Feb 19, 2011 NOTE:Thanks to this blog post we got in an offer and were able to postpone the short sale! But there are more deals at Halii Kai waiting for buyers...
Ocean view from Halii Kai 9C short sale...wake up to this! MLS 227346
Here is the most ironic situation I have faced as a short sale listing agent. A beautiful ocean view condo at Halii Kai, one of the rare Mahana 2 bed/2 bath units to have a garage rather than a carport, is about to go to foreclosure unless I get an offer in the next 18 hours or so!
What makes it ironic?
- The mortgage on the condo is owned by Freddie Mac. Freddie Mac will only allow ONE postponement of the auction date, and only if there is an actual offer in. That means that although this is the high season and I have multiple showings per day when it is available, the have no flexibility to postpone. Ironically, Halii Kai is not Freddie or Fannie-approved, but they ended up holding a bunch of the paper anyway!
- The condo rents so well it was booked back-to-back and the rental manager did not agree to move the rental bookings so we could show once we knew we were up against a firm deadline. Therefore we only started intense showings yesterday. That's ironic, because everyone seems to be looking for a great rental unit, and this one is proven!
- Because this has been in a rental program, it is current on monthly HOA dues. If you were to buy another foreclosure (REO), the lender will likely as you to pay for $3500 in delinquent dues!
- There are currently three REOs of the same floorplan. This is in building 9. The same floorplan in building 4, five buildings farther from the ocean with no ocean view, is listed at $404,430. The developer has this listed in Building 8 for $625,000. While it is true they will offer a couple of years of prepaid HOA dues, at $12,000/year that's a lot of years for them to be competitive! What's ironic is I'm hearing buyers are considering the developer unit instead.
Bring us an offer! As long as it is in line with sold comps minus the lender's costs to foreclose, I feel pretty confident we can get them to accept it. After all, my partner Pam and I were on one or both sides of 3 out of 5 short sales at Halii Kai in 2010.
Sorry for all the exclamation points, but this condo deserves it.
A hui hou
Beth
Comments(0)