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.
Update January 2009
Hawaii and Maui have remained behind many areas of the country when it comes to foreclosures. That being said, we are not immune to changes in the real estate market and the overall economy. As a result, we are seeing an increasing number of distressed properties. Some of these properties can offer good buying opportunities. Contact us for additional information on Maui foreclosures, short sales and bank owned properties.
