Short sales in Hawaii are growing more and more each day. At times, it appears that there are more short sales than regular, old fashioned real estate sales.
One of the areas on the island of Oahu that is exploding with short sales is Ewa Beach. This is your "diamond in the rough". The growing popularity of Ewa Beach, Kapolei and the Leeward Coast of Oahu has many home buyers looking for short sales in Ewa Beach and Kapolei.
Why do short sales occur? Several reasons but most commonly it is due to these two reasons:
1) The home owners purchased the home sometime between late 2005 to approximately 2007 and are now trying to sell that home. Because prorperty values in Hawaii have decreased since this time, there is no way for them to sell at a high enough price to pay off their mortgage(s) unless they made a large enough down payment.
2) Homeowners that owned a home and then did a "cash out refinance" during the real estate boom. These owners also are in a short sale situation if they are thinking about selling their home in Hawaii.
Whether you are a Buyer or Seller interested in pursuing a short sale in Hawaii, make sure you look for a Certified Distressed Property Expert.
David Kucic, RA
Certified Distressed Property Expert
Accredited Buyers Representative
www.davidkucic.com
RE/MAX Honolulu
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David, the numbers I have seen show that Ewa Beach has been hit the hardest with the bulk of the short sales locally. There are so many very nice homes and newer developments in that area, meaning there are some excellent buying opportnities; just have to feel for the sellers. Congrats on the CDPE designation!