Posts Tagged ‘ foreclosure ’

Hawaii Act 182 – Revamping the Foreclosure Process

Signed into law by Governor Abercrombie on June 29, Act 182 received little media coverage yet its effect on the foreclosure process in Hawaii is sure to have significant ramifications. The new Act is meant to resolve unintended consequences (‘flaws’, as scrutinized by the media and public) of Act 48. To provide a brief background, Act 48 was intended as a solution to protect owner-occupants at default from facing what was widely considered to be antiquated non-judicial foreclosure procedures. However, lienholders chose to skirt the new protections afforded by Act 48 by implementing policies whereby all new foreclosures were processed judicially. Hence, although some owner-occupants were ‘saved’ from non-judicial foreclosure, now through judicial foreclosure they can face deficiency judgments – not to mention that under-staffed, under-funded courts are now backlogged by the wave of judicial foreclosures.

With that said, the 2012 legislative session included efforts to address/remedy concerns from consumers, lenders, title companies, and HOA’s. As such, let us look at what Act 182 encompasses:

  1. Act 48 had placed a one-year moratorium on Part I of the non-judicial foreclosure law, now Act 182 has been completely eliminated Part I.
  2. Mediation, which is only available for non-judicial foreclosures of owner-occupant residential properties by lenders, has now become permanent.
  3. Borrowers can convert a non-judicial foreclosure to judicial. This protection becomes permanent under Act 182, whereas it was temporary under Act 48.
  4. Establishes a separate non-judicial foreclosure and assessment lien process for AOAO and HOAs. Very critical.
  5. Continue reading this post


Posted by: Alex Cortez on July 16th, 2012 under Guest Bloggers, Regional

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Take the Stress Out of a Distressed Property

There are some fantastic real estate deals on the market right now. From properties in various stages of foreclosure to bank-owned property, you have a great opportunity to get the home you want at a bargain price. But what about those holes in the wall and that pet stained carpet? Looking past these stressful items can help you reap huge benefits financially.

Over the past several years we have seen huge numbers of distressed sales. According to RealtyTrac, 23% of all U.S. home sales in 2011 were in some stage of foreclosure. So nearly one in every four homes sold in 2011 was a distress sale. Couple this with the fact that these distressed homes sell at a significant discount to the non-distress sales (40% discount for bank-owned homes), there is a huge opportunity for buyers.

Along with the big discounts on distressed property typically comes evidence of neglect. The home may have sat empty for an extended period of time or the previous owner may have stopped caring when the bank started getting nasty with them. Whatever the case, these deals typically come with issues. So how do you get past these items to realize your dreams? My wife and I purchased a bank owned property last year…so here is my checklist, as a builder that just went through the process, for evaluating potential properties.
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Posted by: Michael Luckado on March 5th, 2012 under Buying or Selling a Home, Short Sales and Foreclosures


What Happens When A Listing Agent Tells A Seller What He Think He Wants To Hear Instead of Needs to Hear

Earlier this year, I got a call from a frustrated seller. He had just decided to fire his listing agent and had been referred to me.

“I don’t want to make the same mistake I made when I hired my first agent,” he said. “So, would you be willing to meet with me to see my condo, tell me what you think it’s worth and let me know how you would market it?”

Overpriced + Pre-sale Purchase 7 years ago = “Uh Oh”…

I agreed to meet him the following day because of the seasonal market’s time sensitivity and my desire to get the property on the market asap, if selected to work with him. I warned him that I wouldn’t have time to do a lot of research before our meeting. I pulled the listing history and tax records, and I didn’t like the math…nor the methods.

It Was A Crescendo Of Agent Ineptitude:

Perhaps the previous agent was “nostalgic” or simply “lost track of time”, but he decided to price the unit at it’s original (pre-sale) purchaser price, which went back to early 2006. Needless to say, by the time I came into the picture, it had been on the market for a while…you know the drill.

When Ineptitude Flirts With Negligence:

As was clear in the listing history (but I had hoped was a mistake), the listing “agent” initially “marketed” (terms used here extremely loosely) his property for almost $100k more than the owner had paid for it at the height of the market!! No upgrades, nor additions after the original purchase….I still can’t even begin to fathom where that number came from :-( .

The sad truth was obvious. The seller lived in a penthouse unit in an area of the close-in DC suburbs where many condos were in short sale or foreclosure situations. And this development was no different.

Continue reading this post


Posted by: Kevin Koitz on December 28th, 2011 under HomeGain



Surrounded by plummeting prices, bankrupting banks, fickle financiers, sagging stocks, cantankerous consumers … It’s time for some frivolity.

If you, like I, show a decent number of properties and, in the process, read the displayed MLS remarks, you’ll quickly discover that the art of good fiction writing is alive and well. With the current onslaught of foreclosures and distressed properties, listing agents have become, by necessity, “creative” with their carefully crafted comments. As I read their information, designed to convey the important aspects of the home, I’d swear some of them are gunning for a Pulitzer.

And then you visit the property, read the comments again and ask, “How did we get there from here?”

As an example, a property I recently visited had remarks stating, “Needs cosmetic work.”

Translation? “Throw in a stick of dynamite and start over!” The carpets were decimated, strips of wallpaper hung peeling from the walls, all the baseboards were missing and there was SUBSTANTIAL water damage to an upstairs bathroom floor and the ceiling underneath. Read, “gaping hole.” And that was just the beginning.

A REALTOR’S job is to sell property, and what they pen is designed to get you and your homebuyer to visit. Continue reading this post


Posted by: Carl Medford on March 2nd, 2009 under Buying or Selling a Home, Realtor

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