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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

467 Anapuni, Lahaina image
467 Anapuni, Lahaina $5,800,000

Find the ultimate in Maui resort-style living at 467 Anapuni Loop in Kaanapali’s Lanikeha community. With 3,842 sq. ft. of living space and an additional 1,106 sq. ft. o...

  • 4 Beds
  • 5 Baths
  • 393883 MLS
  • Fee Simple Tenure
Courtesy of Keller Williams Realty Maui-L

Listing courtesy of Keller Williams Realty Maui-L.

92 Kinohi Loa, Wailuku image
92 Kinohi Loa, Wailuku $925,000

Beautiful 3 bedroom 2 bath home in the Cottages at Kehalani. One story open floor plan into the kitchen with beautiful granite countertops. Well maintained single family ...

  • 3 Beds
  • 2 Baths
  • 393882 MLS
  • Fee Simple Tenure
Courtesy of Shore To Shore Realty, Inc

Listing courtesy of Shore To Shore Realty, Inc.

140 UWAPO Unit 8-201, Kihei image
140 UWAPO Unit 8-201, Kihei — Kihei Villages I $485,000

You'll love this unit in Kihei Villages, it has it all! Starting with a peak of the ocean from your front door, to the solid hardwood floors, newer stainless appliances ...

  • 2 Beds
  • 1.5 Baths
  • 393880 MLS
  • Kihei Villages I Bldg.
  • Fee Simple Tenure
Courtesy of Coldwell Banker Island Prop(S)

Listing courtesy of Coldwell Banker Island Prop(S).

317 KAMA, Wailuku image
317 KAMA, Wailuku $1,250,000

Waikapu offers country living with the ideal location close to shopping, airport, hospital, schools, beaches and all other amenities offered in town. This home offers pea...

  • 3 Beds
  • 2.5 Baths
  • 393881 MLS
  • Fee Simple Tenure
Courtesy of Keller Williams Realty Maui-Ka

Listing courtesy of Keller Williams Realty Maui-Ka.

52 Kopi Unit 11-102, Wailuku image
52 Kopi Unit 11-102, Wailuku — Iao Parkside I $375,000

Start fresh and turn this condo into your dream haven! Ideal for the contractor looking for a project, or the industrious homeowner ready to roll up their sleeves and get...

  • 2 Beds
  • 2 Baths
  • 393879 MLS
  • Iao Parkside I Bldg.
  • Fee Simple Tenure
Courtesy of Fine Island Properties, LLC

Listing courtesy of Fine Island Properties, LLC.

4325 Ulumalu, Haiku image
4325 Ulumalu, Haiku $1,349,000

A Maui tropical retreat! Set on 2 lush acres in Haiku, this beautiful 4 bedroom, 3 bath cedar pole house has a flexible floor plan that can provide multiple living optio...

  • 3 Beds
  • 2 Baths
  • 393878 MLS
  • Fee Simple Tenure
Courtesy of Coldwell Banker Island Prop(S)

Listing courtesy of Coldwell Banker Island Prop(S).

2757 S Kihei Unit 301, Kihei image
2757 S Kihei Unit 301, Kihei — Paradise Ridge Estates $1,389,000

Golden sandy beaches and crystal blue waters await as you gaze upon majestic whales from your luxurious and exclusive estate. Nestled atop a bluff in South Maui, delight ...

  • 3 Beds
  • 2 Baths
  • 393877 MLS
  • Paradise Ridge Estates Bldg.
  • Fee Simple Tenure
Courtesy of Coldwell Banker Island Prop(S)

Listing courtesy of Coldwell Banker Island Prop(S).

2757 S Kihei Unit 302, Kihei image
2757 S Kihei Unit 302, Kihei — Paradise Ridge Estates $1,251,000

Golden sandy beaches and crystal blue waters await as you gaze upon majestic whales from your luxurious and exclusive estate. Nestled atop a bluff in South Maui, delight ...

  • 2 Beds
  • 2 Baths
  • 393876 MLS
  • Paradise Ridge Estates Bldg.
  • Fee Simple Tenure
Courtesy of Coldwell Banker Island Prop(S)

Listing courtesy of Coldwell Banker Island Prop(S).

Pulehuiki, Kula image
Pulehuiki, Kula $1,200,000

Pulehuiki Road is known for its fertile soil and is home to thriving Persimmon orchards. This 2-acre, vacant parcel is ideally located 1-mile between the Kula Highway and...

  • 393871 MLS
  • Fee Simple Tenure
Courtesy of Island Sotheby's Int'l Rlty(M)

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

885 Pulehuiki, Kula image
885 Pulehuiki, Kula $3,300,000

High-quality sophistication awaits in this sturdy home in the perfect climate of upcountry Kula. In the morning, savor Haleakala views as the sun rises and end each day w...

  • 4 Beds
  • 3.5 Baths
  • 393870 MLS
  • Fee Simple Tenure
Courtesy of Island Sotheby's Int'l Rlty(M)

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

162 Nopu, Kahului image
162 Nopu, Kahului $1,514,568

Pulehunui Industrial Park is centrally located making it an ideal site to serve the island's long term public, business, commercial and industrial land use needs. M3 Heav...

  • 393869 MLS
  • Fee Simple Tenure
Courtesy of Commercial Prop of Maui LLC

Listing courtesy of Commercial Prop of Maui LLC.

363 Nihoa, Kahului image
363 Nihoa, Kahului $949,000

Don't miss this opportunity to live in your own home while having a separate detached 2 brm LEGAL PERMITTED OHANA to rent and help pay your Loan, Both have Hardwood floor...

  • 3 Beds
  • 2 Baths
  • 393868 MLS
  • Fee Simple Tenure
Courtesy of eXp Realty

Listing courtesy of eXp Realty.

1821 Haiku, Haiku image
1821 Haiku, Haiku $1,699,000

This beautiful home is a rare opportunity to own the perfect blend of cozy country living and modern flair in one of the most sought after neighborhoods on the North Shor...

  • 4 Beds
  • 3 Baths
  • 393866 MLS
  • Fee Simple Tenure
Courtesy of West Maui Land Company Inc

Listing courtesy of West Maui Land Company Inc.

102 Ironwood Unit 102, Lahaina image
102 Ironwood Unit 102, Lahaina — Kapalua Ironwoods $5,000,000

102 Ironwood Lane epitomizes the meaning of location, location, location. Enjoy your front row seats to the waves crashing against Makaluapuna Point, the whales breaching...

  • 3 Beds
  • 4 Baths
  • 393865 MLS
  • Kapalua Ironwoods Bldg.
  • Fee Simple Tenure
Courtesy of Epic Realty LLC

Listing courtesy of Epic Realty LLC.

285 Puaehu, Wailuku image
285 Puaehu, Wailuku $1,280,000

Built just a year ago this fabulous single-story Ilima home is practically brand new. Incredible upgrades throughout from the vaulted ceilings to the upgraded flooring an...

  • 3 Beds
  • 2 Baths
  • 393864 MLS
  • Fee Simple Tenure
Courtesy of eXp Realty

Listing courtesy of eXp Realty.

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