani Bldg.
  • Fee Simple Tenure
Courtesy of eXp Realty

Listing courtesy of eXp Realty.

50 Waipuhia Pl, Haiku image
50 Waipuhia Pl, Haiku $599,500

Build your Haiku country home on this peaceful, lush AG zoned 1/2 acre lot. With 180-degree view of tall trees along a gulch, you’ll feel the privacy as the consistent tr...

  • 398446 MLS
  • Fee Simple Tenure
Courtesy of Romvari Realty Ltd.

Listing courtesy of Romvari Realty Ltd..

4342 W Waiola St, Kihei image
4342 W Waiola St, Kihei $7,498,000

Located in highly desirable Wailea Golf Vistas, this luxurious 4-bed, 4.5-bath home offers front row views of the lush greens of Wailea Blue Golf Course and breathtaking ...

  • 4 Beds
  • 4.5 Baths
  • 398445 MLS
  • Fee Simple Tenure
Courtesy of Hawaii Life (W)

Listing courtesy of Hawaii Life (W).

166 Apuwai St, Haiku image
166 Apuwai St, Haiku $5,500,000

This majestic tropical estate is a rare find and a private oasis! As soon as you drive through the custom exterior gates, down the palm tree lined driveway and pull under...

  • 5 Beds
  • 7 Baths
  • 398444 MLS
  • Fee Simple Tenure
Courtesy of Coldwell Banker Island Prop(P)

Listing courtesy of Coldwell Banker Island Prop(P).

3300 Wailea Alanui Dr Unit 43F, Kihei image
3300 Wailea Alanui Dr Unit 43F, Kihei — Wailea Ekahi Iii $1,595,000

Drop dead gorgeous condo in Wailea that has been beautifully renovated with exceptional finishes including beautiful stone countertops, and great tile work throughout. Gr...

  • 1 Beds
  • 1 Baths
  • 398442 MLS
  • Wailea Ekahi Iii Bldg.
  • Fee Simple Tenure
Courtesy of Hawaii Life (W)

Listing courtesy of Hawaii Life (W).

1600 Hana Hwy, Hana image
1600 Hana Hwy, Hana $2,900,000

Amazing Hana! Aerial photos to follow soon. Privacy & seclusion are yours from this 103 acre tropical masterpiece between mile markers 28 & 29 near the Nahiku marketplace...

  • 398441 MLS
  • Fee Simple Tenure
Courtesy of Compass

Listing courtesy of Compass.

715 S Kihei Rd Unit C131, Kihei image
715 S Kihei Rd Unit C131, Kihei — Kihei Bay Surf $575,000

Beautifully remodeled first floor studio located in Kihei Bay Surf. Brand new dusk cherry vinyl flooring throughout, newly installed soft grey cabinets and new quartz cou...

  • 1 Baths
  • 398435 MLS
  • Kihei Bay Surf Bldg.
  • Fee Simple Tenure
Courtesy of eXp Realty

Listing courtesy of eXp Realty.

2737 S Kihei Rd Unit 2-337, Kihei image
2737 S Kihei Rd Unit 2-337, Kihei — Hale Kamaole $1,075,000

Have you been wanting that perfect piece of Paradise? Here it is a two bedroom two bath with a loft, that can be used like a third bedroom. Top floor unit with marvelo...

  • 2 Beds
  • 2 Baths
  • 398433 MLS
  • Hale Kamaole Bldg.
  • Fee Simple Tenure
Courtesy of Kumulani Vacations&Realty Inc

Listing courtesy of Kumulani Vacations&Realty Inc.

2495 S Kihei Rd Unit 4-121, Kihei image
2495 S Kihei Rd Unit 4-121, Kihei — Kihei Kai Nani $789,000

Picture perfect unit with new Kitchen and Bath along with new furniture, and a Murphy bed makes this a dream unit to own. Never been rented but very easy to do if new buy...

  • 1 Beds
  • 1 Baths
  • 398432 MLS
  • Kihei Kai Nani Bldg.
  • Fee Simple Tenure
Courtesy of Coldwell Banker Island Prop-Ku

Listing courtesy of Coldwell Banker Island Prop-Ku.

559 Kaleo Pl, Kihei image
559 Kaleo Pl, Kihei $3,360,000

You will love this enchanting garden sanctuary with expansive & panoramic ocean, coastal & outer island views from Kaho’olawe, across the island of Lanai, the West Maui M...

  • 3 Beds
  • 2 Baths
  • 398431 MLS
  • Fee Simple Tenure
Courtesy of Maui Real Estate Advisors LLC

Listing courtesy of Maui Real Estate Advisors LLC.

2385 S Kihei Rd Unit 507, Kihei image
2385 S Kihei Rd Unit 507, Kihei — Kamaole Beach Royale $888,000

FABULOUS *OCEAN VIEW* 5th Floor KAMAOLE BEACH ROYALE. Located across from Kamaole 1 Beach Park this UPDATED Condo features: CONTEMPORARY FURNITURE, MODERN LIGHTING, MURPH...

  • 1 Beds
  • 1 Baths
  • 398430 MLS
  • Kamaole Beach Royale Bldg.
  • Fee Simple Tenure
Courtesy of Coldwell Banker Island Prop(S)

Listing courtesy of Coldwell Banker Island Prop(S).

1260 Lower Main St, Wailuku image
1260 Lower Main St, Wailuku $950,000

Two separate dwellings on this property! Plus a large paved lot! This unique property has many possibilities for investors or large families. Occupy one home and rent out...

  • 3 Beds
  • 1.75 Baths
  • 398428 MLS
  • Fee Simple Tenure
Courtesy of Realty 1st Inc

Listing courtesy of Realty 1st Inc.

65 N Holokai Rd, Haiku image
65 N Holokai Rd, Haiku $3,995,000

Easily accessible on one of Haiku’s most desirable paved streets, here is the unique combination of ultimate privacy, personality, and meticulous attention to detail. Gat...

  • 5 Beds
  • 6 Baths
  • 398426 MLS
  • Fee Simple Tenure
Courtesy of Compass

Listing courtesy of Compass.

679 S Kihei Rd Unit D104, Kihei image
679 S Kihei Rd Unit D104, Kihei — Kihei Bay Vista $695,000

This cozy and well-equipped 1 bedroom, 1 bath unit is located in the desirable "D" building at Kihei Bay Vista, and it backs up to a green space. This condo has three ste...

  • 1 Beds
  • 1 Baths
  • 398424 MLS
  • Kihei Bay Vista Bldg.
  • Fee Simple Tenure
Courtesy of Sunny Maui Vacations

Listing courtesy of Sunny Maui Vacations.

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