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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
Amazing single level Kaanapali Hillside home. Corner lot with awe-inspiring view with the Maui lifestyle indoor outdoor living. Words just can't describe it! You will nee...
- 3 Beds
- 3.5 Baths
- 388750 MLS
- Fee Simple Tenure
Listing courtesy of Lovely Maui Homes, LLC.
Talk about a rare Kapalua land opportunity to own two adjoining properties to command one of the most sought-after views on Maui! This 2.43 acre nicely sloped Plantation ...
- 388749 MLS
- Fee Simple Tenure
Listing courtesy of Keller Williams Realty Maui-L.
Rare opportunity to own a single-level 3-bedroom executive home on a quiet cul-de-sac street on 2.3 lush acres, plus the 2.43 acre adjacent lot, comprising an ultra-priva...
- 3 Beds
- 4 Baths
- 388748 MLS
- Fee Simple Tenure
Listing courtesy of Keller Williams Realty Maui-L.
Rare oceanfront Hale Kai O Kihei unit located within walking distance to shops and restaurants. Views, Views and more Views. Solid vacation rental rental history. This un...
- 1 Beds
- 1 Baths
- 388747 MLS
- Hale Kai O Kihei Ii Bldg.
- Fee Simple Tenure
Listing courtesy of AA Oceanfront Rentals & Sales.
Kamoa Views Unit 203 offers Lovely Ocean, West Maui Mountain & Maalaea Bay Views. You will enjoy a large, curved, approx. 111 s.f., covered lanai area for morning coffee,...
- 1 Beds
- 1 Baths
- 388746 MLS
- Kamoa Views Bldg.
- Fee Simple Tenure
Listing courtesy of Maui Real Estate Advisors LLC.
$5000 Credit towards buyer's closing costs from seller if offer accepted in first 7 days of listing. With such low rates, this is an incredible buy. Welcome Home to your ...
- 3 Beds
- 2.5 Baths
- 388745 MLS
- Townhomes At Kamalani Bldg.
- Fee Simple Tenure
Listing courtesy of eXp Realty.
Enjoy contemporary island living from this immaculately maintained luxury condo. This 3 bedroom, 2.5 bath unit has been upgraded with new stainless steel appliances, new ...
- 3 Beds
- 2.5 Baths
- 388744 MLS
- Iliahi At Kehalani Bldg.
- Fee Simple Tenure
Listing courtesy of Emerald Club Realty, Inc..
Unparalleled custom-remodel rarely seen in this price range, this Westside 3 bedroom, 2 bath home is one block from the ocean, close to fine dining, world-class golfing a...
- 3 Beds
- 2 Baths
- 388742 MLS
- Fee Simple Tenure
Listing courtesy of RE/MAX Island Properties, LLC.
Welcome home to #Napili, Maui, Hawaiian Islands. Only one block to Napili Plaza market, shops, gym, salon, coffee shop, restaurants and more! Conveniently located to worl...
- 3 Beds
- 2.5 Baths
- 388740 MLS
- Fee Simple Tenure
Listing courtesy of Keller Williams Realty Maui-Ka.
This could be one of Keonekai Villages best locations. Enjoy the peace and quiet of this fabulous outdoor living space and enjoy this nicely kept 2 bedroom 1.5 bath cond...
- 2 Beds
- 1.5 Baths
- 388739 MLS
- Keonekai Villages Bldg.
- Fee Simple Tenure
Listing courtesy of Hawaii Life (W).
Keonekai Villages is just minutes away from World Class Resorts in Wailea and the best beaches and restaurants on Maui. This 2/bed 1/bath is a great value, fresh paint, ...
- 2 Beds
- 1 Baths
- 388737 MLS
- Keonekai Villages Bldg.
- Fee Simple Tenure
Listing courtesy of Keller Williams Realty Maui-Ki.
Located in prestigious Plantation Estates, with sweeping ocean and sunset views, and in close proximity to world renowned Plantation Golf Course, sits this award winning ...
- 4 Beds
- 4.5 Baths
- 388735 MLS
- Fee Simple Tenure
Listing courtesy of Hawaii Life (KAP).
Come Home to Kahoma Village, a new West Maui community right off Historic Front Street. Within the neighborhood you’ll find 3 different offerings to suit almost anyone; ...
- 3 Beds
- 2 Baths
- 388734 MLS
- Kahoma Village Bldg.
- Fee Simple Tenure
Listing courtesy of Pacific Island Realty, LLC.
Own a fabulous vacation rental or come live here in the oceanfront resort yourself. Located in the Konea tower, this one-bedroom is the larger floor plan of 750 sf with a...
- 1 Beds
- 1 Baths
- 388733 MLS
- Honua Kai - Konea Bldg.
- Fee Simple Tenure
Listing courtesy of Susan Jackson Real Estate.
Come Home to Kahoma Village, a new West Maui community right off Historic Front Street. Within the neighborhood you’ll find 3 different offerings to suit almost anyone; ...
- 3 Beds
- 2 Baths
- 388732 MLS
- Kahoma Village Bldg.
- Fee Simple Tenure
Listing courtesy of Pacific Island Realty, LLC.
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