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Hawaii Foreclosure/Lender Sale Properties

Some of the best deals on the market are properties that have been foreclosed and then put on the market by the lending institution that currently holds title. In the industry they are known as REOs. It is best to verify that title has actually been conveyed back to the lender selling the property before entering into a purchase contract because there have been some cases where the transaction gets stalled because of title issues.

These properties are usually aggressively priced in order procure a quick sale. If you can find a foreclosure/lender sale in a neighborhood, or condo/townhouse project that suits your fancy—and move on it quickly—you will probably get a good deal.

This is a bank owned foreclosure 3 bed/2.5 bath home in Waikele listed at $599,900 (MLS# 1101194)

I have created a sample gallery of some active listings of foreclosed properties that are currently being offered for sale by lenders. I keep track of foreclosures that come on the market daily for my clients.

If you would like more information on foreclosures contact me.

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Katie Minkus, R(BIC)

February 27, 2011

Aloha David… we’ve had more than one instance of serious title problems with REOs here on the Big Island – several transactions literally delayed by 4 months or more – at that pace to close, it might make just as much sense to buy a short sale! What are you seeing on Oahu?

Katie Minkus, R(BIC)

February 27, 2011

Aloha David… we’ve had more than one instance of serious title problems with REOs here on the Big Island – several transactions literally delayed by 4 months or more – at that pace to close, it might make just as much sense to buy a short sale! What are you seeing on Oahu?

David Hite

February 27, 2011

@Katie- I did close a few REO transactions last year. One was a BOA deal with a title issue. Ironically the buyer had decided to go into escrow on a short sale, also. We did get short sale approval before BOA was able to resolve the title issue on the REO. So, the buyer cancelled the REO transaction and just went with the short sale–that will be closing next week.

David Hite

February 27, 2011

@Katie- I did close a few REO transactions last year. One was a BOA deal with a title issue. Ironically the buyer had decided to go into escrow on a short sale, also. We did get short sale approval before BOA was able to resolve the title issue on the REO. So, the buyer cancelled the REO transaction and just went with the short sale–that will be closing next week.

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