BANK SALES, REOs on KAUAI
Aloha! The most commonly requested search these days is the one for Bank Sales… below my signature is an updated list of featured bank sale offerings, also known as REOs or "Real Estate Owned".
There are many nuances to a bank sale and it is important to note that essentially the only decisions the buyers get to make are what day they will make their offer and how much the initial offer will be… after that, the bank takes over with their terms, timelines, restrictions, disclosures, addenda, rules and regulations.
You may click the BANK SALE link to the right for detailed information regarding writing offers on bank owned properties, but here is a quick summary:
For a successful bank sale offer, it is important to know that the banks will not pay for termite inspections, survey, staking, condo or subdivision documents and general items that are usually at Seller's cost. Also, inspection periods are short, often 7 days but occasionally 10 and properties are sold "As Is" without a Sellers Disclosure.
To write an offer on a bank sale, you will need to be pre-qualified or pre-approved by a lender, provide verification of cash funds, and provide a copy of a check on the day of the offer. Offers that do not have these elements will not be submitted for consideration.
Despite the drawbacks and the seeming loss of control, in exchange many buyers are able to purchase these properties for great prices, often below current market value, though rarely more than 5-10% under asking price.
I have included an update chart below. The MLS # is an active link to details for the listing like description, square footage, current annual taxes, and monthly maintenance fees.
Please do not hesitate to call or email if you have additional questions or would like additional information.
Mahalo, Jamie
Jamie Friedman (RA)
Prudential All Star Realty
direct (808) 634-2011
fax (808) 356-1342
www.MyKauaiProperty.com
Bank Owned Property/Foreclosure Listings update 6/27/09 | |||||||
MLS Number | Location | Living Area | Bedrooms | Bathrooms | Price | ||
land | Milia St | $184,900 | |||||
home | 1672 Kelaukia St | 2,282 | 3 | 3.00 | $1,089,000 | ||
home | 2891-B Pua Nani St #2 | 2,506 | 4 | 2.50 | $489,000 | ||
condo | Kauai Beach Resort #2506 | 307 | 0 | 1.00 | $219,000 | ||
condo | Kauai Beach Resort #2544 | 320 | 0 | 1.00 | $219,000 | ||
condo | Kauai Beach Resort #4110 | 320 | 0 | 1.00 | $239,000 | ||
condo | Kauai Beach Resort #4214 | 360 | 0 | 1.00 | $309,000 | ||
condo | Islander On The Beach #342 | 372 | 0 | 1.00 | $189,000 | ||
home | 4734 Mimilo Rd | 1,152 | 3 | 2.00 | $409,900 | ||
condo | Princeville Paniolo #103 | 1,058 | 1 | 2.00 | $209,900 | ||
condo | Kaeo Kai Ph I #5A | 1,503 | 2 | 2.00 | $270,000 | ||
condo | Puamana #14B | 1,532 | 2 | 2.00 | $390,000 | ||
condo | Plantation At Princeville #422 | 1,318 | 3 | 3.00 | $469,900 | ||
home | 3995 Kamehameha Rd | 2,117 | 3 | 2.00 | $499,900 | ||
home | 5086 Napo'okala Cir | 2,206 | 3 | 3.00 | $814,800 | ||
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