What the Mortgagor Needs to Know
As a mortgagor facing possible foreclosure you are probably feeling a lot of pressure. The stress of losing a home through foreclosure is also usually compounded by a variety of other life stresses and therefore can be an extremely difficult time in your life. Indeed, it’s important to understand that although you may be looking at foreclosure, you have some rights.
First of all, you have until 3 days before the sale to prevent default by paying the debt and other costs associated with foreclosure. Hawaii foreclosure law attempts to protect the borrower by ensuring that you receive ample notice about an impending foreclosure. Even when a power of sale clause exists, the bank must give you what constitutes a minimum of 4 weeks notice before they can attempt to auction your property.
More importantly, when your lender has provided you with a notice of intent to foreclose, you are free to sell your property on your own. In many cases of foreclosure, the mortgagor often gets less than the value of the property. By selling your property before foreclosure, you are more likely to get a fair price.
What the Foreclosure Home Buyer Needs to Know
Foreclosure home buyers need to understand that the process is fraught with loopholes and these sales are rarely straightforward. Nevertheless, when you purchase a foreclosed property, you often save a great deal of money.
Still, home buyers who are interested in foreclosure properties must often accept a property without having seen it and you must also accept that other parties are going to be interested in bidding on the property. Non-judicial foreclosures are usually more straightforward for home buyers as with judicial foreclosures bidding doesn’t stop until a court confirms sale. This means you may win the auction and still lose the property in the end.
The timeline for foreclosure sales is usually around 60 to 90 days but depending on the property and the legal matters involved a foreclosure sale can take up to a year to finalize. Legal complications with foreclosure sales are simply a part of the process and you must be prepared and patient when you’re shopping for foreclosure properties.
Nevertheless, foreclosure properties are fairly common throughout Maui because of the current economic climate and you may find a great deal on a beautiful property if you follow the foreclosure route.
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U.S. new home sales posted their biggest monthly gain in eight years in June (Up 11% from May), suggesting the housing market may be starting to recover from its worst slump since the Great Depression of the 1930s. Despite the large increase, sales levels are still much lower than a year ago and prices are still declining in most areas of the Country. Read more.
One of the factors leading to the increase in sales is the “Homebuyer’s Tax Credit” of up to $8000. If you or your spouse have not owned a home within the last 3 years, you may be eligible for this credit provided you meet certain income requirements and the home will be occupied as your principal residence. You must close on your purchase by December 1, 2009 in order to be eligible for this tax credit, so time is running is out. Read more.
In addition to the Homebuyer’s Tax Credit, foreclosures are also a major factor stimulating sales. Receive a current list of all Bank Owned properties on Mau when you sign up for our weekly Newsletter.
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Although prices have not started rising yet; we have seen a large increase in the number of sales here on Maui which parallels what is happening across the country. Read more.
This is also apparent by looking at the number of Active Listings. This week, there are 886 active listings of homes for sale on Maui. In March of this year, there were 1061 Active Listings, a drop of 17% in less than a year.
In addition, the number of Pending Sales has almost doubled. All in all, this is harbinger of good times ahead, in our opinion. We expect 2010 to continue this positive trend.
Our featured property this week, Hale O’ Ola, is one of the finest homes on Maui, and in one of the best locations. Check out their website, which has lots of great information including a link to some of the scenes that were shot for the reality TV show, America’s Next Top Model. It should be obvious why they selected this home as a backdrop for many of their scenes as well as to house the models while they were shooting on Maui.
Have a wonderful week.
Mahalo Nui Loa,
The Smith Team
P.S. Please ask us about Auto-Notification, so that you never miss out on the opportunity to purchase the property of your dreams.
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- Nov
- 27
Maui Land to Be Auctioned
Are you looking for a large estate sized parcel of land to build your dream home on Maui?
If so, you may wish to consider a land auction coming up soon at Makila Ridge in Launiopoko just outside of Lahaina which is taking place on Friday, December 4th.
This an auction of 5 large agricultural lots ranging from 25 to 50 acres. Minimum bid is $500K. Please call us if you’d like more details.
Would you prefer having 2 acres with a terrific house, full on orchards and gardens, fabulous views, and privacy? Then, be sure to check out our Featured Property listing above located in the nine lot private gated subdivision of Kaimanu Estates adjacent to Wailea. It is a screaming deal!
Have a wonderful week.
Mahalo Nui Loa,
The Smith Team
P.S. Have a very Happy Thanksgiving Holiday. Be safe!
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We are going to condense several days in to this BLOG. After leaving Tracy’s Arm we travelled south stopping in Ketchikan for several hours. There we took a nice walk through the town taking time to pick some fresh raspberries and visit a Totem Center display.
Then it was on to Victoria, one of the most beautiful cities you’ll ever see. Everywhere you look there are beautiful flower arrangements and many artisans displaying their handywork or showing off their talents.
After several hours in Victoria, we got back on to the ship for the last leg of our trip down to Seattle. After debarking in Seattle, we drove to Vancouver where we stayed the night with a friend. Below is an assortment of some of the photos we took along the way.
Vancouver is also a very picturesque city with so much to do. Ken really enjoyed taking a 10 mile run this morning from Kitsilano Park along the waterway. We had a lovely time with our most gracious guest, and then it was off to Kamloops. Tomorrow we drive to Jasper where we are looking forward to even more glorious mountain scenery. Below are some photos taken along the way from Ketchikan to Kamloops.
Aloha,
Ken and Monique
Ken and Monique at Sabbatini’sKen and Monique at Sabbatini’s
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- Jun
- 25
Waiehu Terrace
You can move right in to this turnkey immaculately maintained home in a quiet cul de sac at the top of Waiehu Terrace. Pride of ownership is quite evident in all the homes in this neighborhood. Some of the outstanding features of this home are the glass top range, stainless steel refrigerator, and extended bar counter. There is also 2 split zone A/C systems to keep you cool during those warm summer days. A brand new Raynor Lifetime Garage door will provide you with years of quiet operation. There are mini blinds throughout the house except for the Master Bedroom which has plantation style shutters. Property backs up to open space providing glorious unobstructed views of the West Maui Mountains. Large lot has been beautifully landscaped with a variety of ornamental Palms and other species plus fruit trees such as Mango, Coconut, Attis, Kalamansi (Sweet Lime), and Tangerine. There are rock and hollow tile walls surrounding the property as well as a roll away security gate in front of the driveway making this a very safe and private property for your young children and pets. There is even a kennel in the back yard. Large storage room in the backyard is perfect to keep all of your lawn equipment, tools, bikes, etc. Spacious covered patio makes this home perfect for backyard barbequing, parties, and family functions. This home is conveniently located just minutes to downtown Wailuku and all the conveniences of living in Central Maui.
Mahalo,
Greg, Ken, and Jeremy
The Smith Team
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- May
- 17
Fixer Upper Special
Rice camp fixer upper special in Haiku, Maui Hawaii. Reduced to $335K (FS)
Mahalo,
The Smith Team
Ken, Greg, and Jeremy
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Just Listed, brand new never been lived in condo. Located in North Kihei across the street from popular windsurfing beach park. Kai Makani Beach Villas is a community of 112 distinctive condominium homes. The perfect place for long walks at sunset or viewing the seasonal whales. The central location puts all areas of Maui just minutes away.
Mahalo,
The Smith Team
Greg, Ken, and Jeremy
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- May
- 09
Seahorse Ranch
Malibu on Maui. The contemporary modern architectural design of this home is reminiscent of one of the many palatial estates along the coast of Malibu. Timeless in both style and longevity, this concrete home sets up high on a 51 acre palisade overlooking the azure blue waters of Maui’s North Shore. Unparalleled mountain and ocean views in all directions. The ultimate in privacy and seclusion yet only a short 15 minute drive to the heart of Wailuku. Ideal property for someone who would like to commute via helicopter. There are 8 additional water meters available. Private water system. Additional structures are caretakers quarters, pool cabana, workout room, barn, and 150 ft. x 200 ft. fenced arena.
Please feel to contact The Smith Team for all of your Maui real estate needs.
Mahalo,
Ken, Greg, and Jeremy
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- May
- 05
Makena Place #10
The ultimate in luxury oceanfront living in South Maui at Makena Place #10. $11.2M (FS)
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