HAWAI'I LIFEHow to Succeed at Buying a Maui REO Property
So far in 2011, there have been 235 bank owned homes sales on Maui and surprisingly 6 of these have been sales over $1M! It doesn’t matter whether it’s a screaming deal or your dream home, the challenge with REO property in Hawaii is that the best ones sell fast. Really fast. In fact, for Maui REO home sales this year over 37% went under contract in 20 days or less!
More than a third of Maui bank owned homes go under contract in less than 20 days
The current average of 67 days to contract for REO property on Maui is far below the average for the rest of the home market, which is 127 days to contract. With all the competition for foreclosed homes on Maui, how can you get an edge and buy the property you really want? We recently sold the most expensive REO home on Maui and it serves as a good example for how to succeed.
How to Succeed at Buying a Bank Owned Property
When a bank owned oceanfront home on Halama Street came on the market, we could see this particular REO home for sale would sell fast. There’s bound to be a lot of interest in any well-priced bank owned home, even more so when it’s a 3 bedroom house with an in-ground pool that’s directly fronting the ocean in Kihei.
We acted fast and immediately contacted a client who loves Halama street properties and set to work on preparing a competitive offer that would position our buyer to be the successful new owner. After only 16 days on the market (the bank only considers offers after the 13th day) we put this bank owned property under contract. We completed the sale in another 19 days and the house sold on September 27, 2011 for $3,020,000.
This sale shows that you can have great success when you have an agent that closely monitors the Maui market and takes quick action to prepare a strong offer that the banks will want to accept.
Of course, creating a Hawaii Life account and saving searches to receive email alerts is a smart way to get started, but remember that all your buyer competition is doing the same thing. You will gain a better advantage when you build a relationship with a Realtor who closely watches the market and will personally bring new properties to your attention and help you craft your competitive offer. View the latest Kihei REO home listings.
Are you ready to build a relationship and get an edge?
Dano Sayles has 27 years of full-time experience as a Maui REALTOR and specializes in the Wailea, Maui Meadows, and Kihei areas of South Maui. He is the exclusive broker for all new Ho’olei condos in Wailea and is distinguished for his record sales in Wailea Golf Vistas and Halama Street.
Dano Sayles, REALTOR Broker
Hawaii Life Real Estate Brokers
Cell: 808.870.4899
Dano@HawaiiLife.com
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