Kauai Foreclosure Update for the week of October 24th – 31st
Last week on Kauai, 4 properties were reverted back to the lender on the courthouse steps. 3 auctions were canceled and SIXTY auctions were postponed. Is this a reflection of some of the foreclosure freeze news? One can only guess, but perhaps. 11 new listings are distressed properties. Nine of them are REOs, and two of them are short sales. The distressed property market is primarily composed of two things:
- REO (Real Estate Owned)—These properties have already been foreclosed on by the lien holder, assigned to an asset man One agement company, and re-listed with an REO agent.
- Short Sales—These properties may, or may not be in foreclosure, but the proceeds of the sale will be less than what is owed to the lien holder, and thus require lien holder approval.
This large house (MLS# 239920) is overlooking the Wailua River Valley. We don’t see many instances on Kauai where the owners take things out of the house and damage stuff in the process, but this is one of them. Cut pipes and a trashed in-ground pool are just part of the challenge. But hey, the prior owners paid $950,000 and then put a couple of hundred thousand into the home, so at a listing price of $319,000, there’s plenty of potential. Chances are this home will be sold before you read this blog post, but it gives you an idea of the opportunity here. If you are looking for a Kauai REO, or Kauai short sale, I can send you any new listing as soon as it pops up on market, like magic, because the good deals do go fast.
Tiled floors and large wooden sliding doors to rim
Melia St. overlooking the Wailua River Valley
The house below, (MLS# 240029), is a spacious 5 bedroom, 2 bath Kapaa home (3,029 sq. ft.) on a 1+ acre lot at the end of a cul-de-sac road. This home has been updated since it was built in 1987. Has mountain and distant ocean views, and a large wrap around covered lanai. Listed as a short sale earlier in the year at $899,000, you could not rebuild this home for twice the price! Again, this will probably not last long.
Over 3,000 sq. ft. with ocean views, this country home needs cleaning up, but has solid value
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