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Hawaii Short Sales and Act 137

By
Real Estate Agent with Hawaii Military Realty, Inc.

By: David Kucic, RA
CRS, GRI, ABR, e-PRO
First Sergeant, USA (Ret)
Tropic Lightning Real Estate

Yesterday I attended a forum about Hawaii Short Sales and Act 137 "The Mortgage Rescue Fraud Prevention Act".  This act will greatly change the ways that real estate professionals will be able to assist you, the homeowner, in the sale of your home.

The bottom line is this:  If you see yourself heading in the direction of a short sale, CONTACT SOMEONE IMMEDIATELY for assistance.  Do not wait until you start missing payments, have liens placed on your home or become late with maintenance fees and association fees.

Once you are more than 60 days delinquent on your payment, myself and other Hawaii real estate professionals may not be able to assist you because you are then going to be classified under Act 137 as a "Distressed Property" in which case you will need to work with a "Distressed Property Consultant".

Conclusion:

If you still need to sell your home and need to sell it as a SHORT SALE, call your Hawaii real estate professional ASAP before you become a Distressed Property and may not be able to be helped any longer.

www.davidkucic.com

www.relocate808.com

www.hawaiipcs.com

 

 

 

Comments (4)

Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

David, Great advice!  Do you have alot of short sales in your area?  We're seeing a bit more of them here but, haven't been faced with the amount that some of the big cities around the country have.

Debe in Charlotte

Oct 18, 2008 09:43 AM
1SG (Ret.) David Kucic
Hawaii Military Realty, Inc. - Ewa Beach, HI
President and Owner

Aloha Debe.  Yes, we do have quite a few here.  I dont have the exact numbers because our MLS does not track short sales as a specific category.  Glad to hear you dont have many! 

Oct 20, 2008 09:21 AM
Linda Bourgault
lulugraphix-creative photography & fine art - Flower Mound, TX

David and Tanya—Many mahalos again for the incredible job you did with the short sale on my home! I was beginning to be concerned about you for a few days, but realize now you were in transition. Congratulations on your move to REMAX. I hope your new positions will be very fruitful. I want to do a blog on short sales, may I re-blog this one to accompany mine... I will give appropriate credit to you, etc.? Ya'll take care now, you hear.

Nov 03, 2008 05:14 AM
1SG (Ret.) David Kucic
Hawaii Military Realty, Inc. - Ewa Beach, HI
President and Owner

Aloha Linda.  Thanks!  You may certainly use this.....no problem.  We also went to another class on short sales the other day given by one of our Hawaii Real Estate Attorneys from the lawfirm of Pitluck, Kido and Stone.  I am going to email you the handout they gave us which provides some really good information.

Nov 03, 2008 05:24 AM