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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

1129 Hoalu, Wailuku image
1129 Hoalu, Wailuku $635,000

This single level 3 bedroom house is located in a quiet cul-de-sac at the very top of Waiehu Terrace. You can see and feel the love and care that the owners put into thi...

  • 3 Beds
  • 2 Baths
  • 383926 MLS
  • Fee Simple Tenure
Courtesy of Keller Williams Realty Maui-Ka

Listing courtesy of Keller Williams Realty Maui-Ka.

399 Front, Lahaina image
399 Front, Lahaina $5,500,000

Incredible opportunity to own rare beachfront property on West Maui. This is one of the largest oceanfront parcels of land on Front Street with over 94 linear feet of san...

  • 4 Beds
  • 3 Baths
  • 383925 MLS
  • Fee Simple Tenure
Courtesy of Keller Williams Realty Maui-L

Listing courtesy of Keller Williams Realty Maui-L.

3463 Kehala, Kihei image
3463 Kehala, Kihei $1,235,000

Vintage Hawaiiana Pole House with wrap around ocean and Haleakala views from both the main house and ohana. Main house is currently divided into two rentals with each hav...

  • 4 Beds
  • 4 Baths
  • 383924 MLS
  • Fee Simple Tenure
Courtesy of Maui Ohana Real Estate LLC

Listing courtesy of Maui Ohana Real Estate LLC.

130 Kai Malina Unit NR522, Lahaina image
130 Kai Malina Unit NR522, Lahaina — Honua Kai - Konea $799,000

BEACHFRONT COMPLEX. LOCATED ON WORLD RENOWNED KAANAPALI BEACH ON MAUI! Perfectly situated on 38 prime beachfront acres with LUXURIOUS amenities. Incredible opportunity to...

  • 1 Beds
  • 1 Baths
  • 383923 MLS
  • Honua Kai - Konea Bldg.
  • Fee Simple Tenure
Courtesy of Maui Real Estate Advisors LLC

Listing courtesy of Maui Real Estate Advisors LLC.

25 Kapuaimilia, Haiku image
25 Kapuaimilia, Haiku $1,995,000

MUST SEE....FEEL THE OHMMM...RESORT STYLE LIVING ON THE NORTH SHORE...EXCEPTIONAL VALUE (Approx $332 per sq/ft) FOR just over 5,000 SQ.FT., 6BD/4.5BA MAIN HOME AND approx...

  • 6 Beds
  • 4.5 Baths
  • 383921 MLS
  • Fee Simple Tenure
Courtesy of Keller Williams Realty Maui-Ka

Listing courtesy of Keller Williams Realty Maui-Ka.

50 Waipaa Unit 40-101, Wailuku image
50 Waipaa Unit 40-101, Wailuku — Iao Parkside Iv-A $355,000

Great ground floor corner unit at Iao Parkside now available! Newly renovated, highly desirable, spacious, 2 bdrm, 2 baths in prime Wailuku location! Exterior of home fe...

  • 2 Beds
  • 2 Baths
  • 383919 MLS
  • Iao Parkside Iv-A Bldg.
  • Fee Simple Tenure
Courtesy of Fine Island Properties, LLC

Listing courtesy of Fine Island Properties, LLC.

3875 LOWER HONOAPIILANI Unit B201, Lahaina image
3875 LOWER HONOAPIILANI Unit B201, Lahaina — Hale Mahina $350,000

Ocean Paradise is unit B201 at Hale Mahina Beach Resort with one bedroom, one bath and 704 square foot interior. Are you looking for a vacation rental or a lifestyle that...

  • 1 Beds
  • 1 Baths
  • 383917 MLS
  • Hale Mahina Bldg.
  • Leasehold Tenure
Courtesy of Dinits Realty

Listing courtesy of Dinits Realty.

405 East Kuiaha, Haiku image
405 East Kuiaha, Haiku $1,099,000

Turn off on an impressive Royal Palm lined drive and a vision is slowly revealed of a stately Haiku dream house, custom designed to evoke a classic Hawaiian Plantation-St...

  • 2 Beds
  • 1 Baths
  • 383916 MLS
  • Fee Simple Tenure
Courtesy of UpCountry Realty

Listing courtesy of UpCountry Realty.

76 Mauu, Haiku image
76 Mauu, Haiku $1,735,000

As you enter the gate at West Kuiaha Meadows, you find a quiet and friendly 16 lot community.Continue to 76 Mau’u, at the end of a cul-de-sac and you’ll find the very pri...

  • 3 Beds
  • 3 Baths
  • 383915 MLS
  • Fee Simple Tenure
Courtesy of Equity One Real Estate Inc (M)

Listing courtesy of Equity One Real Estate Inc (M).

11 Aulii, Makawao image
11 Aulii, Makawao $2,795,000

Experience the rare chance to own the premier property in the coveted Kula 200 community. Located on a quiet cul-de-sac with neighboring lots at a minimum of 2 acres, thi...

  • 4 Beds
  • 3.5 Baths
  • 383913 MLS
  • Fee Simple Tenure
Courtesy of Elite Pacific Properties, LLC

Listing courtesy of Elite Pacific Properties, LLC.

4342 W Waiola, Kihei image
4342 W Waiola, Kihei $4,200,000

Overlooking the Wailea Blue Golf Course, this exceptionally designed 4 bedroom, 4.5 bath home in Wailea Golf Vistas has ocean views from all living areas. The master suit...

  • 4 Beds
  • 4.5 Baths
  • 383912 MLS
  • Fee Simple Tenure
Courtesy of Hawaii Life (W)

Listing courtesy of Hawaii Life (W).

715 S Kihei Unit B-121, Kihei image
715 S Kihei Unit B-121, Kihei — Kihei Bay Surf $349,000

Tremendous opportunity to own in highly sought after Kihei Bay Surf. This Beautiful 445 sq. ft. studio unit is situated in North Kihei right across the beach, and Whale S...

  • 1 Baths
  • 383911 MLS
  • Kihei Bay Surf Bldg.
  • Fee Simple Tenure
Courtesy of Coldwell Banker Island Prop(W)

Listing courtesy of Coldwell Banker Island Prop(W).

32 Kualono, Kula image
32 Kualono, Kula $849,000

Commanding Ocean views from your charming Kula ranch home nestled on the slopes of Haleakala. Exceptionally crafted and remodeled in 2016, find yourself surrounded by a l...

  • 3 Beds
  • 2.5 Baths
  • 383910 MLS
  • Fee Simple Tenure
Courtesy of Coldwell Banker Island Prop(S)

Listing courtesy of Coldwell Banker Island Prop(S).

688 Meakanu Unit 1105, Wailuku image
688 Meakanu Unit 1105, Wailuku — Kehalani Gardens $470,000

Feel the GOOD VIBES from this beautifully decorated condo. Neat as a pin, clean as a whistle and ready to be called your home! Ideal floor plan with living / dining / k...

  • 3 Beds
  • 2.5 Baths
  • 383909 MLS
  • Kehalani Gardens Bldg.
  • Fee Simple Tenure
Courtesy of Island Sotheby's Int'l Rlty(W)

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

43 Wailea Gateway Unit 104 (13), Kihei image
43 Wailea Gateway Unit 104 (13), Kihei — Keala O Wailea $1,525,000

Brand new front row spacious 3 bedroom, 2 bath unit ground level, corner residence in Keala O Wailea. Over 230 sq. ft. covered lanai opens up to a lush, green lawn, beau...

  • 3 Beds
  • 2 Baths
  • 383908 MLS
  • Keala O Wailea Bldg.
  • Fee Simple Tenure
Courtesy of Wailea Realty Corp.

Listing courtesy of Wailea Realty Corp..

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