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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

130 Kai Malina Unit NR 340, Lahaina image
130 Kai Malina Unit NR 340, Lahaina — Honua Kai - Konea $1,095,000

Konea 340 is a highly desired one bedroom with den home in the Honua Kai Resort. This spacious 915 st. floor plan can sleep up to 6. It offers the best of luxury living w...

  • 1 Beds
  • 1 Baths
  • 383230 MLS
  • Honua Kai - Konea Bldg.
  • Fee Simple Tenure
Courtesy of Coldwell Banker Island Prop(L)

Listing courtesy of Coldwell Banker Island Prop(L).

24 Kai Makani Kai Makani Unit J102, Kihei image
24 Kai Makani Kai Makani Unit J102, Kihei — Kai Makani $525,000

Location Location!! This condo complex is located right across the street from the beach, unit is located towards back of complex and no road noise light and bright with ...

  • 2 Beds
  • 2 Baths
  • 383229 MLS
  • Kai Makani Bldg.
  • Fee Simple Tenure
Courtesy of Fine Island Properties, LLC

Listing courtesy of Fine Island Properties, LLC.

30 Lewa Lani, Lahaina image
30 Lewa Lani, Lahaina $2,100,000

This superb quality built home has been designed to maximize the stunning ocean views with beautiful custom picture windows and a wonderful sunning deck. As the lot is si...

  • 3 Beds
  • 3.5 Baths
  • 383228 MLS
  • Fee Simple Tenure
Courtesy of Keller Williams Realty Maui-L

Listing courtesy of Keller Williams Realty Maui-L.

2431 S Kamaile, Wailuku image
2431 S Kamaile, Wailuku $725,000

Serene and quaint awesome view lot offering both ocean and mt views, lot have two tiered levels one for your primary and the other for your accessory dweling. Lot is cle...

  • 383227 MLS
  • Fee Simple Tenure
Courtesy of Fine Island Properties, LLC

Listing courtesy of Fine Island Properties, LLC.

Lahaina image
Lahaina $6,495,000

Rarely does a property come along that truly takes your breath away. This is that home. Travel up the private palm lined drive where perched on a secluded 34 acre bluff...

  • 5 Beds
  • 4.5 Baths
  • 383226 MLS
  • Fee Simple Tenure
Courtesy of BD Properties Hawaii LLC

Listing courtesy of BD Properties Hawaii LLC.

1885 Main Street Unit 506, Wailuku image
1885 Main Street Unit 506, Wailuku — Maui Realty Suites $650,000

Maui Realty Suites is a Mixed Use building close to County, State and Judiciary building. The top 2 floors are residential condominiums with assigned parking (3) and add...

  • 3 Beds
  • 3 Baths
  • 383225 MLS
  • Maui Realty Suites Bldg.
  • Fee Simple Tenure
Courtesy of Shore To Shore Realty, Inc

Listing courtesy of Shore To Shore Realty, Inc.

2695 S Kihei Unit 4104, Kihei image
2695 S Kihei Unit 4104, Kihei — Kamaole Sands $495,000

Great Ground Floor location with the much sought after EXTRA LARGE LANAI. Walk off the end of your lanai to the private bar barbecue area for building 4. The vacation res...

  • 1 Beds
  • 2 Baths
  • 383223 MLS
  • Kamaole Sands Bldg.
  • Fee Simple Tenure
Courtesy of Coldwell Banker Island Prop(W)

Listing courtesy of Coldwell Banker Island Prop(W).

40 Waiapo, Kihei image
40 Waiapo, Kihei $729,000

Welcome to Kamali’i Alayna, a quaint, plantation-style community of only 92 homes located in Kihei,directly across from the Pacific Ocean. Here you'll find a 3 bedroom / ...

  • 3 Beds
  • 2 Baths
  • 383222 MLS
  • Fee Simple Tenure
Courtesy of Keller Williams Realty Maui-Ki

Listing courtesy of Keller Williams Realty Maui-Ki.

2811 Liholani, Makawao image
2811 Liholani, Makawao $685,000

Prime location! Beautifully updated! Open floorplan! WOW ~ this Pukalani Fairway Estates home overlooking the gulch by the 8th green is a MUST SEE! The mature landscaping...

  • 3 Beds
  • 2.5 Baths
  • 383220 MLS
  • Fee Simple Tenure
Courtesy of Maui Luxury Real Estate LLC

Listing courtesy of Maui Luxury Real Estate LLC.

23 Halapa, Kihei image
23 Halapa, Kihei $895,000

The Ridge at Wailea is an exquisite luxury development consisting of 9 single family home lots in Wailea with mountain to ocean views. Wailea is home to many upscale res...

  • 383219 MLS
  • Fee Simple Tenure
Courtesy of Polaris Pacific

Listing courtesy of Polaris Pacific.

10 Bougainvillea, Lahaina image
10 Bougainvillea, Lahaina $1,349,000

If you have been looking for a large home with pool, spa, and ocean views in Kahana Ridge, this is the one! The traditional floor plan offers living, formal dining, kitch...

  • 5 Beds
  • 3.5 Baths
  • 383216 MLS
  • Fee Simple Tenure
Courtesy of Island Sotheby's Int'l Rlty(L)

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

408 Monarch, Lahaina image
408 Monarch, Lahaina $2,238,800

Pictures don't do justice to the panoramic ocean, outer island and mountain views from this spacious 3 bedroom, 3 1/2 bath home at the end of a cul de sac with a generous...

  • 3 Beds
  • 3.5 Baths
  • 383215 MLS
  • Fee Simple Tenure
Courtesy of Keller Williams Realty Maui-L

Listing courtesy of Keller Williams Realty Maui-L.

80 Halili Unit 8D, Kihei image
80 Halili Unit 8D, Kihei — Villas At Kenolio Ii $499,000

Welcome home to the Villas at Kenolio unit 8D! PRIDE OF OWNERSHIP seen throughout this well-appointed, ground floor condo where no stone has been left unturned. Included ...

  • 3 Beds
  • 2 Baths
  • 383214 MLS
  • Villas At Kenolio Ii Bldg.
  • Fee Simple Tenure
Courtesy of Coldwell Banker Island Prop(W)

Listing courtesy of Coldwell Banker Island Prop(W).

4242 Lower Honoapiilani Unit F-207, Lahaina image
4242 Lower Honoapiilani Unit F-207, Lahaina — Kahana Villa $475,000

Unit F-207 at Kahana Villas features over 1,200+ sq ft in a 2 bed / 2 bath configuration with ocean view. This is an townhome style unit with living areas on the bottom, ...

  • 2 Beds
  • 2 Baths
  • 383213 MLS
  • Kahana Villa Bldg.
  • Fee Simple Tenure
Courtesy of Keller Williams Realty Maui-Ki

Listing courtesy of Keller Williams Realty Maui-Ki.

327 Hanauana, Haiku image
327 Hanauana, Haiku $1,395,000

PURE HAWAII. Artesian Springs. Waterfalls. Lush tropical landscaping. Fabulous forest hiking. OCEAN VIEWS are off the charts. Multiple building sites. Gated community onl...

  • 383212 MLS
  • Fee Simple Tenure
Courtesy of Keller Williams Realty Maui-Ka

Listing courtesy of Keller Williams Realty Maui-Ka.

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