For buyers looking for an entry level Waikoloa Village home, the good news at this time is there are eight homes listed in the $200′s and even one below $200,000.
This home is sparkling clean with open beam ceilings and a newly remodeled kitchen – listed at $265,000 (MLS# 254367)
Most of these homes are short sales, in fact, they all are with the exception of one bank owned REO home. As you would expect with distressed sales at entry level prices, many of these homes will need some work. Prices range from $185,300 to $299,900.
Need a Loan?
One important point for buyers that will be using a loan to purchase a home – not all homes qualify for FHA loans…and some homes may not qualify for any loan. Using an FHA loan? What you need to look for is a home that is safe and sanitary.
So, plumbing and electric all need to work – a broken toilet could result in a “no” on your loan. The roof needs to be in good order with no leaks. Overall, these homes could look like they’re trashed – carpets can be wretchedly stained, walls can be in need of paint 3 years ago, and the grass can either be knee high, or brown and dead.
The government underwrites these loans and there are standards that appraisers must conform to in their report. So, safe and clean yes, but cosmetic damage is allowed.
This two story home (MLS# 254097) is listed at $289,000, but comes with some major repairs
An example of a home that needs to be a cash purchase is the home pictured above. This home is in one of the Village’s more popular areas – Kipona Hills. The home is a 3 bedroom/2.5 bath two story home – nice sized home with 1,667 sq.ft. on a larger sized lot- 13,417 sq.ft.
This home is listed at a very attractive price of just $289,000. Sounds like a lot of home for the money and it is, but it has some big ticket repair items. The listing agent on this home is one of the best on the island and pre-sale home inspection and termite report have been done. This home needs to be tented for termites and needs a new roof..along with some other more minor repairs.
A home that I think is a great example of how some deferred maintenance can result in a great price for the savvy buyer is (MLS# 253592) pictured below. The home is large with almost 2,000 sq.ft. feet of living space along with a nice secluded garden area off the main bedroom. Count on replacing the flooring and a new coat of paint on the exterior, but the short sale price on this home is just $299,000 for a home built in 2003.
Don’t let the neglected paint on the exterior drive you away – this home is large with some nice features (MLS# 253592)
Short Sales Can Be a Good Option
I’ve seen all these homes and would be happy to answer any questions. Oh, one last thought – don’t be scared away by a home that is a short sale. Having worked with many buyers over the past two to three years on short sales, I’ve seen a marked improvement in bank response time.
Also, many of these short sale homes have already gone though a valuation process with the lender and come with a suggested market price from the lender. These sales can be approved fairly quickly and you don’t have the guess work of what sales price the bank will or won’t approve.
I love the Big Island! Aloha.