Maui Foreclosures

Occasionally, we receive inquiries from prospective buyers about foreclosure properties. Over the last few years there have been a limited number. When properties do go into foreclosure, the homes may go into auction. The rarity of the event can help to cause a bidding frenzy. More often than not, the end result is home purchased at or above market rates with terms less favorable than a conventional purchase. Last year, the number of foreclosures was particularly low. The Honolulu Advertiser reported in today's paper that the number of foreclosures in Hawaii fell precipitously with a 79% reduction. As long as the rate of foreclosures continue to stay low, home buyers will most likely find better opportunities focusing on properties listed on the Maui MLS.