Honolulu Distressed Properties: Some Definitions Part 2

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Real Estate Agent with East Oahu Realty - Selling Honolulu, Hawaii Condos

Honolulu Distressed Properties: Some Definitions Part 2

Today, many buyers are interested in bargains and some focus on distressed properties that may be a short sale, in foreclosure or is bank owned.  Many are confused by these different terms and situations so I thought I would take a page from our website, www.HNLCondos.com and define three common situations and terms.

Today, let's take a look at foreclosure properties:

Foreclosure Properties - These are properties that are in the process of being foreclosed on by the property owner's lender.  In the State of Hawaii, all foreclosures are a judicial process.  When a property owner falls behind in their mortgage payments, at some point, foreclosure proceedings begin and the process to place the property for public auction begins.  If the property is not sold at public auction, these properties will become Lender Owned properties. When they are listed for sale, they are identified in our MLS as "Foreclosure" properties. Many of these sellers are highly motivated and may sell at below market values if they have equity or cash assets to make up any difference in what may be owed on a mortgage.

Next, we'll discuss lender owned properties.  Read more about Honolulu distressed property definitions here.

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Mahalo For Reading.

If you or anyone you know is thinking about buying or selling a condo in Honolulu, Hawaii, it would be my pleasure to help. 

Douglas Fischer, R.A., REALTOR, C.C.E., C.D.P.E.. e-Pro

East Oahu Realty, Inc.

808-497-3810

www.HNLCondos.com

www.HNLHomes.com

 

Douglas is an experienced and respected Honolulu, Hawaii Realtor Associate, in partnership with his Japanese speaking partner, Christopher Sumida, who specialize in residential Real Estate and the sale of Condos in the greater Honolulu area including the neighborhoods of: Waikiki, Diamond Head, Ala Moana, Kakaako, Kapiolani, Makiki, Chinatown and Downtown Honolulu.

We love Agent Referrals.

 

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Topic:
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Location:
Hawaii Honolulu County
Groups:
Condo Benefits
Regional Hawaii
Tags:
honolulu foeclosures
honolulu reo
honolulu short sales
honolulu bank owned
honolulu condos

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Lori Bowers
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The Lori Bowers Group

It is hard to believe there are foreclosed properties in Honolulu

November 19, 2010 01:43 PM #1
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