As Yumi said in her response to your questions, this property has been taken back by the bank. Once the bank takes it back they have an appraiser give them a value on it and then they have a real estate agent give them a Brokers Price Opinion or a BPO and involves using a process very similar to an appraisal. Then they may or may not make improvements and finally they will list it with a real estate agent.
If you are looking at property it would be wise for you to have an agent representing you. It does not cost you anything and your agent could immediately respond to all your questions and help to educate you on the REO and short sale process. Most agent who specialize in this have extensive knowledge in this field and it pay to be represented by someone who has the ability to help you through the process. At this time some of the best buys in Hawaii are the REO's and short sales. Often these properties are priced very aggressively and exceptional buys do not last long. You need someone to keep you informed when they come on the market because you need to act quickly if you want to succeed.
Mahalo nui loa,
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The property you have inquired about is now in the hands of the bank. They have just acquired the property legally on 02/16/12. It will take some time for the bank to assign the property to an agent for sale. Once the agent is assigned, depending on the work that needs to be completed and if the home is vacant or occupied, it can take a few weeks or several months to hit the market. Once the property is on the market, you will be able to view the property.
Are you familiar with REOs (Bank Owned Properties)? The differences from a foreclosure, REO & Short Sale?
Hope this helps and please contact us if you have further questions pertaining this property or others!
Yumi Laney Christina Laney