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Kauai Foreclosure Updates
Foreclosures are on the rise in Kauai. If you are facing a possible foreclosure, please know there are options available to stop your foreclosure. You'll find some helpful articles here, and also I'd strongly suggest exploring a Short Sale. There are many advantages of a Short Sale, where we're able to negotiate with the banks to "forgive" the 'short' amount - the difference between what a buyer pays, and the balance due the lender. There are advantages for your credit, too. Click here for a free report showing analyis of Foreclosure vs. Short Sale and the impact on your credit.
For Buyers, the uniqueness of Kauai real estate makes buying a foreclosure (REO) challenging. It's important to work with an experienced Buyers Agent who can help you. As a team, we investigate the property, do market analysis to determine if it's really a "good value" and work together to make sure you have as much information as possible.
Coming Soon!! Webinars!! To help analyze your purchase and make sure it fits your family's financial goals, I'm hosting online seminars (webinars) providing you with free tools to do your own 'number crunching' using an exclusive online service available for free to all my attendees. Please email me if you're interested. |
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What is an REO? Real Estate owned, otherwise known as an REO, is real property owned by a bank or lender. Lenders commonly acquire REOs through the foreclosure process, but can also acquire ownership by other means, such as a deed-in-lieu of foreclosure (homeowners, be aware this is the same as foreclosure on your credit).
How is an REO Sold? When it comes time to sell an REO, lenders often use a licensed real estate agent, and list the property on the Multiple Listing Service (MLS). Working with an REO agent is no different than in a typical real estate transaction, other than there may be different forms required by the lender. Offers and counteroffers are common. |
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Things to Consider When Buying a REO:
- REOs are usually sold "As Is"
- The buyer may need to perform maintenance work, adding to the overall cost of the property
- There are often penalties assessed for a buyer's inability to close by a certain date
- Buyers may be responsible for the payment of any homeowner's association, condominium association or other outstanding assessments
- If the property is occupied, the Buyer is usually responsible for evicting the occupants
- Closing costs are often paid by the Buyers
Help for Homeowners:
If your loan is owned by Fannie Mae or Freddie Mac, you may be eligible for a faster refinancing program. If you aren't sure whether or not your mortgage is underwritten by either of these programs call your mortgage lender or servicing company or visit www.fanniemae.com or https://ww3.freddiemac.com/corporate/ or call 1-800-7FANNIE or Freddie at 1-800-FREDDIE to find out who owns your mortgage. Those with an existing mortgage underwritten by Freddie or Fannie who wish to refinance might be eligible for streamline processing even for some rentals or second homes. If you aren't sure where to begin, use the FHA Lender Finder located at http://www.fhaoutreach.gov/lender/lender.do.
In addition to the news and articles on the side of this page, here's more helpful information:
Courtesy of RealtyTrac.com:
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Complete Market Analysis of any Kauai property - delivered to your email: |
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Please use my free tool for in-depth graphs and reports on market values for any Kauai real estate of interest. You set it up yourself, and it comes directly to your email!
www.KauaiRealEstateValues.com
You'll need Kauai Zip Codes |
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