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Foreclosure in Honolulu : Real Estate Advice

  • All356
  • Local Info14
  • Home Buying84
  • Home Selling11
  • Market Conditions11

Activity 10
Mon May 4, 2015
Tim Davis answered:
Not too sure. Since they are bank owned, I would start there and see to whom they would refer you.
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Tue Apr 26, 2011
David Cooper answered:
As long as seller didn't sign your offer as accepted, out of luck. Short sales are the black hole of real estate.
Nothing makes sense


David Cooper Las Vegaqs Foreclosure Investor In Bank Owned REOs with Cash Flow. email or call for FREE
daily LIST +1-7024997037 not a real estate investor
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Mon Nov 1, 2010
Big Rock Investments answered:
Possibly. You should read your HOA docs. Most likely they will place a lien on the property instead that has to be paid off before title can be passed. If the lien is not satisfied by a certain date, the HOA will seek a judgment against the owner. ... more
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Tue Jun 29, 2010
Frank Diaz answered:
Thu Feb 25, 2010
Raymond_dallou answered:
There are many buyers that are content to purchase the leasehold property because of the reduced prices. You really have leverage when the end term of the lease is under 15 years. Most lenders will finance between 5 and 10 years back of the end leasehold date, which does not make the Purchase of the leasehold transaction acceptable if buyer is looking to finance the property for longer terms.
Raymond Dallou
Guild Mortgage
Condo Hotels, Leasehold, Non warrentable Condos, Hawaiian Home lands and more
Big Island (808) 883-8833
Oahu (808) 292-7566
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Wed Mar 17, 2010
Robert Vernon answered:
Robert,

I will send the information to your email and please let me know if you need any further assistance.
You can call me anytime 808.366.8134.

Best Regards,

Robert Vernon
Realtor- Associate
Abe Lee Realty LLC.
r.vernon7@gmail.com
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Mon Dec 28, 2009
Karel Kon answered:
I have few short sale listings . It can take up to 6 months to get an answer from the lender.
Also If your offer is too low it might get ignored as well.
.Aloha
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Mon Mar 23, 2009
Frank Diaz answered:
Hi Courtney,

On pre-foreclosures, they are typically owned by the bank. There is no reason or incentive for them to want to do a rent to own scenario. What would they have to gain? Ideally, they would like it vacant, so it can be shown by an agent at any time.

If the home is still owned by the homeowner, they have lost control of the situation, and you will not be dealing with them when it comes time to buy. Generally speaking, rent to own is not a good deal. You must be careful how you structure it if you decide to do something like this. If you decide to go ahead with it, be sure to have a real estate attorney review the contract. They are often written in favor of the seller.
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Wed Mar 4, 2009
Frank Diaz answered:
Hi Bill,

The AOAO first puts a lien on the property. That lien puts a cloud or hold on the title, so it must be paid before you get clear title. Also, the mortgage company is not going to let the home go for $1. They probably won't send it to auction at all. In most cases, in Hawaii, they will get an agent to market it, and sell it "As Is."
The mortgage lender has to release their interest in the property (the $300K in your example), and sell it for market value. That is defined by whatever someone will pay for it (and they will accept). It could be $200K or $300K. The mortgage company must pay the association dues (starting from when they took title), or they can't pass clear title.
The AOAO may also foreclose on the mortgage company (for not paying AOAO fees), after it has foreclosed on the homeowner. The AOAO may also seek a judgment on the original homeowner for any gap between what they owed when the bankruptcy or foreclosure occurerd and they fell behind on payments.

Call me if you have further questions. I am the treasurer at my AOAO and have foreclose on two units for non-payment.

Frank
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Mon Feb 18, 2013
Yvonne Jaramillo Ahearn, Esq. (B) answered:
Yes, there is still a market for flipping homes, but one must be very careful.

The days of crazy appreciation in Hawaii are gone, so profit from flipping will have to be earned primarily upon adding real value to the property -- at a cost which is less than the added value. Assuming a stable market with zero appreciation, with any property type (Single-family home or condo), you must be able to increase the market value of the property (in my opinion) by at least 20%, while keeping your expenses, including carrying costs, realtor fees, etc., to no more than half of that amount. Naturally if your costs are less, you can afford to have less of an increase in the market value of the property.

And, also (in my opinion), the property must be either ever so slightly underpriced or spot on, so it sells rapidly.

The best areas on Oahu for flipping are those that are still appreciating, or that are stable and not declining - and this is provided that you are dealing with property types (e.g. 3 versus 2 BR homes w/ 2 versus 1 BA) and price points with the highest demand (right now the greastest demand seems to be both on the very low end and the very high end for SF homes). Look for foreclosures and eyesores which are really horrible only cosmetically, to get the max return. Right now, there is so much condo inventory that they may not be the best thing for flipping.
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