Foreclosure Inquiry

[John S. Rabi]

That's correct, the owners of the properties sold on a tax sale have one year to buy the property back for paying all the cost the buyer paid plus 10% interest.

Aloha,
John S. Rabi, ABR,CM,CRB,FHS,RB
http://www.JohnRabi.com
Typically Tropical Properties
"The Next Level of Service!"

[Jeffhale]

I wrote this earlier and Kathy sums this up pretty good, but here’s a bit more info.

RealtyTrac, I took a good look at them a few years ago, Blaw, bluck and lousy, was my opinion. Advertise the world and give you parts, some or mostly outdated with a small crew, or to small to provide all the information they propose. . I'm no expert at this but I'd start at the Tax office, to know names and mortgage holders. If there's a mortgage there will be a lean (note) on the property that will be on file. The county keeps a record of all leans, lean holders, unless it’s 'contract to buy'. . You could try contacting the owners directly as well. Some people don't like being contacted when their world is being crushed, but if you can save their credit, convincingly, they might work a deal. most likely you wont convince an owner that just transferring it to save their credit is worth it to them.. Funny how that works, people would rather take a total loss then give a bloke a break.. It's how, for example, auto dealers convince people their car is worth 2/3'ds and less, much less when making a "trade-in?' Verses selling it to a friend at this same discounted rate.

The banks and most lenders are not allowed to discuss some kind of deal before foreclosing, (federal law). If so, the bank would be considered to be in the business of buying or selling property. I believe this law is designed to protect us from the banks taking over the world.. Ha,. But seriously.

So, you need to learn where and when the bank will offer it at auction, what's the bottom line the feds will allow the bank to offer it for.. If it does not sell at auction then you can approach the bank, or lender.. The lender must attempt to sell the property at a reasonable market value, recover their losses, and turn over any profits above their expenses to the foreclosed owner. If it's proven this is not possible, then you can move into the position with the bank.. Simply, to obtain it at a great value, or what the lowest price it can be obtained at, comes down to your ability of convincing the lender to let it go after they have performed due diligence. .. Or faster but not easier, convincing the current owners, to 'let it go'.


Oh and BTW yes the county of Hawaii does provide the owner and adress online still..



Edited by - Jeffhale on 08/24/2007 19:02:08

[Aaron S]

quote:

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Oh and BTW yes the county of Hawaii does provide the owner and adress online still..

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Yes its still available. But they made it harder to access the information. Before you could type in a person's address and find out
information. Now they've restricted it to only TMK # searches.

[Mlingen]

Yes,
We own property in Hawaii. I would rather our address not be available; however, if you type in the tmk - it certainly is. The result is tons of unwanted mail from the real estate industry. So if you can get the tmk of the property, which should be easy to do, you can find the owner - and where they live.

[Jody]

What changed is that you used to be able to search using a person's name. So for example, if I wanted to know what property Joe Blow owned, I could simply type in his name and I could see. All they did was eliminate this option.

Aloha,
Jody

[Aaron S]

quote:

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What changed is that you used to be able to search using a person's name. So for example, if I wanted to know what property Joe Blow owned, I could simply type in his name and I could see. All they did was eliminate this option.

Aloha,
Jody

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Not exactly accurate. You could also do a search by mailing address also. Along with removing searching by name, they eliminated
searches by address. I should know I reguraly used that function. I was disappointed they neutered it.




Edited by - Aaron S on 08/24/2007 21:02:38

[Jody]

I stand corrected, Aaron, thank you. I didn't know you used to be able to search for a mailing address. I can almost understand eliminating the name search, but the mailing address? Do you know why they did away with that?

[John S. Rabi]

"The county keeps a record of all leans, lean holders, unless it’s 'contract to buy'. . "
"The banks and most lenders are not allowed to discuss some kind of deal before foreclosing, (federal law)."

Sorry Jeff, both are wrong. The first one is called "Agreement of Sale" here and those are recorded. (Indicated in the tax records as "AS."

The Seller can sell the property for less than the mortgaged portion if the lender agree to it. It's called "Short Sale" here. Basically, the regular contract is drawn with a Short Sale Addendum that indicates that the sale is subject to the approval of the lender.

Aloha,
John S. Rabi, ABR,CM,CRB,FHS,RB
http://www.JohnRabi.com
Typically Tropical Properties
"The Next Level of Service!"

[Aaron S]

quote:

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I stand corrected, Aaron, thank you. I didn't know you used to be able to search for a mailing address. I can almost understand eliminating the name search, but the mailing address? Do you know why they did away with that?

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There was a concern that it could be used by nefarious people. For example a criminal could lookup where a certain police officer lived.

I just checked the HI Real Property website. It still has a an address search. But it doesn't look like it works. I tried typing my parents address.. came up zippo..

[Jody]

quote:

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I just checked the HI Real Property website. It still has a an address search. But it doesn't look like it works. I tried typing my parents address.. came up zippo..

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www.hawaiipropertytax.com ? hmm..I just looked up my own address and it worked. Some addresses are listed by street name only so that if you put in an address number (14-3045 for example) you won't get anything.




Edited by - Jody on 08/24/2007 22:19:20

Edited by - Jody on 08/24/2007 22:20:49