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+--- Thread: Why Many People May Lose Their Property This Week (/showthread.php?tid=19364)
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Why Many People May Lose Their Property This Week - ericlp - 04-09-2018
http://www.civilbeat.org/2018/04/big-island-why-many-people-may-lose-their-property-this-week/
372 properties that the county will auction off for delinquent property taxes. As of that notice, those parcels include 224 in Ocean View and 94 in Nanawale.
When looking at all those properties, that may seem like a lot... but, most of them are in the subdivisions that are very poor without much infrastructure or strong CCRS.
I think the handwriting is on the wall... With one of the worst administrations running the country and the stock market literally tanking on a day by day basis, TMT moving investments, it will only be a matter of time before the money train for fresh people coming here from the mainland to snap up some vacant lots will end. Of course this is just my theory, time will tell. I've been watching the market for a few choice lots that I'm actually interested in and are up for sale on the market, even those are not moving. I am going to wait a month or so before I make a low ball offer on them.
I might attend this auction just to see how high or low these lots sell for. I have no desire to invest in subdivisions I personally would not want to live in. Also, as an investment, even if you got the lots for under a few grand... Still might not be a very good deal as who knows how long one may need to hang on to a lot... If you do decide to buy a lot, best to go drive by a few to make sure you scoped it out... since, you definitely don't want one full of albizia trees or next to some rooster farm/meth house/garbage collector...etc...etc... I've seen lots in Nanawale listed and sold for under a grand. While google maps (satellite view) is great tool, it's not the same as drive bys. You never know what kinda hood rat moved in last week.
The actual auction will take place at Aunty Sally’s Luau Hale, 799 Piilani St., Hilo, starting at 9 a.m. on April 18 and 19. Minimum accepted bids on most of the lots are only $2,000 to $4,000. Not sure if you need to bring some sort of proof you have cash funds to attend this auction as I've never been to one.
Good Luck!
Check out the list here...
http://records.co.hawaii.hi.us/weblink/1/fol/55713/Row1.aspx
RE: Why Many People May Lose Their Property This Week - Obie - 04-09-2018
Stay away from the lots in Vacationland. They are unbuildable due to flooding at high tide.
One of them sold for 114,000 in 2012.
RE: Why Many People May Lose Their Property This Week - shave_ice - 04-09-2018
Could be a good opportunity for some if one of the parcels up for auction is next to their own property. I have vacant lots on either side of me in Nanawale, but neither one was on the list.
RE: Why Many People May Lose Their Property This Week - leilanidude - 04-09-2018
With one of the worst administrations running the country and the stock market literally tanking on a day by day basis,
------------
Nice try. The market is not "tanking on a day by day basis".
Most of these properties are vacant lots, many of which are most likely unbuildable and the cost of paying the annual property taxes combined with the subdivision fees, are simply not sustainable. It is easier to just let them go than to try and sell them for almost nothing after the real estate commissions.
In checking, many of the Nanawale lots listed have more owed than the lot is worth!
RE: Why Many People May Lose Their Property This Week - loffelkopffl - 04-10-2018
need to bring cash or cashiers check
RE: Why Many People May Lose Their Property This Week - randomq - 04-10-2018
Yeah, I looked up the ones I was interested in, and they were mostly unbuildable or not worth the asking price. Crappy auction this time around. Although even last time when there were a few good properties, the real estate brokers raised the bids and snapped them up...
At least I'm glad to see no properties up for auction in HA!
From attending before, you must pay for your lot immediately, so cash or cashiers check, no personal checks or credit cards. They have many police officers in and near the building to ensure your cash goes where intended.
RE: Why Many People May Lose Their Property This Week - PaulW - 04-10-2018
Those property auctions are a waste of time.
RE: Why Many People May Lose Their Property This Week - Frankie Stapleton - 04-11-2018
And even if you post the winning bid, the owners have up to a year to pay the past tax and reclaim. This is a routine Hawaii County does regularly.
RE: Why Many People May Lose Their Property This Week - rainyjim - 04-11-2018
There are also state auctions for boats if anyone is looking
RE: Why Many People May Lose Their Property This Week - randomq - 04-11-2018
Anyone gone through the buyback process, from either side? I wonder how much of a hassle it is.