In 2011, the Hawaii Legislature passed Act 48, a lengthy bill intended to reform the foreclosure process in Hawaii. From the day the law passed, non-judicial foreclosure, the preferred methods for mainland banks to rapidly foreclosure on distressed homeowners, was killed. There have been no non-judicial foreclosures since May 5th when the law passed. When [...]
Are you looking for a great buy on a bank-owned (REO) property in Princeville? I just listed this first floor end condominium (MLS# 251048). It offers views out to a tree-lined path to Anini Beach and beyond to the Prince Golf Course.
The latest financial and economic report from UHERO (University of Hawaii Economic Research Organization) highlights the ongoing slowdown to the state’s recovery from the economic crisis, which began some three years ago. The report highlights a reduction in velocity of the travel industry despite a strong 2011 beginning. Travel revenue is generally a reflection of the [...]
“New Law Flounders!” That was the headline in last week’s Honolulu Star Advertiser. Here’s the back story: When Senate Bill 651 was signed into Act 48 on May 5, 2011, Hawai‘i legislators thought they were taking a powerful and effective step in helping homeowners to deal with their banks. The 101 page bill was intended to force lenders to make better efforts at negotiating loan modifications with [...]
Aloha to all of you. As we enter the fourth quarter, typically not that strong a quarter in the island sales market, we take a look at the data from our 3rd quarter of sales on the island of Kauai. The information comes to us courtesy of Hawaii Information Services. Monthly and quarterly, our MLS [...]
Here’s a unique REO on half an acre with a 2,837 sq. ft. home and a 500 sq. ft. legal ADU (MLS# 248951) located in Puu Pilo Estates, Wailua Homesteads and priced at $566,700.
Let the Foreclosure Mediation begin…or will it? The Mortgage Foreclosure Dispute Resolution (MFDR) procedure, as defined in Hawaii’s Act 48, went into effect on October 1st. I monitor the conversation about Act 48 because it is so important to Hawaiian homeowners and to the many sellers and borrowers that I represent. All through the local news [...]
A few years ago, if you were in the market to buy a home on Kauai’s north shore with some land around it (acreage), you’d have to be prepared to spend close to $2 million. If it had a pool, and a separate office building, and mature fruit orchards, you could expect it to be [...]
Last Wednesday, August 31st, the Kauai Board of Realtors held their quarterly GMM (General Membership Meeting) at the Kauai Marriott Resort and Beach Club in Lihue. The GMM is a time for Realtors to get together and network and learn about changes in the industry, and compare views of the market. Occasionally, one of the guest [...]
The recently released U.S. Foreclosure Sales Report from Realtytrac, generally considered the de facto expert on tracking our nation’s foreclosure market, statistically confirms a trend that is evolving here in the islands and on the mainland as well. The report dissects and analyzes the sales of distressed properties in the 2nd quarter of 2011. Remember [...]
The reputation of short sales is that they “are not short,” meaning they take a long time to successfully complete. Conversations about short sales often revolved about how to make the process more efficient—meaning shorter, since on average it lasted anywhere from 60 to 90 days, though some short sales go on for over a [...]
Great foreclosure opportunity to own a beachfront home on Kauai’s east side, currently listed at $739,000. This property has a 180 degree ocean view and a sandy beach to go along with that view! This 3 bed/2.5 bath beachfront house (MLS# 245073) is listed at $739,000 The home has approximately 2,432Â sq. ft. of living space [...]
Well, it’s been 32 days since I published a blog post with my initial thoughts about Act 48, the 101 page bill (formerly Senate Bill 651) which was signed into law by Governor Neil Abercrombie on May 5th, 2011. How is this new legislation going to effect homeowners (the act’s intention is to help Hawaiian [...]
The Hawaii Legislature just passed Act 48, which was signed by Governor Abercrombie on May 8, 2011, thus becoming law. The intent was to try to give owner occupants of Hawaii properties an opportunity to sit down with the lender in a non-judicial foreclosure to attempt to negotiate the terms of the loan. It also [...]
Governor Neil Abercrombie signed Senate Bill 651 last week, and Act 48 takes effect immediately in the State of Hawaii as of May 5th, when the bill was signed. Of course, since each island is a county in the State of Hawaii, this effects all islands and applies to the foreclosure process on a statewide [...]
HAWAI'I LIFE