Foreclosures

[Fishboy]

Friends,
With the rise in interest rates there's an increasing number of people realizing they can't make the payments on their homes. There are several options open to many of these people, but many also find themselves headed inevitably toward bankruptcy.

Last week's Newsweek had a small piece on real estate foreclosures. There are four web sites cited in this piece: foreclosure.com; defaultresearch.com; foreclosurenet.net; homesales.gov. While I wouldn't want to take advantage of some elses misfortune, foreclosure.com lists two Big Island properties as "foreclosure", 25 in "Pre-foreclosure", nine in "Bankruptcy", and 14 in "FSBO" (For Sale By Owner: does this mean they're being sold by the owner to stay OUT of foreclosure?). I'm curious what any of the real estate agents who frequent this forum think about these properties. The web sites listed in the article all require you pay to join their site, except for the federal site (homesales.gov), but that site doesn't list any Big Island properties.

Warmest Aloha,
Brian



Edited by - fishboy on 08/14/2006 07:34:56

[John S. Rabi]

I don't know much about the mentioned web sites but 99% of the time the lender forecloses on the owner and acquires the property. All lenders work with real estate agents and list the foreclosed properties with them. There were two foreclosed properties in Hawaii last week. Pacific Business News lists the foreclosures every week.
Every property is for sale by owner. The ones you mention are "For Sale By Unrepresented Sellers" and those think they can save money by trying to sell themselves. According to NAR, properties sold by real estate agents are sold 17% higher than the properties sold by FSBUS.

Aloha,
John S. Rabi, ABR,CM,CRB,FHS,PB,RB
http://www.JohnRabi.com
Typically Tropical Properties
75-5870 Walua Road, Suite 101
Kailua-Kona, HI 96740
(808)327-3185

Edited by - John S. Rabi on 08/14/2006 09:01:42

[mella l]

Thanks to John for the information!

mella l

[mella l]

LOL even he dark side is talking about this!

_______________________________

Big Island foreclosure market?

Posted by on Monday, 14 August 2006, at 6:04 a.m.

Friends,
Last week's Newsweek had a small piece on real estate foreclosures. While I wouldn't want to take advantage of some elses misfortune, there are two Big Island properties listed as "foreclosure", 25 in "Pre-foreclosure", nine in "Bankruptcy", and 14 in "FSBO" (does this mean they're being sold by the owner to stay OUT of foreclosure?). I'm curious what any of the real estate agents who frequent this forum think about these properties. The web sites listed in the article all require you pay to join their site, except for the federal site (homesales.gov), but that site doesn't list any Big Island properties.

Warmest Aloha,
Brian




mella l

[mella l]

Oh I'm sorry about this I didn't realise it is the exact same post as the original post here. Somehow I was thinking it was the hot topic of the day, here there and the WSJ. Faux paus mon ami! Embarassed Mella L

mella l