Rarely available fully furnished 3 bedroom Ocean Front ground floor unit in Kai Lani available for rent as a long term rental. This property will be available for a minimum 1 year lease to a qualified candidate for the monthly rent of $3,300 per month plus GET (4.5%). This property will be available on November 15th and is currently vacant and easy to show. Take a look at the pictures and if you have any questions, click here to Contact Michael or give me a call at (808) 225-3660

Here is a picture from what could be your own Lanai as you watch the sunset as the sun slips into the ocean.



All you need to do when you move in is hang your clothes in the closet. The living area is furnished with plenty of room to accommodate your needs and is of the highest quality.

The open floor plan allows for ample room for a dining area, living area and the kitchen is placed to allow a full ocean view as you prepare your meals or just enjoy the breakfast bar.



The lovely kitchen is fully functional and comes complete with all of your glass ware and cook ware and includes a Bosch dishwasher



You'll love the views from the master bedroom suite!



The master suite includes a King Sized bed, dressers, nightstands and TV



The master suite includes a large walkin closet, granite double vanity and upgraded tile package with separate tub and glass shower. Here are a few pictures of the master bath.





The second full bath also includes tile and granite finish and is also the home of the furnished extra capacity washer and dryer.



The remaining 2 bedrooms are also fully furnished with beds, dressers and linens.





For some views of the exterior of the unit, views from the unit and some common area of Kai Lani, scroll down













As an owner at Kai Lani, you'll be able to enjoy the pool in the neighborhood as well as many of the amenities in the resort like the fitness center and tennis courts which are all included benefits from your Home Owner Association.


Fitness Area with Workout Equipment and Tennis Courts



One of 2 Tennis Courts with onsite Instructor and Night lights

It is my pleasure to be able to offer this wonderful home for a minimum 1 year lease. The HOA fees include all exterior maintenance, landscaping and yard care, exterior building insurance, pool, and membership to the Ko Olina Sports Club which includes a gym, tennis courts and discounts throughout the resort. So, if you would like to live where most people can only vacation, let me know if you'd like to learn more about this wonderful home just steps to the beach and located in the Ko Olina Resort and Marina. Contact Michael

Aloha,


Michael Hege' RA
Kapolei Realty, Inc
(808) 225-3660
www.HomesOahuHawaii.com
www.KapoleiToday.com

The Beach Villas at Ko Olina on Oahu Hawaii held their clearance sale on their luxury condo's this past weekend on September 19th & 20th.

This was the real estate sales event where the condo prices were drastically reduced with the goal of selling all of the remaining 114 condos/villas (or about half of the project) over two days.

The sale was very successful with around 78 out of the 114 villas sold. You still have a second chance with around 26 villas remaining. If your interested,

click the Call Me or Email Me links to the right >

and we can discuss the opportunity. Some of the villas sold for as low as in the high $500's which is an amazing price when you figure the original starting prices at the project were around $1.8m. This is an almost four for the price of one deal.

It remains to be seen as to how they will dispose of the remaining villas. The standard method would be to sell the rest of them one at a time as they have in the recent past (at the discounted prices) until they are all gone. Who knows though, they might add additional incentives as time goes on so that they can unload the remaining units. Maybe they'll sell the rest of them in bulk to a single buyer. I don't have a crystal ball to know what will happen next. The one thing I have learned around here is that everything can and will change from moment to moment.

I am still working on pulling as many homeowners together into a central reservation website site so that we can control our rates and offer good values for guests with rates that don't force homeowners into foreclosure when they can't make their mortgage and HOA payments. Rates continue to decline and I predict they are going to get worse. At some point, it's not worth renting out because the cost of wear and tear of both our grounds and our villas will be higher than the nightly rental rate.

One central site will also allow us to compete with other properties in the global market instead of spending time competing with each other. There should be enough guests around the world if we can effectively reach them. Why spend all of our time fighting over one guest, we should go out and get ten more instead.

Give me a call or drop me an email if you agree. If you have purchased a villa and are interested in renting it out and would like some effective marketing, I may be able to help. If your still thinking about purchasing there may be some good opportunities for you. It's going to be a little rough going for the immediate future but five or ten years from now you'll probably be glad you "got in the game". At least, that's what I think. See you around the pool! Alfred--

If you didn't purchase but have fallen in love with the area, Beach Villas Vacation Reservations are available at: Ko Olina Beach Villas Resort Reservations.

Check the Specials and Packages tab for the latest vacation rental deals.

NEW!!
FHA HUD Preforeclosure Sales Program

Basically, the definition of the short sale process is when the lender of a property allows the property to be sold for less than the amount due on the mortgage loan(s) secured by that property. With real estate values declining, it is more and more common for properties to worth less than the debt against them.

There are benefits for all parties involved. A short sale process is that it allows the seller to avoid the credit report damage associated with a foreclosure. A foreclosure can stay on your credit report for up to 10 years and can take an emotional and financial toll on you and your family. For the lender, it provides an orderly and predictable strategy without the additional time and expense of a foreclosure action.

But the pitfalls of the short sale process should be considered as well. The I.R.S. may consider any debt forgiveness as taxable income, thus resulting in a tax liability. Legislation has recently been enacted to exclude owner occupants from this liability, but you will need to talk with your tax advisor to determine how the potential tax consequences will pertain to your individual circumstance. IRS Debt Forgiveness Link

In addition, lenders can often pursue a borrower for the deficiency balance (the difference between the amount owed and the amount paid). in most CDPE transactions, this will be a part of the negotiations with the lender and releases from further action can often be obtained. Unsecured promissory notes are also a common remedy to address this shortfall with each borrowers situation and resolution being different depending on the lenders involved and the circumstances of the transaction.

The Short Sale Process

The short sale process can vary, but it will generally work as follows:

1) The homeowner will meet with an individual to review their situation and seek assistance in requesting a short sale. A Certified Distress Property Expert or real estate agent with experience in short sales will know the criteria required to obtain approval and begin to collect it. This information will all become part of what is known as the "THE PACKAGE". A marketing and pricing strategy will be decided and if possible, the home will be placed on the market.

2) The agent will request the seller to issue a letter authorizing the release of personal information about the loan and the property to the agent so that contact with the lender and the agent can be established and placed in the file to allow the agent to present offers and maintain contact with the lender. Example of Authorization Letter

3) As the property is marketed according to the agreed to strategy, THE PACKAGE will continue to be prepared and needs to be the priority. This will include a "hardship letter," which will detail and explain all financial difficulties as well as the seller's financial situation including bank statements, investment accounts, paystubs and other financial records often including the last 2 years of tax returns.

It is essential that THE PACKAGE be ready to submit as soon as an acceptable offer is received and must be accurate, thorough and complete. The transaction will require the lender to accept 10's to 100's of thousands of dollars less than the face amount of the debt and THE PACKAGE is the story that supports the request for that consideration. The last part of THE PACKAGE will be the purchase agreement and HUD (Net sheet to the lender), pricing research and a Broker Price Opinion to support the purchase agreement, marketing history of the listing and it will normally approach 100 pages of information.

4) At this point, once received by the lender, THE PACKAGE will be assigned to a loss mitigator with the lender and the evaluation process of the short sale will begin. If there are more than one lenders involved with the property, the above steps will be repeated for each lender. This process can be lengthy and 30 to 45 days would be easily expected and will depend on the lender. The importance of the completeness of THE PACKAGE is now evident as if it is incomplete, the file will get kicked requesting additional information and the process can be forced to start over. Because of the time involved, it is important to keep the prospective purchaser informed also and to streamline the time required as much as possible so as to not loose a buyer close to the end of the road.

5) During this process, the lender will be obtaining a Broker Price Opinion of their own, verifying the file, reviewing the purchase agreement and evaluating the hardship of the borrower. There are many things that need to come together and when the do, the lender will issue an acceptance of the short sale with a list of conditions. That acceptance letter is the prize you are looking for and their needs to be one from every lender who has a lien against the property. Example of Approval letters

6) At this point, the transaction becomes similar to a traditional transaction. Escrow will be the intermediary between the lender and the transaction and will be responsible for payments and staying within the criteria of the approval letters.

To summarize, the short sale process can be lengthy frustrating and at times... maddening. But if done correctly it is the closest that we come to a "Do over" and when you consider the dollars involved in some cases, one can understand the lender's requirements to be sure it provides them with the best return on their bad situation also. The lender avoids the uncertainty of the foreclosure process, the seller avoids a foreclosure on his or her credit report (along with potential bankruptcy), and the buyer hopefully got a good deal on a property.

Considering the complexity of the short sale process, you must be educated and you need to be sure that the agent you are working with understands the process and is motivated to represent you well in the negotiations, preparations and marketing of your home. If you are considering a short sale, make sure that you discuss your situation with a competent lawyer and accountant as well as the real estate agent. The more educated you are on the process and the more you know what will be expected of you and that you do those things, the easier the transaction will be.

Just repeat after me... "This too shall pass."

Links

Washington Post article on the HUD Program known as "Making Home Affordable

IRS Document on The Mortgage Forgiveness Debt Relief Act and Debt Cancellation

For more information on Short Sales and the process involved, visit my website at :

WWW.IhateShortSales.com

I hate short sales! But I hate foreclosures more.

Not in my Market of Ko Olina, Kapolei and the Leeward Coast? Let me know if you would like a Certified Distress Property Expert (CDPE) in your market and I will make arrangements to have an expert in your area contact you.

Click Here For An Expert in Your Market

Within this website, you will find information to assist you in evaluating a short sale as an alternative path if you currently owe more money on your house than you believe you can sell it for. In "Resources and Forms" you will find some of the actual paperwork that is required in a successful short sale.

I can't imagine an agent would prefer the additional work required to work with a lender on a negotiated short sale transaction. I've yet to come across a distressed owner who is pleased they are needing to seek relief from the bank because they can not keep up with their mortgage payments. I've never worked with a buyer who was excited about the prospect of the uncertainty that a short sale purchase involves, often waiting much longer that it seems logical to find out if they were going to be successful in purchasing a home or not. Short sales are not fun and they are not ideal. What they are is a good solution to a bad situation. So, while I may hate short sales, I hate foreclosures more.



The Mortgage Crisis has affected nearly everyone who owns property. A successful short sale will at least give you the opportunity to start over and have many of the damaging effects of a foreclosure avoided. As a Certified Distressed Property Expert (CDPE), I have dedicated my time and effort to understanding the issues distressed homeowners are dealing with. As a CDPE Professional, I understand the full range of solutions and am ready to help. As an office, Kapolei Realty, Inc., has made the commitment to assist people in this situation. Nearly all of our agents have obtained the elite designation of CDPE and we really can and do help to stop the foreclosure process one family at a time.


Don't Let Time Run Out on You

Of all the things I have learned during my CDPE training, the most disturbing was that 7 out of 10 people proceed through the foreclosure process without ever talking to a real estate professional. Please don't let yourself be one of those people. We understand that it is hard to ask for help, but that is exactly what you need. You really do have some choices and the choices you make will be with you long after the foreclosure process has come and gone. I am not going to say that it will be an easy process for you and I wish I could say that it will be enjoyable. What it will be is a well explained process that you understand after our first consultation and will make all the difference in the world to you if you are able to have a controlled process that resembles a sale of your home versus a foreclosure and eviction.

If you would like to discuss whether or not a short sale may be your best answer to a difficult situation and are located on the Leeward Coast on Oahu, we would be more than happy to arrange a time with you where we can discuss your options. If you are outside of our market place, our office is in touch with an entire network of individuals who are as dedicated as we are to Stop Foreclosures and we will gladly put you in touch with someone in your marketplace who is also a Certified Distress Property Expert and can offer you the same services we provide to guide you though the process. If you would like to give me a call and find someone in your area to talk with, please feel free to do so at (808) 225-3660 or Click Here to send me a note.



Yes it's true. I do hate short sales. We all do. They are a necessary evil in our current mortgage crisis with property values falling below the values of the mortgages. The good news is that there are thousands of people who are in the same situation you might be finding yourself in and that they are getting the assistance they need to solve their own individual crisis. We consider every short sale we complete to be some of the best work we do. They do take time and right now, time may not be your friend. You do have our commitment that if you contact us, we will offer you some straight talk and let you know what we can and can't do and if your circumstances meet the requirements for a successful short sale.




Michael Hege' RA, CDPE
Kapolei Realty, Inc
(808) 225-3660
www.HomesOahuHawaii.com
www.KapoleiToday.com
www.IhateShortSales.com

First time on the market, luxurious Ocean Front Condo at the
Beach Villas at Ko Olina available for lease or vacation rental.

Are you looking for a place to live where each day feels like you are on a luxurious vacation? You can at the Beach Villas at Ko Olina. Imagine waking up to a beautiful Ocean Front view, then wandering down to the the fitness center for an early morning workout, followed by a visit to the steam room and sauna, and then some laps in the lap pool, all before you head off to work.

In the evening, go for a stroll on your sandy beach, take a dip in the ocean or lagoon pool, watch the sun set as you BBQ some fresh Ahi Tuna steaks, Rib Eye Steaks or Shrimp. Costco, Target and Safeway are all just one exit away and less than five minutes from your home.

Not interested in cooking? No problem, our on-site concierge staff (Debbie, Heaven & Summer) are here to make your life easier by making that perfect restaurant reservation or ordering tickets for a special event.

Need a massage after a hard day, no problem, perhaps a Hot Stone Massage will chase away any stress.

Short term rentals of one week and longer are available through September of 2010. After September of 2010, minimum length of stay is 30 days.

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FYI for people purchasing property in Hawaii: Property tax rates in Hawaii are 400% higher for properties that provide short term rentals. So we're keeping our 3br as a short term rental and our 2br will become a long term rental.

We've already paid the taxes for short term rentals through September of 2010 for both properties so that's why you can reserve the 2br as a short term rental until then. However, to change the property type from a short term to long term rental, you must do it a year in advance. The deadline is once a year in September so you have to decide now to make the property a long term rental but it won't take effect until a year later, in October of 2010!

It's a crazy system but I think it maximizes revenue for the state. Taxes for this property are $16,000.00 a year as a resort rental and around $4,000.00 as a residence/long term rental, quite a difference.

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Vacation rental rates and long term lease rates include two parking stalls, high speed internet, phone service with unlimited local and mainland phone calls, cable and water. Vacation rental rates also include electricity. (On a long term lease, the tenant pays the electric bill based on usage and the monthly association fees for the upkeep of the grounds. You don't need a gardener, lawn mower or pool maintenance person.)

Contact us for current short term and long term vacation rental and long term lease rates.

Beach Villas Condo Photo Slide Show: 2br/2ba, Long Term Rental Photos.

Beach Villas 360 panoramas (you can rotate the view): Long Term 2br/2ba Rental 360 Views.

Beach Villas at Ko Olina Common Areas, Panoramas (you can rotate the view):
Beach Villas at Ko Olina 360 Views of the Grounds.

Live or vacation in paradise! Give us a call or drop us an email.