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Issue 345 |
October 13th, 2009
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Market Update
Short Sales vs. REO Properties – What’s the
difference?
With the growing number of short sale and REO properties coming
onto the market, it is important to know the difference between the two.
Short Sales
Short sale is the process a homeowner attempts to go through to
prevent foreclosure. They ask
the lender to forgive the debt since they are selling the property for less than
what is owed. The sale is contingent
upon approval by the lender.
There is no guarantee that the bank will accept a short sale even if the
buyer offers the full list price.
In these situations, the seller still owns the property. When
purchasing a short sale, you normally have to accept the property in ‘As Is’ condition. You are still allowed to ask for a home
inspection period, termite inspection, and survey like a normal
transaction.
REO – Real Estate Owned
REO stands for Real Estate Owned. These are properties that have already
been foreclosed on, so the bank is now the owner/seller. The bank now wants to sell the property
hoping for fair market value.
The approval process is much quicker than the short sale process, only taking 1 to 2 days for a response from the bank. The property will be sold in "As Is" condition, and a Seller's Disclosure will not be provided by the bank. You are still allowed to ask for a home inspection period, termite inspection, and survey like a normal transaction.
We have a number of bank owned listings. Please call or e-mail us if you are interested in finding out more about our REO listings.
Mahalo Nui Loa,
The Smith Team
Gregory P. Smith R (B), Melissa Smith R (B), Ken Smith R (S), Jeremy Smith R (S)
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Market Watch for October 12th, 2009
| Active | Pending | Sold | Change |
Homes | 914 (384) | 201 (29) | 651 (84) | -13 |
Condos | 1440 (255) | 149 (11) | 729 (146) | 0 |
Land | 565 (168) | 41 (11) | 88 (30) | -16
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Total | 2919 (807) | 391 (51) | 1468 (250) | -29 |
1. The numbers in parentheses reflect the number of listings over $1M
2. Sold listings are for the previous 12 months.
3. Change is the increase or decrease in number of active listings from the previous week.
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Homes Over $1M
82 Kulamanu Circle
Kula
$1.2M (FS)
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The most fabulous bi-coastal views along with one of the lowest priced homes in
Kula on a per square foot basis. This 2 year old home Lindsey built home in
Jacaranda Grove has over 3100 sq. ft. of living area plus substantial covered
and uncovered decks.
Agent Listing Synopsis
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Homes Under $1M
286 Humupea Place
Kihei
$364.9K (FS)
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Bank Owned. This is a very large home. Main house has 3 bedroom 2 bath. Attached ohana has 2
units separate both 1 bedroom, 1 bath each. The garage has been converted into a
studio with bath.
Customer Listing Synopsis
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890 Makani Road
Pukalani
$435.9K (FS)
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Bank Owned. Cute little house with detached cottage off of Makani Road in Pukalani. Bank has
done some rehab. Property could use some additional TLC; however, it is in above
average condition as far as REO properties go.
Agent Listing Synopsis
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27 Miner Place
Makawao
$510K (FS) |
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Short Sale. Beautiful Lindal Cedar home with attached cottage on flag lot. Well established family neighborhood. The main house is a 3 bedroom 2 bath with large loft that could be a 4th
bedroom, office or storage area.
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Vacation Condos Over $1M
Ho'olei F-4
Wailea
$2.199M (FS)
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Short Sale. Ho’olei O-4 is the best-priced Plumeria floor
plan left in the entire community! This home is brand new, and has never been
occupied. Located just minutes away from the world-renowned Grand Wailea Resort
and Spa, Ho’olei truly represents the “latest and greatest” that Wailea has to
offer.
Customer Listing Synopsis
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Vacation Condos Under $1M
Maalaea Yacht Marina #312
Maalaea
$119K (LH)
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Short Sale. Consider this large 767 sq. ft. 1 bedroom unit oceanfront condo the size of most
two bedrooms. Upgraded in 2007/2008. Custom kitchen with oak cabinets, granite
counter tops, mirrored living-room wall to enhance ocean/mountain views.
Customer Listing Synopsis
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Kihei Bay Surf #127
Kihei
$125K (FS) |
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Short Sale. Lowest priced Kihei Bay surf at time of listing. Well Kept ground floor unit
features Spanish tile and carpet.
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Aina Nalu K-203
Lahaina
$298K (FS) |
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Bank Owned. Make an offer and get an answer fast. Bank wants this gone. In the heart of
Lahaina town, upstairs unit, granite kitchen counter tops, slate tile in the
bathrooms, all appliances, very nicely done.
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Kapalua Golf Villas 11T6,7
Kapalua
$499K (FS) |
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Motivated seller. Private location with closest proximity to the Bay course club house and Pineapple grill. Desirable trellis level w/ easy street level access. New A/C plus furnishing and carpet upgrades.
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Residential Condos
Bay Vista Apts #5
Kihei
$120K (FS) |
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Bank Owned Condo walking distance to Kamaole Beaches. Private bungalow nestled
into a quiet street with access to Maui's best beaches just a short walk away.
Customer Listing Synopsis
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Iao Parkside 24-104
Wailuku
$183.2K (FS) |
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Bank Owned. Downstairs 2 bd. / 2 bath Iao Parkside unit. Tile and carpeted flooring, living area
has wall A/C unit, small fenced in yard.
Customer Listing Synopsis
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Haleakala Gardens 11E
Kihei
$209.9K (FS) |
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Bank Owned. Private upstairs corner 3 bd. unit. Vaulted ceiling, laminate floors, and upgraded kitchen. Close to the beach.
Customer Listing Synopsis
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Hale Kanani 1-202
Kihei
$329.9K (FS) |
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Bank Owned. Ground floor condo directly across the street from Ocean. Private
Lanai with ocean views, open floor plan.
Customer Listing Synopsis
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