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Equal Housing Opportunity
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Buying A Short Sale Property in Hawaii If done correctly, short sales are a great strategy to successfully jump in the real estate market . Hawaii’s short sale real estate market is booming with short sale opportunities and is no exception to the rule. There are many properties in the Hawaii short sale real estate market that are selling short, you just need to know the process and what you are getting into with the banks in order to make it a successful venture. Remember, as with any and all real estate purchases, you want to “win going in.” Just because a property is a short sale doesn’t automatically mean it is a good deal. Use your Hawaii short sale Realtor, Financial Advisor and local market information to help guide you in your selection of a short sale property in Hawaii. Some buyers may think the Hawaii short sale process is different, but all the same rules for buying a non-short sale property apply to buying a short sale property. There are a few addenda added to the offer, but the rest is pretty much the same. One big difference is that in addition to the seller’s acceptance of the offer, the seller’s bank or mortgage holder must accept the offer. The offer is presented to the seller and if the seller accepted the offer, it gets submitted to the seller’s bank for their approval, counter or rejection. With some banks, this process can take time and thus the short sale process can have long timelines. Short means the seller owes more on the home than they can sell it for – the time involved in a short sale can be anything but short. Other complications such as bankruptcies, additional liens, or accelerated foreclosure processes can hinder and even halt a short sale from ever closing. One way to look at a short sale is that it is a little like a divorce. If the short sale is now a divorce, all 3 parties (Buyer, Seller, and Seller’s Bank) would need to agree to all the terms and conditions on the divorce decree (purchase contract) in order to complete the divorce (short sale). As in many divorce situations, the separation of property can be extremely difficult to do, this negotiation to reach an agreement is what takes time and patience to see a Hawaii short sale to a successful close. The best thing to do is work with a Realtor who knows the buy and sell side of Hawaii short sales. This way you can relax and let them do the work for you. Interview a few Hawaii short sale Realtors and pick the one that has both the credentials and the aggressiveness to help the seller’s agent bring your Hawaii short sale to a successful close. Most of Hawaii Real Estate Online agents have the training and certification for Short Sale and Foreclosure Resource (SFR). Call us today or checkout our agents at http://oahuhawaiirealestateonline.com/meet-agents.shtml
Written by Allyson Blackard R BIC, Hawaii Real Estate Online LLC Copyright 2010 all rights reserved
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