FORCLOSURES - Carole Fisher

BIG ISLAND FORCLOSURES

Aloha and mahalo for visiting your one source for Big Island Foreclosure information. Without going into too much information, below are a list of foreclosures from South Kohala to South Kona. Not all listings are mine but I would be happy to assist with your foreclosure purchase. To look up the MLS information, simply click on the MLS number. Here you will be able to view the data, photos (by clicking on the camera icon) and location map. Give me a call at 808 895-3940 or fax 800 761-6997 or email AlohaCarole@Century21.com with any questions. (Updated 5/3/2008)

The Process Of Purchasing A Foreclosure Property:

When purchasing a foreclosure properties keep in mind that banks usually work with Asset Management Companies (AMC) which provides on line assistance. All offers goes through these AMCs first before heading out to the bank. The AMCs look over the offers, negotiates the price and finally once mutually accepted by buyer turns will put together a counterproposal packet for the buyer sign. The counter proposal isn't a Bank Counter, merely a proposal by the AMCs to suggest to the bank. There are situations where the AMC will offer a counter price and the buyer accepts; the AMC will submit the packet to the bank only to have the bank send it back to the buyer with another counter purchase price. It can be a bit confusing and frustrating at times. I'm more than happy to walk you through it.

One word of caution... Read, read, read the bank counter offer or counterproposal carefully; bring in an attorney who will understand it as well. These contracts are one-sided -- bank sided! Once in contract, keep in mind that the banks will only accept a 30 escrow so make sure that your funding is air tight!

Having a lender that is experienced in foreclosure lending is a plus. The bank may or may not accept doing termite inspections but they will not pay to cure any infestations; they will not perform surveys or staking and all properties are sold AS-IS with no warranty or guaranty. You may of course negotiate closing costs or repair costs. You will also find that banks charge a Per Diem if closing is delayed by buyer. Per Diem charges range from $100/day to $450/day. Ask before you sign any final contract.

One more issue that you should be aware of is that sometimes the bank hasn't completed the quit deed process. Banks or the AMC will start the listing process prior to the signing of the Quit Deed from default mortgager to the bank. This will sometimes cause a delay in closing of escrow. Don't fret. Remember if the closing of escrow is delayed due to bank default there is no per diem charged to the buyer for a late closing. This is good why? It offers you and your lender additional time to work out any kinks in the process of your due diligence and funding of the loan. However, you may find that your lender cannot lock in your loan due to the delay. To help your mortgage broker or bank financier communicate all stubling blocks in advance so they can be prepared.

Again, I am more than happy to go through the process and answer any questions that I can. Call me at 808 895-3940 or email AlohaCarole@Century21.com. Mahalo and happy shopping!

Foreclosures as of May 3, 2008

MLS 202833 - Waikoloa Village,