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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
Enjoy the quiet serenity of beautiful, cool Keokea. This peaceful home has stunning panoramic views and is nestled on a quiet cul-de-sac surrounded by 100 acres of verda...
- 3 Beds
- 1.5 Baths
- 386627 MLS
- Fee Simple Tenure
Listing courtesy of Coldwell Banker Island Prop(S).
Tucked away in a corner of Haiku on the Makai side of Hana Hwy, is this amazing 10-acre property. Consisting of 3 separate parcels. Currently an 8.6-acre, 1.99 acre and 7...
- 386626 MLS
- Fee Simple Tenure
Listing courtesy of Pacific Shores Realty.
Three bedroom units are very rare in upper West Maui vacation rentable complexes... but here is one! Located on the top floor of the popular Papakea resort, this unit ha...
- 3 Beds
- 3 Baths
- 386624 MLS
- Papakea Resort I Ii Bldg.
- Leasehold Tenure
Listing courtesy of Hawaii Life (KAP).
Located in one of West Maui's most desirable neighborhoods, Kahana Ridge, this beautiful home has outstanding ocean views from just about every where you look. Wake up a...
- 3 Beds
- 3 Baths
- 386623 MLS
- Fee Simple Tenure
Listing courtesy of Elite Pacific Properties, LLC.
Picture perfect 2BD/1BA Kula cottage on 2 acres of fully usable land with stunning ocean and West Maui views. Live in the beautiful, recently remodeled cottage while bein...
- 2 Beds
- 1 Baths
- 386622 MLS
- Fee Simple Tenure
Listing courtesy of Island Sotheby's Int'l Rlty(M).
Here is your opportunity to enjoy sought after single level living at The Parkways at Maui Lani! Three years young ~ this upgraded 3 bedroom, 2 bathroom home is the popul...
- 3 Beds
- 2 Baths
- 386621 MLS
- Fee Simple Tenure
Listing courtesy of Maui Luxury Real Estate LLC.
Nearly new corner lot home at Kealohilani at Kehalani. This 4 bedroom/3.5 bathroom home features whole house gutters and an open floorplan that is great for entertaining....
- 4 Beds
- 3.5 Baths
- 386620 MLS
- Fee Simple Tenure
Listing courtesy of Delmore Realty.
205-4 is a spectacular 3 bedroom townhome rebuilt in 2017 from the ground (slab) up using top quality materials. The moment you walk through the front door you will appre...
- 3 Beds
- 3.5 Baths
- 386618 MLS
- Puamana Bldg.
- Fee Simple Tenure
Listing courtesy of Mark A Marchello Inc.
Come home to a quiet lush tropical abode, a sweet taste of Hana in this West Maui low-density condominium. This upstairs spacious one bedroom two bath corner unit with a...
- 1 Beds
- 2 Baths
- 386617 MLS
- Hale Royale Bldg.
- Fee Simple Tenure
Listing courtesy of Maui Paradise Properties LLC.
This 3 bedroom, 2 bath ranch home is ready for your personal style. Freshly painted exterior and interiors, this light and bright residence has vaulted ceilings in the l...
- 3 Beds
- 2 Baths
- 386614 MLS
- Fee Simple Tenure
Listing courtesy of Wailea Realty Corp..
This is a Remnant property. Remnant #69. Only 1612 sq. ft. I am not sure what its uses are. The lowest priced property on Maui. Land locked and below Kula Rd. Zoned AGR. ...
- 386612 MLS
- Fee Simple Tenure
Listing courtesy of Whale Song Realty Inc.
Great opportunity to own a 5 bedroom 3 bath home on a large lot with mature mango trees in the back yard. Located directly in the heart of Kahului, this home is very near...
- 5 Beds
- 3 Baths
- 386611 MLS
- Fee Simple Tenure
Listing courtesy of Moffett Properties LLC.
MINUTES to renowned Hookipa Beach, and literally steps away from world famous Mama’s Fish House restaurant. This 2nd floor end-unit is 1 of only 6 end units in Kuau Plaza...
- 1 Beds
- 1 Baths
- 386610 MLS
- Kuau Plaza Bldg.
- Fee Simple Tenure
Listing courtesy of Island Sotheby's Int'l Rlty(M).
AFFORDABLE third floor, 2 bed. 1.5 bath unit. view of garden area. Up dated unit, Kitchen, appliances, baths, carpet and vinyl flooring. Clean and ready to move in. En...
- 2 Beds
- 1.5 Baths
- 386607 MLS
- Harbor Lights Bldg.
- Fee Simple Tenure
Listing courtesy of Fine Island Properties, LLC.
This Unit is B101, a ground floor unit in the Papakea Resort, a very popular low rise garden paradise situated on 13 acres of tropical landscape, freshwater lagoons, expa...
- 1 Beds
- 1 Baths
- 386605 MLS
- Papakea Resort I Ii Bldg.
- Fee Simple Tenure
Listing courtesy of Chase 'N Rainbows Real Est Inc.
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