Foreclosures in Hawaii, the Holidays Are Over!

As you may know, President Obama asked the banks to put a stay on foreclosures during the holiday season. Well, the holidays are over. Expectations are that the market place will be flooded with foreclosure sales for the next two years, and these statistics include our island home.

Buyers, this is a great time to buy. Interest rates are very, very low. The $8,000 tax credit for first time homebuyers and the $6,5000 tax credit for existing home owners has been extended until May 2010.

Foreclosures most likely represent the best buy for your money. The banks don’t want the property, they want money – so they are typically willing to sell for much less than the market value of non-foreclosed competitive listings. Yes, there will almost certainly be repairs – but who doesn’t buy a resale house without the expectation of repairs, renovations and upgrades? If your offer is structured properly, you can likely get the bank to pay for your closing costs – the money saved can go directly into upgrading your purchase. With the government offering loans that require 0 - 3.5% down payment (vs conventional financing that requires 20% downpayment) more cash stays in your pocket.

With a growing foreclosure market on the beautiful Big Island of Hawaii, it makes sense to jump in and acquire your own piece of Paradise! I’m the Broker responsible for all Hawaii Life Big Island REO/foreclosure listings, please contact me for more information and to be put on my “first to know” list of buyers looking for great foreclosure properties to buy before they hit the market! Lucy@Hawaiilife.com