Foreclosures in Honolulu, Oahu Bring Opportunities for Real Estate Buyers
According to Lucy Clark, who recently wrote in the "Hawaii Reporter":
President Obama asked the banks to put a stay on foreclosures during the holiday season. The holidays are over and the expectations are that the market place will be flooded with foreclosure sales for the next two years, our island home included.
Buyers, this is a great time to buy. Interest rates are very, very low. The $8,000 tax credit for first time homebuyers and the $6,500 tax credit for existing home owners has been extended until May 2010.
Foreclosures most likely represent the best buy for your money. The banks don't want the property, they want money - so they are typically willing to sell for much less than the market value of non-foreclosed competitive listings.
Yes, there will almost certainly be repairs - but who doesn't buy a resale house without the expectation of repairs, renovations and upgrades? If your offer is structured properly, you can likely get the bank to pay for your closing costs - the money saved can go directly into upgrading your purchase.
With the government offering loans that require 0 - 3.5% down payment (vs conventional financing that requires 20% downpayment) more cash stays in your pocket.
With a growing foreclosure market, it makes sense to jump in and acquire your own piece of Paradise.
Mahalo For Reading.
If you or anyone you know is thinking about buying or selling a condo in Honolulu, Hawaii, it would be my pleasure to help.
Douglas Fischer, R.A., REALTOR, ePro, C.D.P.E.
RE/MAX Honolulu
www.HNLCondos.com
808-497-3810
Douglas@HNLCondos.com
Douglas is an experienced and respected Honolulu, Hawaii Realtor Associate, in partnership with his Japanese speaking partner, Christopher Sumida, who specialize in residential Real Estate and the sale of Condos in the greater Honolulu area including the neighborhoods of: Waikiki, Diamond Head, Ala Moana, Kakaako, Kapiolani, Makiki, Chinatown and Downtown Honolulu.
