Case Study – Pre-Foreclosure Honolulu Condo

Here’s a recent case study for you to see how we work with local Oahu homeowners who wish to sell their houses. One evening last November, as my wife and I had just pulled into Safeway to pick up some groceries for dinner, I get a call from a very nice guy. He had received a letter from us about his condo in the Salt Lake neighborhood of Honolulu and wanted to learn more about how we work and whether we’d be interested in buying his 2-bed 2-bath condo.

We spoke for about 15 minutes as I explained the homebuying process, and the steps we would take to buy his home for cash “as is”. He was concerned because he hadn’t paid his mortgage or monthly association dues in quite a while and the bank had filed for foreclosure. We had to work quickly, but I assured him this wouldn’t be a problem.

We set up an appointment a couple of days later. As I pulled into his building, Country Club Village #5 off Ala Napunani Street, I had a feeling that everything would be just fine. The owner welcomed me into his home and we talked about the life events that had led to the current situation. This was a nice guy who had fallen on some hard times and was looking for a way out of a tough jam.

We walked around his property and he showed me a few items that needed some repairs 0r upgrading — carpet, kitchen cabinet faces, and some of the appliances. It was in overall good condition but needed a bit of sprucing up.

Pre-Foreclosure Honolulu Avoided

We soon agreed on a price for the property. Since the owner had a fair amount of equity, we had a few options (even if he didn’t have equity there are ways we could have bought it). We decided on a partial seller-finance purchase. We brought enough CASH to pay off his entire mortgage and association dues including all back payments and attorney fees. He also got a very healthy down payment at closing but also agreed to seller finance a portion of the sale for a short term, and he got a high-interest rate on that balance. Basically, he got all his debt paid off, got money at closing, and got even more money a few months later. He was very happy and you’ll find his testimonial below:

“I want to say thank you for your help in selling my house in Honolulu. Everything was smooth and professional. Thank you.” — Robert

If you want or need to sell your house on Oahu, then please pick up the phone and CALL US at 808-377-4739 or fill out the form on this page. Thank you.

Mike Borger, Owner

Owner Michael Borger with happy home seller Robert


Leave a Reply

Your email address will not be published. Required fields are marked *