Home Selling in Naalehu>Question Details

Stephenstins…, Both Buyer and Seller in Oregon

I am upside down in an investment house in Hawaii and see little hope of this being fixed any time soon.

Asked by Stephenstinson, Oregon Sat Nov 8, 2008

Renting it our will get only 50-60% of mortgage and therefore I will be slipping at least $1100/mo for 5 years and then maybe break even, not a good scenario. If anybody wants a screaming deal on a brand-new house on the Big Island let me know. I am looking for serious investors. The house appraised for $375K in 7/2006 and I would take 230K right now or I will probably walk away as I have other properties. My e-mail is stephens@buchanan-a.com.

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4
Aloha Upside down,

The situation may not be as bad as you think, depending on the location of the property and condition of the house, you may even be pleasantly surprised at the current value.. If your property is here on the Big Island of Hawaii I would be happy to give you a CMA. There is no cost or obligation.
Thalia D. Naidu, RS
Century21 All Islands

Feel free to contact me via my website:
thalianaidu.hawaiimoves.com
or email: thalia.naidu@hawaiimoves.com
0 votes Thank Flag Link Tue Jul 29, 2014
Have you talked to your current lender about doing a "short-sale"?

We regularly help clients with loan modifications. Loan modifications are designed to help people in two areas: (1) Those who want to KEEP their homes; and, (2) Those who want to SELL their homes. Since you are in the latter category, I would encourage to you seek modification relief so that you can sell your home for less than what you owe your lender.

If you need additional help with modification relief, please contact us at (808) 331-0585.

Kind Regards,
Andrew Meislin
President

Lauhala Mortgage
74-5620 Palani Court; Suite 208
Kailua Kona, HI 96740

Phone: (808) 331-0585
Fax: (808) 331-0583
Email: Andrew@LauhalaMortgage.com
0 votes Thank Flag Link Thu Dec 3, 2009
Stephens,
Am I correctly reading from your post that your property is located in Naalehu? Have you researched to know whether other similar properties have sold recently? Do you know what is competing on the market with your property?

Mike is correct recent Hawaii legislation keeps agents at arms length from advising on distressed property transactions, where "distress" is very specifically defined, since many investors are feeling distressed at the moment, and not just in our market! However, if the price at which your home could reasonably be listed and sold is above your mortgage obligations and you are not behind in any payments (on your mortgage, taxes, or association fees if any), your best shot is to list it with an agent who specializes in that market. The selling season is almost upon us!

Although that market is a little far from my corner of the Big Island, I'd be happy to refer you to an agent in Ka'u if you need a name or two.
Aloha
Beth Thoma Robinson R(S)
beth@hawaiipalmproperties.com
808.443.4588

Specializing in North and South Kohala on the Big Island
"We know this market by heart"
0 votes Thank Flag Link Wed Nov 12, 2008
Aloha Stephen:

I understand your and empathize with your situation. I am a Broker in Charge at RE/MAX Honolulu and I study the market daily and stay on top of it. You can visit my website stats at http://www.hawaiirealestatestatistics.com.

I see upside in equity daily of listings coming off of the market in the form of Expired and Withdrawn Listings simply because the owner owes more than the home value.

If you need to I would look for a Loss Mitigator who might be able to help you with a Short Sale. Real estate agents in Hawaii are prohibited in discussing the terms of a short sale proposal.

Good Luck in your possible sale.

Aloha,
Mike Gallagher
Broker in Charge
RE/MAX Honolulu
Mikeg@hawaii.rr.com
0 votes Thank Flag Link Sun Nov 9, 2008
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