Properties for sale

[sittall]

RBAKKER - thanks for taking the time to post some of the results of the auction.

Does anyone know if all the properties were auctioned off today or will there be a continuance tomorrow?

>><(()(º> Connie >)))º>
http://www.konacomfortrental.com/Connies...ttage.html

[rbakker]

At the rate they were going, they would've all been auctioned off Tuesday, easily.

I did wonder what would happen if it turned out that the person who won the auction wasn't able to pay.
They say no personal checks etc but anyone can walk in off the street and bid, thinking they can pay later
or maybe wth a credit card.

I'm not so sure there were problems with the Japanese notification - after all, every single one of the properties sold (at least in HPP) was owned by someone with a Japanese address.

The HPPOA sould try to get their hands on some of the excess and see if it can be used to pay off any outstanding road maintenance fees - if that's legally possible.

[John S. Rabi]

quote:

---

Originally posted by rbakker

I did wonder what would happen if it turned out that the person who won the auction wasn't able to pay. They say no personal checks etc but anyone can walk in off the street and bid, thinking they can pay later or maybe wth a credit card.

The HPPOA sould try to get their hands on some of the excess and see if it can be used to pay off any outstanding road maintenance fees - if that's legally possible.

---

It did happen at the last tax sale and they put the property back on the auction right away.
The proceeds from the tax sale is used to pay off the outstanding balance of the property tax and associated fees first. If there is any excess funds left, it is used to pay off the other liens, including road maintenance fees, provided the HOA filed a lien against the property. If there is anything left than it is given to the original owner of the property.

Aloha,
John S. Rabi, GM,ARB,BFT,CM,CBR,FHS,PB,RB
808.989.1314
http://www.JohnRabi.com
Typically Tropical Properties
"The Next Level of Service!"

[loffelkopffl]

"I'm not so sure there were problems with the Japanese notification - after all, every single one of the properties sold (at least in HPP) was owned by someone with a Japanese address"


they were all japenese owned lots at the sale, however the reason they took so many off was what i stated earlier, according to the corporate attorney present, in other words the ones sold were cleared by the japenese courts, the ones taken off haven't yet....

[Hotzcatz]

Thanks for posting, Rbakker, I wasn't able to make it to the auction either and was wondering how the prices were. Frequently, folks pay more for auction properties than they would for the same thing if they bought it through a Realtor.

As for folks not paying, they get escorted up to the payment table immediately after the gavel goes down and pay in cash (or certified check) on the spot. If they don't pony up with the cash, the parcel immediately goes back under the gavel again. I haven't seen that happen yet, but I'm sure it does.

[John S. Rabi]

Those who know me know how much I hate the National Association of Realtors (as well as the Hawaii Association of Realtors and the Kona Board of Realtors.) Look at this video http://themessthatgreenspanmade.blogspot...osure.html and watch what Adolph says about the National Association of Realtors! [}]

Aloha,
John S. Rabi, GM,ARB,BFT,CM,CBR,FHS,PB,RB
808.989.1314
http://www.JohnRabi.com
Typically Tropical Properties
"The Next Level of Service!"

[oink]

Hmm, I don't recall seeing postings from you on this site predicting a collapse. Just the opposite. I know many Realtors in my area were vocal in saying that the boom couldn't sustain itself the way it was going. Some even remembered previous down markets. They would share this with buyers, who didn't listen, due to panic they would be left out or just greed. However,even those that were vocal that the boom couldn't sustain, didn't foresee the catastrophic collapse. What did NAR do to piss you off?

Pua`a
S. FL
Big Islander to be.

[John S. Rabi]

The Chairman of the Professional Standards Committee of the Kona Board of Realtors (Tom Metz) had his license revoked by DCCA and had three fines totalling more than $10,000 levied against him. Another member (Robert Ferrari) of the same committee has a DCCA rap sheet longer than Ted Bundy's. Both the National Association of Realtors and Hawaiian Association of Realtors decided it's a local issue and chose not to get involved. Talk about "country club" mentality! No wonder the industry has such a bad reputation.

Aloha,
John S. Rabi, GM,ARB,BFT,CM,CBR,FHS,PB,RB
808.989.1314
http://www.JohnRabi.com
Typically Tropical Properties
"The Next Level of Service!"

[rbakker]

Back to the topic...

I went to a foreclosure auction today, one of those ones that you constantly see advertised in the paper, at the flagpole outside the courthouse in Hilo. What a waste of time. About 15 people turned up for the 12 noon start, the guy running it postponed it 15 mins, then another 15 mins (he was constantly on the phone to someone).

Then he announced that some of the properties wouldn't be auctioned today, and ran through a list of 18 of them that were postponed. This left 2 properties (I don't know why he didn't just name them instead of naming the other 18!).

Both properties were in Kona, and neither attracted any bids because the starting prices were 913K and 369K. So much for "no upset price".

Did I just go at a bad time, or are these auctions always a farce?

[rprr]

Thanks for that report.

I suppose this is the bank's way of trying to get a good price on the property. It would save everyone's time if they mentioned the starting price in the listing.