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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

30 Waikai, Kihei image
30 Waikai, Kihei $1,495,000

A stone-throw away from famous white sand Keawakapu Beach, this private, immaculately maintained, newly remodeled home in gated Wailea Kai, is easy living at its best. Th...

  • 3 Beds
  • 2.5 Baths
  • 385686 MLS
  • Fee Simple Tenure
Courtesy of Romvari Realty Ltd.

Listing courtesy of Romvari Realty Ltd..

660 Wainee Unit B110, Lahaina image
660 Wainee Unit B110, Lahaina — Aina-Nalu $575,000

CORNER UNIT! Rare opportunity to own this luxurious 2 bedroom/2 bathroom condo at the beautiful Aina Nalu resort in Lahaina. This first floor condo has been meticulously ...

  • 2 Beds
  • 2 Baths
  • 385685 MLS
  • Aina-Nalu Bldg.
  • Fee Simple Tenure
Courtesy of Keller Williams Realty Maui-Ka

Listing courtesy of Keller Williams Realty Maui-Ka.

2797 Panepoo, Kihei image
2797 Panepoo, Kihei $595,000

This listing is definitely a fixer upper for the Handyman. Property to be sold "As Is". Value in the land and district.

  • 3 Beds
  • 2 Baths
  • 385684 MLS
  • Fee Simple Tenure
Courtesy of Shore To Shore Realty, Inc

Listing courtesy of Shore To Shore Realty, Inc.

50 Nohea Kai Unit 4-405, Lahaina image
50 Nohea Kai Unit 4-405, Lahaina — Kaanapali Alii $1,750,000

Very private beautifully maintained 2-bedroom 2-bath garden/mountain view unit. Very popular corner with lots of windows allowing for a bright lighted interior. Unit feat...

  • 2 Beds
  • 2 Baths
  • 385683 MLS
  • Kaanapali Alii Bldg.
  • Fee Simple Tenure
Courtesy of Kaanapali Resort Realty LLC

Listing courtesy of Kaanapali Resort Realty LLC.

475 Manawai, Haiku image
475 Manawai, Haiku $1,674,999

Imagine the possibilities on this 5 plus acre parcel with captivating ocean views from almost the whole property. With terraced and retained platforms ready to be built o...

  • 1 Beds
  • 1.5 Baths
  • 385682 MLS
  • Fee Simple Tenure
Courtesy of Island Sotheby's Int'l Rlty(W)

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

131 Ahuwale, Makawao image
131 Ahuwale, Makawao $1,299,000 ▼

This one of a kind property features spectacular North Shore and harbor forever views on a magical 2+ acre property. Prime location at the end of a quiet cul de sac with ...

  • 5 Beds
  • 3 Baths
  • 385681 MLS
  • Fee Simple Tenure
Courtesy of Keller Williams Realty Maui-Ki

Listing courtesy of Keller Williams Realty Maui-Ki.

204 Anapuni, Lahaina image
204 Anapuni, Lahaina $4,395,000

Luxury contemporary design combined with custom materials to create this exquisite 4 bedroom (4 full bathrooms/1 half bath) residence of over 4,800 square feet located in...

  • 4 Beds
  • 4.5 Baths
  • 385680 MLS
  • Fee Simple Tenure
Courtesy of Wailea Realty Corp.

Listing courtesy of Wailea Realty Corp..

561 Anekona, Wailuku image
561 Anekona, Wailuku $2,400,000

Fine Luxury behind the beautiful custom Koi Gates. Come see this stunning one of a kind custom designed interior home, in the sought out Wailuku Country Estates Subdivis...

  • 3 Beds
  • 3.5 Baths
  • 385678 MLS
  • Fee Simple Tenure
Courtesy of HomeSmart Island Homes

Listing courtesy of HomeSmart Island Homes.

210 APANA, Makawao image
210 APANA, Makawao $650,000

Desirable corner lot. Large 1/2 acre lot with Ohana ready for you to build your dream home. Don't miss this Makawao deal. Comes with a tenant so you can build your home a...

  • 2 Beds
  • 1 Baths
  • 385677 MLS
  • Fee Simple Tenure
Courtesy of eXp Realty

Listing courtesy of eXp Realty.

160 KEONEKAI Unit 13-101, Kihei image
160 KEONEKAI Unit 13-101, Kihei — Keonekai Villages $349,900

SUPER FRESH, BRIGHT, MODERN AND FUN! MOVE-IN READY and IMMACULATE CONDITION with all the renovations already done for you (and LOWEST priced Fee Simple SOUTH KIHEI COND...

  • 2 Beds
  • 1 Baths
  • 385676 MLS
  • Keonekai Villages Bldg.
  • Fee Simple Tenure
Courtesy of Keller Williams Realty Maui-Ka

Listing courtesy of Keller Williams Realty Maui-Ka.

2191 S Kihei Unit 2116, Kihei image
2191 S Kihei Unit 2116, Kihei — Maui Vista $439,000

Adorable one bedroom one bath ground-floor unit in the perfect South Kihei location. Maui Vista is an exceptional vacation rental property close to Charlie Young beach an...

  • 1 Beds
  • 1 Baths
  • 385675 MLS
  • Maui Vista Bldg.
  • Fee Simple Tenure
Courtesy of Wailea Realty Corp.

Listing courtesy of Wailea Realty Corp..

19 Lahaole, Wailuku image
19 Lahaole, Wailuku $485,000

Enjoy the Mauka to Makai views from this beautiful, cleared, 2.4-acre lot that offers spectacular ocean, valley, and mountain views! Build your dream home and ohana. Lot ...

  • 385674 MLS
  • Fee Simple Tenure
Courtesy of Elite Pacific Properties, LLC

Listing courtesy of Elite Pacific Properties, LLC.

3543 Lower Honoapiilani Unit G108, Lahaina image
3543 Lower Honoapiilani Unit G108, Lahaina — Papakea Resort I Ii $669,000

Exceptional offering at Papakea! This beautifully and newly remodeled first floor unit has a large side window that looks out to fabulous ocean views from the kitchen an...

  • 1 Beds
  • 1 Baths
  • 385672 MLS
  • Papakea Resort I Ii Bldg.
  • Fee Simple Tenure
Courtesy of Island Sotheby's Int'l Rlty(L)

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

2219 S Kihei Unit B104, Kihei image
2219 S Kihei Unit B104, Kihei — Pacific Shores $629,000

BRAND NEW AND COMPLETELY REMODELED 2 bd / 2 ba ground floor corner unit on Maui’s south side is a perfect beach getaway! Offered fully-furnished and turn-key, this modern...

  • 2 Beds
  • 2 Baths
  • 385671 MLS
  • Pacific Shores Bldg.
  • Fee Simple Tenure
Courtesy of Hawaii Life (W)

Listing courtesy of Hawaii Life (W).

633 Meakanu Unit 205, Wailuku image
633 Meakanu Unit 205, Wailuku — Kehalani Gardens $480,000

Beautiful 2 story town home with new: flooring, upgraded appliances, paint, vanities, plumbing, ceiling fans, granite counter tops, kitchen cabinets, faucets, bathroom va...

  • 3 Beds
  • 2.5 Baths
  • 385670 MLS
  • Kehalani Gardens Bldg.
  • Fee Simple Tenure
Courtesy of Maui Tropical Realty

Listing courtesy of Maui Tropical Realty.

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