Don’t Hide If You Are In Foreclosure
July 28th, 2010 categories: Rants & Riffs
A recent article in Honolulu’s StarAdvertiser newspaper reminded me how important it is to face your problems. In the story they talk about how Hawaii’s foreclosure law favors lenders.
“The vast majority of residential foreclosures being conducted in Hawaii are proceeding under a state law that is more than a century old, provides no court oversight and is widely panned by consumer advocates for failing to adequately safeguard the rights of homeowners.
One expert who has analyzed foreclosure laws nationally says Hawaii’s 1874 law is among the weakest in the country, partly because it allows a home to be sold relatively quickly without safeguards common in other states.” CLICK HERE TO READ THE ENTIRE ARTICLE
Here a few simple rules if you can’t make your payments or if it looks like you are going to be foreclosed on your home.
1. Talk to the lender. Many people have told me that if you keep a line of communication open with the bank, they may have some latitude in giving you more time to work things out. If they won’t give you more time, then at least you will know their plan and how you will have to work within it.
2. Be realistic. If there is no way you can save your home, then accept that and try to use the foreclosure to your advantage.
3. Get legal advice. A foreclosure is no small thing and it is important that you to speak with a qualified attorney so that you know what rights you might have.
If you would like to discuss your real estate needs, feel free to call me at 808-737-2093 or toll free at 877-737-2093. You can email me at keahi@lava.net.
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Honolulu Foreclosure Rate Lowest In Hawaii
July 21st, 2010 categories: The Market
The Honolulu StarAdvertiser is reporting an overall year over year drop is foreclosure filings statewide in Hawaii. But the really good news was found in Honolulu.
“By county in Hawaii, Honolulu had the most filings at 342, but it had the lowest rate, at one filing for every 986 households.”
CLICK HERE TO READ THE ENTIRE ARTICLE
Just a bit more good news that may be pointing to an improving urban Honolulu real estate market.
If you would like to discuss your real estate needs, feel free to call me at 808-737-2093 or toll free at 877-737-2093. You can email me at keahi@lava.net.
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Bankruptcy May Hold Info On Honolulu Real Estate
July 19th, 2010 categories: The Market
Today’s video blog discusses an increase in the number of properties I am analyzing for bankruptcy trustees and deductions that can be made relating to the normal Honolulu real estate market.
If you would like to discuss your real estate needs, feel free to call me at 808-737-2093 or toll free at 877-737-2093. You can email me at keahi@lava.net.
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Short Sale Letters
April 15th, 2010 categories: For Sellers, Mortgages & Financing
Over the last few years I have seen an increase in the number of people having difficulties making their monthly mortgage payment on their Honolulu condo or house. Though it is not a good situation once it becomes clear that something needs to be done most people begin by investigating refinancing and/or mortgage modification. If satisfaction cannot be found through these two avenues, then the more drastic steps of a short sale, deed-in-lieu of foreclosure or an actual foreclosure become the remaining options. Part of the short sale process is to write a letter explaining your situation and whey the lender should consider granting the short sale. Rather than reinventing the wheel, I found an excellent series of letters at Blog The Rockies, a Boulder Colorado real estate blog.
“To Whom It May Concern:
This letter is a explanation of our financial hardship for short sale documentation. At the time I bought a home, my wife and I were full time employees of long standing companies. Upon the harsh economic times, lay offs were inevitable and my wife and I both found ourselves laid off. Not to mention, a baby on the way. We were unprepared for this unknown fate and as a result, have not been able to make our mortgage payments.
The current market conditions resulted in an under appraised home. We have both been laid off for almost a year, thus depleting our savings. Although our efforts to find new jobs has been a full time job in itself, no jobs have become available in this area. I finally received a job offer in another state, but the pay is much less and my wife is staying home with our new baby.
I feel certain that a short sale is the best option for us to get out of this situation and hopefully move forward with our lives.
Thank you in advance for allowing us this opportunity to short sale on our home.
Please do not hesitate to contact me and our Realtor who is assisting us in this entire transaction.”
CLICK HERE TO READ THE ENTIRE BLOG.
If you would like to discuss your real estate needs, feel free to call me at 808-737-2093 or toll free at 877-737-2093. You can email me at keahi@lava.net.
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Wait On Your Short Sale. Help Is On The Way!
March 22nd, 2010 categories: For Buyers, For Sellers
The Wall Street Journal is reporting short sale help by the government. If your thinking of buying one or doing one, probably best to wait a few weeks.
“The good news is, on April 5, this frustrating system will change at least for some buyers and sellers. That’s when the federal government will begin to provide financial incentives to lenders to do more short sales. The rules also help standardize the process, so your chances of negotiating a distressed-property bargain will increase.” CLICK HERE TO READ THE ENTIRE WALL STREET JOURNAL ARTICLE.
Sounds like good news for buyers and sellers. Let’s see!
If you would like to discuss your real estate needs, feel free to call me at 808-737-2093 or toll free at 877-737-2093. You can email me at keahi@lava.net.
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Sellers Beware Of Company Addenda
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Is The Flipping Market Coming Back To Honolulu?
December 8th, 2009 categories: Homes For Sale
Today’s Wall Street Journal on-line had an article regarding a new type of real estate investor that is buying distressed properties and then re-selling them at a profit (thus they are called flippers).
“Now, a different breed of flipper is proliferating: one who seeks bargains at foreclosure auctions. Unlike the boom-time flippers, the latest generation needs cold cash, lots of local-market knowledge and strong nerves.”
CLICK HERE TO READ THE ENTIRE WALL STREET JOURNAL ARTICLE.
Is the Honolulu real estate market poised to see a gaggle of flippers jumping into the market (we saw many playing in the last up cycle)? We may see a few getting into the game, but I don’t think we will see the volume that were playing in 2004, 2005 and 2006. Here is why. Read the rest of this entry »
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Learn From This First Time Buyer’s Experience!
August 5th, 2009 categories: For Buyers, Mortgages & Financing
Brendt Montgomery has his 15 minutes of fame! Unfortunately, it may not be the way he wanted to get it. Brendt volunteered his story for a recent Wall Street Journal article about mistakes that can be made by first time buyers not doing homework or rushing into a sale. The entire article is worth reading, even if you are a seasoned buyer.
“Luckily, there was a contractual loophole: His parents rescinded the down payment money that they were gifting him, so he no longer qualified for a mortgage. The agents involved didn’t press for the commission, but he lost his deposit.”
CLICK HERE TO READ THE WALL STREET JOURNAL ARTICLE
Not mentioned in the article, but important to consider, is the belief that if a buyer can only find a “distressed” property, a great buy shall be had. This may or may not be true, consider these thoughts.
1. Compare any property to the relevant active, pending and sold listings to determine if the price you are paying is appropriate.
2. Always have a home or apartment inspected by a professional inspector. Given the magnitude of the sums involved in real estate purchases, it is always, did I say always, a good idea to hire a qualified home inspector. If nothing is found you can sleep better when you move in, if there are issues, whether or not a seller will repair them, at least you will know what you are getting and can plan to deal with the problems. Paragraph C-51 of the Hawaii Association of Realtors Purchase Contract, allows the buyer a period to inspect the property and if the buyer becomes uncomfortable with buying the property, they may cancel the deal during this time frame and get their deposit back.
3. Distress properties can be very good buys and I have seen buyers get terrific purchases through properties that are not distressed. Again, take each property on its own merit, do your research and make you offer based on your estimate of the home’s market value. Just because it is a foreclosure, REO, bankruptcy, sheriff’s sale or some other form of distressed property, don’t assume it is a great deal.
4. Determine your ability and desire to fix things. If you aren’t handy and don’t have weekends and evenings to work on your home, you will be better off buying a house that requires no work. Remember, many distressed properties were not well taken care of by the previous owner and could require a great deal of work.
If you would like to discuss your real estate needs, feel free to call me at 808-737-2093 or toll free at 877-737-2093. You can email me at keahi@lava.net.
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Honolulu Headlines Tell Different Stories
December 11th, 2008 categories: The Market
RealtyTrac just released the Hawaii foreclosure number for November. I found the headlines in our local newspapers at odds with each other. Even though the stories were based on the same information, each headline made me feel differently about the condition of the Honolulu real estate market.
The Honolulu Advertiser led with the headline “Hawaii foreclosures tripled in November”. My initial reaction was that things are really bad and that I should be fearful.
The Star Bulletin’s headline read, “Hawaii falls to No. 28 in national foreclosures”. After seeing this, I had the impression that things are improving because we must have fell from a worst position to a better place.
Pacific Business News played it straight with a headline that read “Hawaii foreclosures 28th in U.S. in November“. This statement made me read the article to determine whether or not this is good or bad.
In this case, I feel the Honolulu Advertiser’s headline is trying to play on our emotions (in a bad way) and I wish they would have just given us the facts and let us decide from there.
CLICK HERE TO READ THE HONOLULU ADVERTISER ARTICLE
| Discussion: 3 Comments »
Drop In Cali Foreclosures Good For Honolulu!
October 14th, 2008 categories: Rants & Riffs
Pacific Business News is reporting that California foreclosures have dropped “dramatically”. Given the State’s position as a leading indicator of things to come, this is great news! Honolulu seems to have a very low foreclosure rate and the sooner California can get things turned around, the better for all sectors of the Hawaii economy!
“Notices of default, which indicate the start of the foreclosure process, fell 61.8 percent in California compared with August, the Bay area company reported. Notices of trustee sale, which are filed prior to the home being put up for sale at auction, dropped 47.3 percent from August.
Senate Bill 1137 that went into effect on Sept. 8 imposes new requirements on lenders to make contact with homeowners prior to filing for foreclosure. A total of 16,352 notices of default were filed in September, down from 42,790 in August.”
CLICK HERE TO READ THE PBN ARTICLE
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5 Rules For Buying Honolulu Short Sales
October 14th, 2008 categories: For Buyers
If you haven’t bought a Honolulu house or condo via a short sale here are some things to remember and prepare for.
1. Be patient-the lender has to approve the sale and this could take 2 weeks (right!) to 2 months (more realistic). Don’t buy a short sale if you have to move or close on a specific date, the approving lender will have its own agenda.
2. Be ready-for the lender to approve the sale subject to you agreeing to increase the price. Since this is possible, you may want to negotiate a lower price in the beginning to allow for the increase in price.
3. Be ready again-since many short sale sellers are in financial difficulties, don’t be surprised if a foreclosure is filed. Also, if a seller files bankruptcy you will need to go through the Bankruptcy Court to get your deposit back (it becomes part of the Bankruptcy Estate). If a foreclosure or bankruptcy are filed the seller may not be able to sell the home (you will have to deal with a Foreclosure Commissioner or Bankruptcy Trustee).
4. Be a planner-manage when you incur costs. If the sale is not approved you will lose any fees you have paid for inspections, financing, etc. Suggestion, start absorbing costs once the sale is approved.
5. Be calm-short sales can go smoothly, however, normally there are many bumps and disappointments, be ready and realize any problems are just part of the process.
In general, it is fine to buy short sales, but they are not the only way to get good value in this market. Call me at 808-737-2093 (toll free 877-737-2093) to discuss ways to find the best buys on Oahu.
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Realtor Code of Ethics
Determining Offering Prices
Pricing Your Home
Long Term Investment Makes Sense
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