Short Sales, Pre Foreclosure, Foreclosures, REO - Bank Owned property
First of all, this is from experience, Short sale properties are a very good buy - what is a short sale? A short sale means that the bank is willing to accept less money than what is owed on it. (Short of the amount owed) It has nothing to do with the amount of time it takes to close the deal. Actually if you were to call it by what it is - it would be called a - long sale - if ever sale. When I say - if ever - I mean that a lot of times, even though its explained to the buyer - it usually takes 60-100 days to close a short sale, about 50% of the time, the buyer looses patience 60 days into it - I have literally received an approval 1 day after the buyer lost patience - and let me tell you, ocean front condo, sold for $940,000 3 years ago, and we had an approval at $640,000, but it was too late. Luckily our office had a backup - but too often the buyer loses patience too soon. The key is to keep everybody geared up and mentally ready for the road ahead
Pricing? Why would a short sale be cheaper than an REO (bank owned property)? Because there are more cost involved in actually foreclosing on a property, you have the upfront cost of Lawyers, court costs, locksmiths, preservation cost, title cost, just to name a few. Then you have the hidden cost - you have the fact that it will be tied up another 4-8 months just getting all the legal paperwork handled, adding those months, to the amount of months that payments are not coming in, then you have the additional depreciation that may come in as a factor, and you have the bank having to take out there check book to buy it back at auction. Bottom line is - the bank does not want to foreclose on a home.
Example as of today, I have a listing in a subdivision - all the same homes, there is an REO property listed at $345,00, I have the exact same home listed as a short sale - and the bank told me to list it at $319,000 - exact same home.
Other benefits - First of all in a foreclosed home - often times the homeowner feels contempt against the bank, often times stripping the home of anything of value, including even sabotaging the property. I have walked in and seen water heaters, sinks, light fixtures all missing. I have even heard of owners flushing concrete down the toilets as they leave! And guess what - you get no disclosures, you have no legal recourse - so if you buy that home, and the foundation has to be torn up to replace plumbing, or the roof has been leaking for years and no one mentioned it - your all on your own - you own it baby - for better or for worse.
When you purchase a home in a short sale status - you have a homeowner that still has pride in their home, they are still bound by law to give you disclosures, and you have legal remedies if something is not disclosed. You have someone to ask questions to. Bottom line is, you're covered!
Low balling a short sale, or for that matter even an REO property? Don't waste your time or mine - please. The banks pay for appraisals or BPOs to be done on the property before they list it, or sell it. So they know the market, and the market value before a price is ever put on it. Typically you will see a Foreclosed property listed just below market value, they price it well. With a Short sale, you will see it listed another few percent below that of foreclosed home, again back to paragraph 2 the bank DOES NOT want to foreclose on a home - all they want is their money back, or as much of it as possible back! And please remember, this is not Las Vegas, Phoenix, or California. HOMES STILL SELL IN HAWAII and the bank knows that.
Last but not least - please feel free to call me at anytime - you'll get honest, straight forward information.
Aloha, and have a great day
Lance Owens (RS)
(808) 936-8383
Aloha Kona Realty Inc.
78-6740 Alii Drive
I know a lot of you are sitting there freezing your butt off, so I will try not to talk to much about the 82 degree weather, the 4-6 foot surf and of course paradise. I just wanted to warm you up some by posting these photos of yesterdays surf, and let you in on a great deal here in Kona.
A 3 bedroom, 2 bath, home, located just 1,400 feet from this surf spot - the one I am about to upload after I write this - how long would it take you to walk 1,400 feet and get to this beach - well since I live just a few homes away from this one - it takes me and my 7 year old about 15 minutes - you got to remember he stops a lot - oh dad - look at this gecko, oh dad look at this butterfly, oh dad lets catch some caterpillar's and take them home to become butterfly's.
Ok the Home - this is a short sale and the bank actually told me to list it at this price $319,000 - check out more on the house at my website.
Aloha, and have a great day
Lance Owens (RS)
(808) 936-8383
Aloha Kona Realty Inc.
78-6740 Alii Drive
Photos taken yesterday - nice surf
Hard to see at this time of day - but the ocean is just beyond those trees - 1,400 feet from here
Aloha, and have a great day
Lance Owens (RS)
(808) 936-8383
Aloha Kona Realty Inc.
78-6740 Alii Drive
Can you imagine owning a home - in Hawaii - for under $300,000 - just 2,200 feet from Banyans Surf Break.
Its true - this 3bedroom 2 bath home is listed for $299,000 and it is ceentrally located in Kailua Kona, just a little off of Alii Drive
Dollar for Dollar I believe this is the best deal in Kona right now. Kamani trees subdivision is a secret little hideaway right in the middle of Kona. You have the luxury of sidewalks, underground utilities, twice weekly trash pick up, an active homeowners association, pride of ownership shows thru out this subdivision. Kids playing in the streets, shortcut down to banyans surf break, and there is only one way in/out of this 5 street subdivision. Call me for more details
By the way - I took these photos today, 82 degrees, 4 foot waves, dont get much better than that!
Ok - Now the house
This is the view from your house - looking towards Banyans Aloha, and have a great day Lance Owens (RS) (808) 936-8383 Aloha Kona Realty Inc. 78-6740 Alii Drive
Crazy one for the books, Had this one in escrow at the agreed upon price of $875,000 - client owes $1,125,000. but the bank had agreed to the short sale price - somewhere along the many steps of foreclosure - it did not get to the correct department and this property was sold at auction. Countrywide was able to rescind the foreclosure and put it back in the short sale department - now the buyer has defaulted. This is the absolute lowest price unit in Villages at Mauna Lani !
Someone elses loss - can be a fantastic gain for you - take a look !
This is the Lehua Model, 2,174 sqft of living area, 3/3.5 centrally located - with access to world class golfing, dining, and shopping. Complex includes a pool, and fitness center.
Features include natural stone floor entries, mahogany doors and trim, central vacuum system, and zoned central A/C. Kitchen features include natural cherry wood cabinetry with granite counter tops, prep island, and a subzero refrigerator. Living room exits onto a covered lanai wet bar w/under counter refrigerator, BBQ grill, and granite counter tops; the large master suite features a walk-in closet with built-in dresser, inlaid wood ceiling, walk-in shower, an upgraded Jacuzzi tub, and marble counter tops, and sliding glass doors to a private covered lanai.
This is close to going to auction as a foreclosure - so if you have any interest in the Villages at Mauna Lani - you need to act now.
This is being sold unfurnished.
Kitchen above
BBQ exterior area below
Owners Beach Below - short walk from Unit
Aloha, and have a great day
Lance Owens (RS)
(808) 936-8383
Aloha Kona Realty Inc.
78-6740 Alii Drive
Bay View Estates - the second nicest gated community in Kona. Luxury homes for sale, starting in the low $1,200,000.Take a look at some of these and let me know how many you would like, and which ones they are.
Aloha, and have a great day
Lance Owens (RS)
(808) 936-8383
Aloha Kona Realty Inc.
78-6740 Alii Drive
| Search criteria: MLS Form Residential. MLS Status Active. TMK Subdivision BAYVIEW ESTATES |
 MLS DATA |
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| MLS # | Tp | St | DOM | Taxkey | Tnr | Price | Location | Land area | Details | |||
       |
196962 | RS | A | 480 |  3-7-8-11-36 |
FS | $1,199,000 | 78-7046 Mololani | 16,790 sqft | 2,555 3/3.5 | ||
 |
211738 | RS | A | 143 | 3-7-8-22-12 |
FS | $1,399,000 | 78-7023 Aumoe | 16,432 sqft | 2,710 3/3.5 | ||
 |
185777 | RS | A | 735 | 3-7-8-22-19 |
FS | $1,450,000 | 78-7023 Mololani St | 17,966 sqft | 2,426 3/4 | ||
| |
207908 | RS | A | 234 | 3-7-8-22-2 |
FS | $1,455,000 | 78-7016 Aumoe St | 15,066 sqft | 2,469 3/2.5 | ||
| |
216196 | RS | A | 23 | 3-7-8-22-45 |
FS | $1,475,000 | 78-6987 Aumoe St | 15,651 sqft | 2,429 3/3 | ||
| |
211381 | RS | A | 155 | 3-7-8-22-17 |
FS | $1,475,000 | 78-7018 Mololani St | 17,199 sqft | 2,679 3/3.5 | ||
| |
214788 | RS | A | 67 | 3-7-8-11-10 |
FS | $1,749,000 | 78-7030 Mololani St | 16,546 sqft | 2,418 3/2.5 | ||
| |
211237 | RS | A | 148 | 3-7-8-11-16 |
FS | $2,495,000 | 78-7024 Ola Mau | 15,185 sqft | 3,737 4/4 | ||
| This information has been supplied by third parties and has not been independently verified by Hawaii Information Service and is, therefore, not guaranteed. |
| Copyright ©10/17/2008 by Hawaii Information Service |
Aloha, and have a great day
Lance Owens (RS)
(808) 936-8383
Aloha Kona Realty Inc.
78-6740 Alii Drive
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