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So you want to buy a distressed property…are you sure?
Posted by Roberta Charles on June 24, 2010
"One of every ten American homeowners who had a mortgage were either thirty days behind in their payments or actually in foreclosure” (quoted from the Richmond Times,12/2008). The Pacific Business News last month quoted Kaua’i stats at 1 in 35. Even though times are not quite as bad here as other parts of the country, approximateely 50% of Makai Properties’ business last year involved a distressed property in one form or another. Thankfully 2010 is showing signs that we are finally ‘digging out” as they say but it is still a roughly hewn path that we tread. Whether it be short sale, foreclosure auction or REO (that’s Real Estate Owned in banking terms) distressed properties dominate a large part of the Kaua’i market these days. There are very real opportunities out there but they are certainly not for the faint of heart. Here’s ten factors that one should consider closely before coming to the dance if you expect to go home with the prize…
#1 Have the money before you shop: Every distressed seller is anxious to get out from under the snowballing debt and is unlikely to accept any financing contingencies….get pre-approved and go to the negotiating table with the money available. You will need at least 10% certified funds just to bid on the courthouse steps and no less than 20% down plus another good portion of cash reserves to get a loan. #2 Be mentally prepared: It is frequently an unpredictable situation. Define your negotiating parameters up front and determine ahead of time how flexible you can be when something flies in out of left field….because it will. #3 Do your homework up front and come in strong with few or better yet, NO contingencies. Distressed sellers do not have the time to waste on all the buyer’s “subject to’s” we are used to seeing in a less toxic market. For the seller, it’s do or die time and they will pass you by for a more agressive offer even if your price is higher #4 Be flexible on the property condition: Distressed property typically has, at minimum, some deferred maintenance and in some cases much much more. Just today Iwalked through one foreclosure where everything was gone including the kitchen sink!). If you lack the intestinal fortitude and tenacity to handle repairs then put your check book away and step back! “Turn key” or “move in ready” are rare descriptors in this part of the market. #5 Be prepared to make your offer: know the market, seek the help of a Buyers representative and bone up! When you find one that you want, BUY IT! the best chance to get what you want is when there are no other competing offers on the table. Ok…you are under contract and now in escrow. This where the real fun begins! If you can’t wait for the next factors #6 through #10....call or email me. I can scan/send my hard copy…..a hui hou, y’all! Makai Properties leads the way!
Posted by Fran McDonald on April 22, 2010
Makai Properties again leads the way in Kauai real estate from Poipu to Kekaha! According to Hawaii Information Services statistics for the first quarter of 2010, Makai Properties is the leader in both in sales dollar volume and number of transactions. Makai Properties closed over $6.7 million in sales and was involved in over 21% of the sales transactions reported by 26 different real estate brokerages on Kauai. Again proving that Makai Properties continues to be the leader in Kauai Real Estate on the sunny south shore year after year!
Listing and Sales Volume Pricing threshold drops under $3million along Lawai Rd
Posted by Roberta Charles on January 18, 2010
For those who are passionate for oceanfront settings, Kauai certainly offers many possibilities. Unlike the Big Island where new oceanfront land is being formed every day, Kauai only has so much coastline and even less privately held properties with a shoreline boundary. Lawai Beach Road on the Poipu coast, has come to be known as one of Kauai's "dream drives". Sunset views over the water, consistently mild marine conditions, outdoor spaces in the lee of the trade wind flow all contribute to the cache of any Lawai Beach Road address. In today's economy, opportunities have revealed themselves. While doing my daily MLS update this morning I noticed one offering was reduced today and for the first time in many many years the threshold has dropped below the $3million mark. If this part of our market holds some interest for you call or message for some details and photos. We have not seen $2.995m for quite a while and it's certainly worth a ponder! Congratulations to Jj Leininger!
Posted by Kelly Liberatore on December 29, 2009
Jj Leininger made it to the top of the Makai Properties' food chain this year by beating all of us in dollar volume and number of sales. We should do something nice for her.... Na. She gets her name on a plaque.
Waimea made the cut!
Posted by Kelly Liberatore on December 9, 2009
According to Pacific Business News, Waimea, on Kauai, was named as one of the top five U.S. destinations for 2010 by Trip Advisor. Waimea's a bit of a secret. I guess the cat's out of the bag now.
Things are looking up!
Posted by Kelly Liberatore on December 8, 2009
The year 2009 may be winding down, but homes sales for the month of November were up in both the Waimea and Koloa Districts compared to the same time last year.
Never Enough Kauai to Go 'Round (10/11/09)
Posted by Kelly Liberatore on October 11, 2009
There's been 15, (land, condo & home), sales in 9 days this month. Not bad for an island about 1/3 the size of Rhode Island.
Knocked Down, But Not Out.
Posted by Kelly Liberatore on July 28, 2009
Kauai's total dollar volume for the sale of all property types has just reached $306,512,462, YTD. Makai Properties, LLC holds steady at No. 1 in sales volume for all of West Kauai.
Kelly Liberatore, Owner/Broker on the $8,000 Tax Credit.
Posted by Kelly Liberatore on July 12, 2009
Transient Vacation Rental Renewal Form
Posted by Kelly Liberatore on June 26, 2009
IMPORTANT NOTICE FOR VACATION RENTAL OWNERS! If you are an owner of a single family home outside of a designated Visitor Destination Area, you need to renew your application no later than July 31, 2009. Yes, we know you just applied for it this year and logic dictates that it would be due for renewal next year - NOT SO. We have attached a renewal form to our website. Please see TVR Renewal Form posted under "Online Documents". |
$6,711,000
$4,832,500