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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
Meticulously cared for, custom designed 3-bedroom, 2 bath home in excellent South Kihei neighborhood. This single owner home is one of the newest houses in the subdivisio...
- 3 Beds
- 2 Baths
- 389977 MLS
- Fee Simple Tenure
Listing courtesy of Hawaii Life (W).
Welcome home to this updated and clean condo at Southpointe at Waiakoa. Enjoy the island living at it's finest at this pet friendly complex with 2 tandem parking stalls a...
- 2 Beds
- 1.5 Baths
- 389975 MLS
- Southpointe At Waiakoa Bldg.
- Fee Simple Tenure
Listing courtesy of Keller Williams Realty Maui-Ki.
A must see, well maintained 2 bedroom 2 bath downstairs unit in the Iao Parkside with one of the biggest backyard. Remodeled kitchen, bathroom, and flooring. Stainless st...
- 2 Beds
- 2 Baths
- 389974 MLS
- Iao Parkside Ii Bldg.
- Fee Simple Tenure
Listing courtesy of Hawaii Real Estate Executives Inc..
One of the nicest Southpointe units I have been in! You will love the great location in the complex with natural breezes (owner never uses the AC) and peaceful earth tone...
- 2 Beds
- 1.75 Baths
- 389971 MLS
- Southpointe At Waiakoa Bldg.
- Fee Simple Tenure
Listing courtesy of Keller Williams Realty Maui-Ki.
Complete remodel and conveniently located near Maui's best South Kihei beaches. Turnkey and ready for anyone to enjoy with a perfect work-from-home set up. Furnishings ...
- 3 Beds
- 3 Baths
- 389970 MLS
- Fee Simple Tenure
Listing courtesy of Coldwell Banker Island Prop(L).
This bright and airy one bedroom home is part of a collection of luxury resort condominium suites in the beloved Honua Kai Resort Maui. Oceanfront living on famed Ka'anap...
- 1 Beds
- 1 Baths
- 389969 MLS
- Honua Kai - Hoku Lani Bldg.
- Fee Simple Tenure
Listing courtesy of Coldwell Banker Island Prop(L).
Prime estate site with existing two-bedroom, two-bath cottage. Plans for a main home residence, designed by Dennis Harmon of Maui Architectural Group, along with soils st...
- 2 Beds
- 2 Baths
- 389968 MLS
- Fee Simple Tenure
Listing courtesy of Hawaii Life (KAP).
This 2-story, 1,753 square foot 3 bedroom and 2.5 bath house in the Maunaleo subdivision of Kehalani in Wailuku is located within a cul-de-sac and offers a warm neighborh...
- 3 Beds
- 2.5 Baths
- 389967 MLS
- Fee Simple Tenure
Listing courtesy of SHK Realty, LLC.
This is the home that you have been waiting for! Located in the desirable Waikapu Gardens Subdivision. This Model 5 plan offers a large entry, kitchen, dining, living(wi...
- 3 Beds
- 2.5 Baths
- 389966 MLS
- Fee Simple Tenure
Listing courtesy of Island Sotheby's Int'l Rlty(M).
Enjoy the best south shore lifestyle steps from the beach, at the premier residential complex of Ke Ali’i Ocean Villas. This ground floor unit is one of six Beachcomber m...
- 2 Beds
- 2 Baths
- 389962 MLS
- Ke Alii Ocean Villas Bldg.
- Fee Simple Tenure
Listing courtesy of Coldwell Banker Island Prop(P).
Newly built in 2014, this 4 bedroom and 4.5 bath home is situated on a large half acre lot in Pukalani, providing the ideal opportunity and space to build a completely se...
- 4 Beds
- 4.5 Baths
- 389961 MLS
- Fee Simple Tenure
Listing courtesy of Coldwell Banker Island Prop-Ku.
Ground Floor Southpointe unit! Tropical foliage abounds in this fully fenced wrap around yard with brand new grass, regenerative AG soil, irrigation system and patio area...
- 2 Beds
- 1.5 Baths
- 389960 MLS
- Southpointe At Waiakoa Bldg.
- Fee Simple Tenure
Listing courtesy of Coldwell Banker Island Prop(S).
The Waiohuli Beach Hale is a small oceanfront complex located in North Kihei. This property has a great aloha feeling with a relaxed and quiet atmosphere. Each unit is st...
- 1 Beds
- 1 Baths
- 389959 MLS
- Waiohuli Beach Hale Bldg.
- Fee Simple Tenure
Listing courtesy of Rentals Maui Inc.
Lovely open floor plan with vaulted ceilings allows tons of natural light to flow throughout this single level home; but it won't get too hot with Central AC! This Piila...
- 3 Beds
- 2 Baths
- 389958 MLS
- Fee Simple Tenure
Listing courtesy of Wailea Realty+WindermereRE (W).
Currently the lowest priced 1-bedroom on Maui that is in a fee simple oceanfront complex that allows short term rentals! Being sold fully furnished including the brand n...
- 1 Beds
- 1 Baths
- 389955 MLS
- Hono Kai Bldg.
- Fee Simple Tenure
Listing courtesy of Island Sotheby's Int'l Rlty(M).
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