Foreclosures are a hot topic in the housing market today. After receiving dozens of calls and e-mails from hopeful deal hunters, we created the Kauai Real Estate Foreclosure Program so you can be the first to find out about Kauai foreclosures and increase your chances of scooping up that "great deal".
In order to get a "great deal" it is essential that potential homebuyers act fast, because those fleeting deals go off the market almost as quickly as they come on.
What you should know about Kauai Foreclosures:
There are not many foreclosures on Kauai.
We do not get a large amount of foreclosures on Kauai. Today, we have 290 residential homes on the market of which about 0 are foreclosures, accounting for slightly less 0% of the Kauai Market.
Currently (April 13 2012), the median selling price for all residential properties in Kauai is $483,250. Current Kauai foreclosures asking price is averaging only $.00. Of the 12 (Residential) Kauai Foreclosures selling in 2013 year-to date (YTD) the median asking price was $400,492.00. The median sales price of foreclosure sales sold within our MLS system was $389,808.00. On average, Kauai Foreclosures have been selling at 98.3% of asking price. The average days on market for these properties from release on our MLS system to conveyance to the new owner is an astronomically low 22 days.
Preparation is key.
Banks are pricing foreclosed homes very low in order to move them immediately, and buyers who are ready, willing and able to make immediate offers are the ones getting these deals. Often buyers have not even seen these homes, and are only seeing photos. The competition for these homes is steep and one must be prepared!
In order to be in position to purchase one of these great deals, you must be either pre-qualified by a lender if financing, or have proof of funds, if paying cash. Terms of agreement, including, financing terms, inspection period and close of escrow date, must be clearly spelled out.
Financing: We can help. We work with several local lenders in Hawaii that have competitive rates and are making loans on homes on Kauai. Although it's more difficult than in past years, local banks are still giving out mortgage loans. Banks want higher credit scores, a decent down payment, and a buyer who can show they can make the monthly payments for the long term, not just for the next few months.
Cash: You will need a letter from your bank or financial institution stating that you have the funds available for the purchase of the home.
Kauai Foreclosure Program
We have a system set up that enables you to receive an email as soon as a new foreclosure comes on the market that meets your criteria. Obviously, not every foreclosed home will fit your needs, but if one interests you, contact us immediately so that you can have an opportunity to put an offer in before other prospective buyers.
Whether your dreams of paradise include a home, condominium or vacant land~
Call Kristin (808) 651-9506 or John (808) 651-1276 to get started on our Kauai Foreclosure Program!