Short Falls of Short Sales.
Maui Short Sales today are a Hugh part of our real estate market today. On Maui, Short Sales and Bank Sales represent 16 percent of our active listings and climbing. So while you can get some fabulous deals, Buyer beware. You need to have you eyes wide open when you enter into contract with the Banks.
Here are a couple things to beware of when you in a contract to purchase your new home.
1. Ask for a Preliminary Title report so can make sure the property is insurable.
2. Give your self a long enough escrow time. You can be penalized for closing late.
3. Ask up front what escrow fee’s if any the Lender will pay.
4. Find out what AOAO common expenses are outstanding for condominiums. The lender is not going to pay these and the new Buyer is most likely going to have to pay. Each state has different laws setting limits on what the new Buyer has to pay.
5. Check with your local County Land Use Dept to see if there are any outstanding fines for zoning violations
6. For Title Insurance, make sure State and IRS, AOAO Association, Occupant, Lien Holders and all Title holders sign a certified notice.
7. In Hawaii make sure there is an exemption signed off by the lender for Harpta Exemption form or you will be taxed 5% of sales price. This will vary state to sate.
So this is just a few things you need to be aware of going into a REO & short sale.
Happy hunting. If you are looking for Maui Reo or Maui Bank sale, drop me a line for the Hotest deal in Maui Condos for sale or Maui homes for sale
Steven C. Nickens R(S), GRI, ABR
The Wailea Group, LLC
3750 Wailea Alanui, Suite 5WE
Wailea, Maui, Hi 96753
www.nickensmaui.com
Email: nickens@maui.net
Cell: 808-280-2208
36 years on Maui, 15 years Maui Realtor
Internet Specialist
Experience that makes a difference
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1 comment:
Buyers must do thorough research on some info about short sale for lenders may not disclose all necessary details. There maybe some delay on the approval process due to the condition of the documents.
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