Tax sale June 8

[DanielP]

http://www.hawaii-county.com/real_proper...axsale.pdf

[hawaiideborah]

DanielP,
Thank you for posting this information for us.
I haven't ever done this before. I read the intro before the list of properties. It seems you go with cash and there is an auction.
Do you know how much over the taxes owed these properties go for?
Anyone ever successfully bid on a property through this process?
Thanks again

[Rob Tucker]

As I understand it one of the weirder aspects of a tax sale is that once you win the auction the previous owner has a period of time, perhaps a year, to pay the back taxes and reclaim the property at which point you get your money back plus a bit of interest. If true then there is an opportunity to tie up a lot of cash for a period of time and be uncertain of making improvements on the property for up to a year.

I am sure someone will correct me if I am wrong.

[hawaiideborah]

Rob,
you are correct.
It says exactly that in the paragraph at top of linked document.
However, the document states that the interest they have to pay is 12% which is certainly better than most places.
-----------------------------------------
Anyone else ever done this successfully?
Think I will at least go to the auction.

How do I find the addresses to do drive-by of these properties?
as always, THANKS to all for any help.

[Midnight Rambler]

Go to hawaiipropertytax.com, click through the disclaimer to "Property Search" and enter the tax map key (TMK) number shown on the left, minus the dashes. That will bring up a record of the property with the address, structures, and map.

[John S. Rabi]

quote:

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Originally posted by hawaiideborah
...you go with cash and there is an auction. Do you know how much over the taxes owed these properties go for?

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I sure sometimes wonder how people think. Hello! It's a real estate auction! Cash?! Genius. You gotta be kidding!

Aloha,
John S. Rabi, GM,PB,ABR,CRB,CM,FHS
888.819.9669
johnrabi@johnrabi.com
http://www.JohnRabi.com
Typically Tropical Properties
"The Next Level of Service!"
(This is what I think of the Kona Board of Realtors http://KonaBoardOfRealtors.info)

[DanielP]

Now John, be nice to novices. Properties generally go for about 60% of market value +/-. There is a 1 year redemption period. Best way to procede is to find each parcel on the TMK maps, drive by and have a look. Check to see what other properties in the area have SOLD for. Gotta have the cash to lay down, and a year to wait, but the key is research. Try this link:

http://www.hawaiipropertytax.com/Forms/H...es_FAQ.htm

And: http://www.hawaii-county.com/maps/tmk/zone.htm

ed. to add links,

Dan

[John S. Rabi]

Dan, I have been to numerous tax sales and bought several properties there. I remember one time the general bidding actually exceeded the current market values. (Stupid, huh?) I also remember when I bought a lot for $2,500 in Nanawale Estates. There really is no general rule, that's why it is called "auction"! The more desirable properties will sell at higher prices. As to the "cash" subject, try to show up there and pay say $120,000 in cash for one of those lots in Puu Lani Estates. Both the police and IRS will be very interested in talking to you. [][][]

Aloha,
John S. Rabi, GM,PB,ABR,CRB,CM,FHS
888.819.9669
johnrabi@johnrabi.com
http://www.JohnRabi.com
Typically Tropical Properties
"The Next Level of Service!"
(This is what I think of the Kona Board of Realtors http://KonaBoardOfRealtors.info)

[csgray]

I think in this case the word "cash" was used to indicate a property for which the buyer must have immediate access to full funds with which to buy the property. In other words no financing is needed, as opposed to showing up with a briefcase full of "cash" mafia style.

Carol

[DanielP]

Top link above discusses types of payment required.