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Call, or email to be set up on email search for designated areas on Maui. The winter season in the Maui real estate market is picking up.  The number of escrows has increased the from previous years.  Even the high end is dealing with Maui short sales.  Hoolei Wailea townhomes unit F-4 just closed as a short sale.  There are also a number of Maui bank sales in Wailea Kai Malu.  So keep your eyes open for the latest new Maui porperties.

Maui Short Sales

If you happen to looking for a Maui Short Sale Property, you will see more short sales in this current market. Even in the condo market you will see Kihei Maui condo short sales taking place.  What does this mean for the buyer?  A short sale is where a property owner is trying to sell a property and they owe more than what the property is currently worth.  So they are asking the lender to accept less than they owe on the mortgage.

The biggest upside for buyers is getting a home from a seller, who is motivated to sell at an reduced Maui market price, than current listed prices for a Maui Condo or Maui Short sale for homes.

However, it's more time consuming and trying to negotiate a purchase and complete a sale with lenders. Also, till you have a sign contract with the seller and lender you can be bumped from your position with the offer, making this challenging in dealing with lenders.  Maui short sales can take up to 30 to 90 days to receive a response from a lender on an offer.  Short sales can take up to three to six months to close once they have been accepted.

There can also be fees for the Buyer that usually the Seller would be paying.  Some times you will run into Short Sales where the list price has not been approved by the Lender.  With all offers there are two Addendums that are provide with an offer.  Distressed Addendum and Short sale addendum.

1. Short Sale Addendum:  It would be advisable to review both these addendums prior to entering any contract and consider legal advice.  The opening of escrow will not occur until the lender approves the Purchase Agreement and all Addendums.  It is also important as a Buyer to know up front what all your cost will be.  As a Buyer, if you want to review Short Sale Addendum please email me and I will provide the Addendum for your review.  When you do receive an acceptance letter from the lender, it may not include taxes, association dues liens and commissions.  So make sure you have the lender confirm what is covered in the contract.  You want to know all liens that have been filed against the property, reason being the Buyer might have to pay off these liens.
2. Buyer needs to understand that until you receive a written approval of the Purchase Contract that is sign by the Lender and Seller.  The Seller and Lender may continue to receive and accept offers from other Buyers. 
3. Buyer Beware. Here are a couple things you need to be aware of going into a bank or short sale.  Make sure you check the title with title company to see if its insurable.
4. Make sure you have enough time so you don't occur penalties.
5. Read all Adendums throughly
6. Be-aware of all closing  cost selling bank will pay up-front.
7. You need to know in advance if you are required to pay any outstanding AOAO Fee's ( condo association back fees)
8. Insist that Seller provide exemption certificate from lender or representative for Harpta (State Tax)
9. Check with County to see if there are any County violation outstanding on property.

Currently there are 29 Maui short sales in the upcountry area.  Prices are starting at $330K for a Bali design home on 9,000 sqft lot, located right in Haiku Town. Prices run up to $855K for  4BR/3BA home in Kula Maui on a half acre of property.

Maui Short Sales in Kihei Villages, starting in the $140K range up to $200K.  Not bad for a entry level home.

Hale Kanani short sales and bank sales in Kihei Maui, Prices starting at $329K for a recently completed condo with Cherry wood cabinets and granite counter tops.

A great buy in Wailea is a Wailea short sale Hoolei Wailea Maui condominium, unit F-4 priced at $2,195,000.  They paid over $3M last year, top row, furnished, with great ocean views.

So if you are a Buyer looking For Maui Short Sales, and need more information.  Email for copies of the Buyers Short Sale Addendum and Distressed Addendum for your review.  If you are looking at listing your property in Maui.  Email for all addendums for your review.  Also Sellers need to be advised that Realtors can not represent you as legal consultants dealing with lenders.  You will need to seek legal advice from an attorney and consult with your lender.  So if I can help you with the purchase of a Maui Short sale, or with listing and marketing of your short sale property.  Let me know I would love to be of assistance to you.  I have 15 years of experience in the Maui real estate market.

There is a new home in Haiku Maui home that has become a Maui Bank Sale. 1850 Kauhikoa, is a 2-acre parcel, with over 3000 sqft of living space.  It is priced under $1million for this lovely home.  The yard needs some TLC, but the house has had easy living, so its in good shape.  So if you have any question about Maui Short Sales or Maui Bank Sales, give me a call.

Forclosures on Maui

It's a fact of life these days ... due to the shaky American economy and the collapse of the housing industry, more and more homeowners are falling into foreclosure.

As with all things, there are two sides to this situation:

• If you're a homeowner who is behind on your payments, falling into trouble, or finding yourself facing foreclosure.  Sometimes, when were too close to a problem, everything looks darker than it really is. I'll be honest, we've helped a number of people in this situation, but we can't save everyone from foreclosure. You won't know, though, if you don't call us to find out. You keep hearing it - and I'm going to say it again - if you're in trouble with your mortgage, the worst thing you can possibly do is nothing.
   
• The high number of  Maui bank sales are making this red-hot buyers' market. So if you're looking to make the move up to owning your first home, this is definitely the time to do it.

Reo and Maui Bank Sales!

I've been asked a lot of question lately about the difference between purchasing bank-owned properties vs. short-sale properties. The term "bank-owned" (also known as REO or Real-Estate Owned) refers to homes that have gone back to the bank after an unsuccessful foreclosure auction. Short sales are still owned by the seller, but they owe more on their homes than they are worth in the current market.

If I were the buyer, I would much prefer to make an offer on a bank-owned home vs. a short-sale home. Why? When you make an offer on a bank-owned property, once they bank agrees to the terms and conditions, you can move forward to the closing knowing that the transaction is approved.

With a short sale, there sometimes is no "real" answer about approval until the bank and the seller come to an agreement - and many times, and in my experience, that seems to be happening more and more often, especially in the last six months or so. This means you could be just about at your anticipated closing date and lose the home because the bank and seller couldn't come to a final arrangement of financial terms.

If you're an investor or you're buying the house as a second home, that isn't such a big deal. But if you intend to move into the home, having the transaction fall apart at the last minute puts you at a serious disadvantage. Think about it ... your lease is up and your moving truck is loaded. You get the picture, and it's not pretty, for this surely would create a very stressful situation for a family. You'd have to make quick choices about where to live, and start looking for another home to purchase.

Both bank-owned homes and short sales will give you the opportunity to do a home inspection, upon which the sale is contingent. Bank-owned properties are sold in "AS IS" condition, so expect that they will make absolutely NO repairs. Also, since the seller (the bank) has never lived in the home, they have no real knowledge of what may or may not be a problem situation with the property. It's the old "buyer beware" situation. This isn't to say there aren't some great deals to be bought in the Phoenix market ... there certainly are some great buys! Just be certain to hire an ASHI-certified home inspector and find out up front what your added expenses will likely be after you close on the home. In this circumstance, no surprises is a good thing.

With many short-sale properties, the seller has no money to do any repairs, so it puts the potential cost of repairs on the buyers' shoulders. On the positive side, the seller often has lived in the home or is still living there, and has full knowledge of the home's condition. The seller can tell you if the AC has been replaced or if there've been any plumbing problems, roof issues, etc. ALWAYS have a home inspection should buy a short sale property.

In our office, we have seen a number of bank-owned properties be bid up over list price. The banks price them low, hoping to bid the sales price up. Once the word gets out to agents about an REO, they flock to the "good deals," hoping they can help their clients win the bidding war.

if you need help selling or purchasing Maui Short Sales, or Maui REO, give me a call.  Knowing the inventory is key to finding that right condo or Maui home.

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Steven Nickens R(S), GRI, ABR

The Wailea Group, LLC

3750 Wailea Alanui, Suite 5WE

Wailea, Maui, Hi 96753

www.nickensmaui.com

Email: nickens@maui.net

Cell: 808-280-2208

Currently there is a Maui Bank Sale on Hoolei Wailea Maui condominium short sale, priced at $2,195,000.  Great price, call more more information.

Current list of Kihei Maui condos short sales available

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