Aloha Diana--- As 2013 unfolds, condo prices have leveled out at much lower levels than in prior 3-4 years...the trick is to be ready to make a quick move on a desirable unit that appears..As always, you will have a reasonable period of time to review the investment..but moving quickly to tie up the unit is the best way to acquire a great deal. Give a call if you'd like to talk it over--- Forrest 808-987-2365... more
I could actually close this for you provided you started the permit process now so you'll be two months into the wait by the time you close on the home. The caveat is that you could have issues if they didn't approve the permit and you closed on your home already... If you were willing to take this risk, this is still a doable deal and the permit issue would go away.
I personally would never do this without some assurances upfront that the permit would be approved (preferably by the applicable department there, permits & zoning?) but that's just me, I have a lower tolerance for this type of risk, you may be different.
The best part about rehab loans is that the permits don't have to be in place before you close, unless the lender has an overlay that says it must be, then you have to find a new lender, which it sounds like that's your next step (otherwise your loan officer has never done one or they'd have told you before, this is common knowledge for Renovation Specialists).
If you get it figured out, great and good luck, if you need my assistance, contact me via my profile.
The agent from Colorado is only partially correct when it comes to Hawaii, where foreclosures may be either judicial or non-judicial. (Good advice to find a local Realtor!)
You really have two separate questions. There is the stage where a property is not yet bank-owned and is headed for auction. For the most part at these auctions it reverts to the lender, who sets a reserve price in excess of today's market value. While you can find the list of judicial auctions on the Third Circuit Court website, the Kamuela zip code covers many resort properties rather than just near Waimea so you'd have to sort through it. There is no single source I've found that is perfect for the non-judicial foreclosures. Although I do get a monthly list from the escrow company I use, that only tells me the initial filing and they typically are postponed several times.
Often they then get sold as short sales before they actually go to auction.
Once properties are bank-owned, they eventually will be listed in the MLS as Sally says.
Feel free to contact me with your criteria (home or land, price point, green side or dry side, etc) and I can let you know what I"ve got on my list.