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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

58 Kino, Pukalani image
58 Kino, Pukalani $1,200,000

Spacious custom built and beautifully designed 2,939 sqft. home in the highly desired Pukalani Highlands Subdivision. The interior living room features an elegant stairca...

  • 4 Beds
  • 3 Baths
  • 396698 MLS
  • Fee Simple Tenure
Courtesy of Emerald Club Realty, Inc.

Listing courtesy of Emerald Club Realty, Inc..

35 Walaka Unit L306, Kihei image
35 Walaka Unit L306, Kihei — Kalama Terrace $460,000

This condo unit is located within a short strolling distance to the beach area known as “The Cove”. This is a very popular surf spot in Kihei. The unit itself is very b...

  • 1 Beds
  • 1 Baths
  • 396697 MLS
  • Kalama Terrace Bldg.
  • Fee Simple Tenure
Courtesy of Emerald Club Realty, Inc.

Listing courtesy of Emerald Club Realty, Inc..

140 Uwapo Unit 28-102, Kihei image
140 Uwapo Unit 28-102, Kihei — Kihei Villages I $588,000

Priced to sell! Desirable ground-level unit with its own beautiful outdoor garden setting which includes banana trees, papaya trees, taro, sweet potato and tropical plant...

  • 2 Beds
  • 1.5 Baths
  • 396696 MLS
  • Kihei Villages I Bldg.
  • Fee Simple Tenure
Courtesy of Equity One Real Estate Inc (M)

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

50 PUU ANOANO Unit 1805, Lahaina image
50 PUU ANOANO Unit 1805, Lahaina — Masters $2,000,000

Don't miss the unique opportunity to own a luxury E Floor Plan unit offering 2156 square feet plus an additional 260 square feet of outdoor lanai living space. This priva...

  • 3 Beds
  • 3 Baths
  • 396695 MLS
  • Masters Bldg.
  • Fee Simple Tenure
Courtesy of Coldwell Banker Island Prop-KP

Listing courtesy of Coldwell Banker Island Prop-KP.

1379 Owaka, Wailuku image
1379 Owaka, Wailuku $1,450,000

Do you like to sip your favorite beverage while watching the sun or moon rise over the ocean, and while feeling the sea breeze keep you cool? If yes, you need to see thi...

  • 5 Beds
  • 3 Baths
  • 396694 MLS
  • Fee Simple Tenure
Courtesy of Coldwell Banker Island Prop(S)

Listing courtesy of Coldwell Banker Island Prop(S).

34 Nonohe, Paia image
34 Nonohe, Paia $4,875,000

This beautifully decorated two bedroom, plus a separate room for gym/office/bonus space, well-maintained home nestled within one of the most sought after communities in S...

  • 2 Beds
  • 2 Baths
  • 396693 MLS
  • Fee Simple Tenure
Courtesy of Big Wave Realty LLC

Listing courtesy of Big Wave Realty LLC.

481 Halelea Unit 127, Kihei image
481 Halelea Unit 127, Kihei — Hokulani Golf Villas $2,295,000

Rare front row, corner lot location at Hokulani Golf Villas. This 3 bedroom, 2.5 bath floorplan overlooks the tee box of the 10th hole at Maui Nui golf course. Massive oc...

  • 3 Beds
  • 2.5 Baths
  • 396692 MLS
  • Hokulani Golf Villas Bldg.
  • Fee Simple Tenure
Courtesy of Hawaii Life (W)

Listing courtesy of Hawaii Life (W).

160 Lahai, Kahului image
160 Lahai, Kahului $1,295,000

FIRST FLOOR MASTER SUITE!! Welcome to The Parkways at Maui Lani. This quiet, highly sought after community is located adjacent to the Dunes Golf Course. Close to schools...

  • 3 Beds
  • 2.5 Baths
  • 396691 MLS
  • Fee Simple Tenure
Courtesy of Hawaii Life (W)

Listing courtesy of Hawaii Life (W).

4365 Lower Honoapiilani Unit 1003, Lahaina image
4365 Lower Honoapiilani Unit 1003, Lahaina — Royal Kahana $625,000

Your Maui Dream Come True! Nestled between Ka’anapali and Kapalua is a premier ocean front resort perfectly situated on Kahana Bay, the Royal Kahana Maui Resort. Enjoy t...

  • 1 Baths
  • 396690 MLS
  • Royal Kahana Bldg.
  • Fee Simple Tenure
Courtesy of West Maui Luxury Property

Listing courtesy of West Maui Luxury Property.

8 Laupapa, Haiku image
8 Laupapa, Haiku $1,090,000

Move-in ready! This immaculate and meticulously maintained, cul-de-sac Haiku home is quiet and fenced for privacy. Featuring a flowing, open floor plan with stylish déco...

  • 4 Beds
  • 2.5 Baths
  • 396689 MLS
  • Fee Simple Tenure
Courtesy of Compass

Listing courtesy of Compass.

3543 Lower Honoapiilani Unit A-401, Lahaina image
3543 Lower Honoapiilani Unit A-401, Lahaina — Papakea Resort I Ii $25,000

Very desirable and sought-after direct oceanfront top floor corner 1 bedroom plus loft 2 bath Papakea Time Interval unit. It has been upgraded which includes tile floorin...

  • 1 Beds
  • 2 Baths
  • 396688 MLS
  • Papakea Resort I Ii Bldg.
  • Fee Simple Tenure
Courtesy of Keller Williams Realty Maui-L

Listing courtesy of Keller Williams Realty Maui-L.

21 Ualei, Kihei image
21 Ualei, Kihei $6,500,000

We all have multiple desires. We want privacy, but we want to be close to the beach. We want intimacy, but we need space. We want proximity to restaurants and shops, but ...

  • 396686 MLS
  • Fee Simple Tenure
Courtesy of The Maui Real Estate Team, Inc

Listing courtesy of The Maui Real Estate Team, Inc.

20 Uwala, Hana image
20 Uwala, Hana $2,498,000

Amazing opportunity to live and farm in paradise. Located in the beautiful  Hana Agricultural Park, this 3 Bedroom 2 bath has a welcoming gated entrance and paved wrap-ar...

  • 3 Beds
  • 2 Baths
  • 396685 MLS
  • Fee Simple Tenure
Courtesy of Compass

Listing courtesy of Compass.

3559 Lower Honoapiilani Unit 709, Lahaina image
3559 Lower Honoapiilani Unit 709, Lahaina — Maui Sands Seaside $349,000

Come and check out this oceanfront bargain! This ground floor vacation-rentable unit is located in West Maui. Walking distance to the beach with amazing ocean views. En...

  • 1 Beds
  • 1 Baths
  • 396684 MLS
  • Maui Sands Seaside Bldg.
  • Leasehold Tenure
Courtesy of Island Premier Realty LLC

Listing courtesy of Island Premier Realty LLC.

OMAOPIO, Kula image
OMAOPIO, Kula $1,500,000

Gorgeous 6.142 level acreage with stunning unobstructed ocean, West Maui Mountains and Haleakala views, just up the road from Ocean Vodka. County water to site. Ready t...

  • 396683 MLS
  • Fee Simple Tenure
Courtesy of eXp Realty

Listing courtesy of eXp Realty.

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