Posts Tagged ‘ Hawaii ’

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

Share

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

1 Comment »

Hawaii HB 2078 Passed – How Does It Change Short Term Rentals?

For many mainlanders and foreign nationals, the opportunity to invest in Hawaii real estate is the perfect melee of business with pleasure. Although for the most part Hawaii is not regarded as a strong short-term cash flow market, its reputation as a stalwart long-term equity market has made it a perennial favorite among those with a comparatively patient investment strategy.

However, it is critical that buyers (regardless of their nationality) perform due diligence and are well aware of any material facts that could reasonably affect their investment. As such, potential buyers and the real estate community had been closely monitoring Hawaii HB 2078 since its initial proposal in January. In a nutshell, this measure sought to require off-island vacation rental owners to use an on-island property manager, with the purpose of ensuring that appropriate taxes are collected on any rental income generated. Current transient accommodation owners and real estate professionals who realize how this legislation would have a negative effect on investment strategies and the sluggish real estate market rallied to form an organized opposition force and through their efforts, HB 2078 evolved through a series of versions (Click here to view) to a more fair measure. Ultimately, HB 2078 HD2 SD2 CD1 passed Final Reading on 05/02/2012 and is scheduled to become effective on 07/01/2012. As passed, this measure will:

“Require the owner of a transient accommodation to designate a local contact residing on the same island as where the transient accommodation is located. Furthermore, it requires that all advertisements and solicitations for transient accommodations on any website display the registration identification numbers.”

Continue reading this post

Share

Posted by: Alex Cortez on May 22nd, 2012 under Regional

1 Comment »

Hawaii Residential Condos

For many potential buyers of Hawaii real estate, the term ‘Residential Condo’ is new and unfamiliar, as many parts of North America do not have a similar form of ownership. Residential condos are regulated by Hawaii State Law 514B, which dictates how condominiums are created, managed, governed, and operated in the state of Hawaii.

The critical components shared by condos and residential condos are common elements (pool, recreation area), limited elements (actual unit, assigned parking space), have an individual tax-map key number, can be sold independent of each other and have a conforming use of the land as per applicable zoning codes. However, residential condos are assigned a limited common element such to appear and function as a single-family residence, enjoying exclusive right/use of fixtures within said element. These can include a pool, garage, and other features; further defined by fencing the appurtenant area if so desired. Some residential condos share many common elements such as driveways, pool, water meters, while others are fairly autonomous of other ‘apartments’ within the same development. Furthermore, some residential condos will have CCR’s in place, HOA’s collected, Board meetings, etc. while others have minimal (if any) collective participation. Compare properties in Launiupoko, which is on land zoned as agricultural and have strict criteria to the size of the structure but are fairly independent of each other apartments, to those in Makena Place, which are luxury estates on apartment-zoned land and are tightly governed/maintained by the HOA.

Continue reading this post

Share

Posted by: Alex Cortez on September 21st, 2011 under HomeGain, Regional

1 Comment »

A Visit from Agent Kelly Barnes

On Cinco de Mayo (May 5th), HomeGain had a special treat, as Kelly Barnes, a Realtor from Hawaii, came to visit us in Emeryville.

Mr. Barnes has extensive real estate knowledge within the Honolulu and West Coast mainland areas. He owns several multi-family apartment buildings in the Honolulu area and is accustomed to handling real estate transactions of tremendous value.

A BuyerLink subscriber for over a year, Kelly provided some great insight into what’s happening in his market as well as what HomeGain has done for his business.

“I feel confidant investing my marketing dollars with HomeGain, due to the simple fact that it works,” said Kelly.

Ryan Monsanto, Senior Sales Manager at HomeGain, stated, “Kelly had a great time visiting us and the feeling was mutual for HomeGain, as we are focused on building strong relationships with our clients.” Continue reading this post

Share

Posted by: Jessica Gopalakrishnan on May 19th, 2008 under BuyerLink & AIMS, HomeGain

1 Comment »

For Real Estate Agents

Online Marekting Solutions

For Home Buyers and Sellers

e.g., 1250 S Main St, Burbank, CA or 91506
     Search Foreclosures    Search New Homes    Search Rentals    

Blog Categories

Blog Archives

Real Estate Blogs

Top Articles

Recent Comments

Guaranteed LeadsReferral Lead ProgramListings PackageVisits to your WebsiteFind REALTOR®Homes For SaleHome Values