Hawaii foreclosures properties
Click here to see active foreclosures on Oahu's MLS system
Hawaii Foreclosure Notices
Hawaii foreclosure notices posted 6-3-08
Hawaii foreclosure notices posted 5-5-08
Hawaii foreclosure notices posted 4-1-08
Hawaii foreclosure notices posted 3-16-08
Hawaii foreclosure notices posted 2-15-08
Hawaii foreclosure notices posted 2-11-08
Hawaii foreclosure notices posted 1-31-08
Hawaii foreclosure notices posted 12-10-07
Click here to see Hawaii foreclosures notices printed by the Honolulu Star Bulletin newspaper.
Click here to visit Homesales.gov, a website for U.S. government auctioned properties.
Watch our Palolo foreclosure video - MLS 2803178.
Watch our Kaneohe foreclosure video - (MLS 2801598 listed in foreclosures and MLS 2800883 listed in single family homes).
Watch our Kaimuki foreclosure video - (MLS 2801596 listed in foreclosures and MLS 2801952 listed in single family homes).
If you have questions about a particular foreclosure listing, contact us with the form below and let us know what additional information you'd like.
The lowdown on Hawaii foreclosures
There aren't many foreclosures available in Hawaii at this time. Foreclosures listed on the MLS allow us to conduct a more standard transaction, generally allowing the buyer to inspect the home and obtain financing.
Foreclosures in the newspaper (judicial and non-judicial) are usually the type where you show up at the courthouse with a cashier's check and bid.
Suppose you find an interesting foreclosure in the newspaper? A buyer usually needs to have at least 10% of the purchase price in the form of a cashiers check in order to bid. Example, you go to an auction for a home that has a potential market value of $400,000 and you're willing to bid $300,000. You need to have a cashier's check for $30,000 before you register to bid. The high bidder needs to secure financing for the balance of the loan (in this case, $270,000). Then, if the owner/tenant is still in the home, the new owner must evict them. If the owner/tenant refuses to leave, a sheriff can be hired (at the new owner's expense) to evict them. Foreclosures usually are fixer uppers, plan on spending money to get the home in good condition.
Okay, suppose you have the cash and financing and find a property you like AND win the auction with the highest bid. Buying real estate is complicated and you should have either an attorney or realtor handle your transaction. Non-MLS foreclosures generally don't pay commissions. To have a realtor handle your documents you'd need to make an agreement to pay your realtor a commission on top of the purchase price. (Note: when you buy regular, non-foreclosure real estate using a realtor, the seller pays the commission).
Some foreclosures show up in the MLS and pay commissions, making them easier to purchase. We've had a stable real estate market for about 7 years and few people are getting foreclosed on. Even with the recent sub-prime mortgage fallout, Hawaii has one of the lowest foreclosure rates in the U.S. If an owner loses their job or runs out of money, they can usually sell their home and make a profit or at least break even.
So why do the realtors place ads for foreclosures? They want to show you the foreclosure situation and persuade you to buy non-foreclosure properties on the market.
If interest rates go up and the economy sours, that will be the time to buy foreclosures. As of June 2008, the economic outlook for Hawaii is good. Molokai Ranch and Aloha Airlines closed in March. Economists say that Hawaii's unemployment rate is still very low and a they do not anticipate a recession here. We've seen more foreclosures, but there are just a handful compared to what some mainland cities are experiencing.
