Aloha, friends! Would like to know more details about our Hawaii home buying process? Concrete examples of actual transactions?
Every now and then it’s nice to discuss a recent home we purchased on Oahu and build a nice case study around it. Today’s case study is a Kaimuki property that we purchased directly from the seller, renovated it beautifully and then resold to happy new homeowners.l
The Story – Preforeclosure Seller Situation
We learned about the situation and sent a letter to the owner of the property, a nice two-story duplex near Chaminade University and City Mill, right on 2nd Ave.
The owner was a bit behind on his payments and the big bank was threatening to foreclose quickly. The owner called off our letter and I (Michael) visited him at the property to learn firsthand how I can help and to gauge the property’s condition. It turns out the property had some beautiful parts to it but one half needed a complete remodel. That’s not a problem for us, since we buy houses on Oahu in any condition, right?? 🙂
The Solution – Avoid Foreclosure, Pay Cash and Sell the House
Because the owner was very far behind in the mortgage but still had some equity, we decided to get creative in how we bought the house — yes, we bought the house. Here’s what we did
- We paid the arrears, meaning we paid the deficiency to bring the mortgage current and back into good standing. Pretty good, right?!
- We renovated the house back to beautiful, showroom condition.
- We let our broker sell it on the open market to happy new homeowners!
How the Kaimuki Home Seller Came Out Ahead
- The home owner avoided foreclosure and all the negative consequences
- The home owner still got cash from the sale of his property
- The home owner didn’t have to pay any costly fees for us to buy house or negotiate with his lender
If you find yourself in a similar situation as our Kaimuki home owner, then there’s no reason to delay. Generally speaking, these situations get worse as time goes on without any action taken. For your own sake, please contact us today at 808-377-4379 to learn about your options to avoid foreclosure.
Here’s our finished kitchen remodel — beautiful!