Many Kauai homeowners are facing foreclosure without information or help exploring alternatives. While there’s no magic answers, there are options that can help minimize the damage of foreclosure.
At KauaiHelp.com, you’ll find free information and reports about how short sales work, what is a deed-in-lieu foreclosure and the difference between a short sale and foreclosure on your credit report.
What’s HAFA? On November 30, 2009, the Treasury Department released guidelines for the Home Affordable Foreclosure Alternatives Program (HAFA) providing financial incentives to lenders and homeowners who utilize a short sale or deed-in-lieu of foreclosure. Designed to complement the HAMP (Making Home Affordable Program) and assist families who don’t qualify for a loan modification under HAMP, it’s a voluntary program that does into effect April 5, 2010.
Mortgage is delinquent or default is reasonably foreseeable
Current unpaid balance is equal to or less than $729,750
Borrower’s total monthly mortgage payment exceeds 31% of borrower’s gross income
If you or someone you know might be facing a foreclosure, it’s important to get legal and financial advice about your particular situation. If you’d like to explore how a short sale might help, please call or email me for a private consultation.
When it comes to golf in Hawaii it doesn’t matter which island you decide to visit, the ocean views and sunny skies are abundant just about everywhere. But if you also appreciate great golf, then Kauai is the place to go, because it’s here where you’ll find Hawaii’s highest concentration of top-ranked golf courses.
This week there was a backlash in the press to Ben Bernanke’s recent statements about the housing bubble and interest rates.
Wall Street Journal’s article Bernanke Challenged on Rates’ Role in Bust, covers his statements and analysis from leading national economists, including the following survey results:
At the end of the day, sounds like “spin” to lobby for his job. For homeowners facing foreclosure who were sold unrealistic loans, his statements fall flat.
If I had to put a soundtrack to this blog post, it’d be the 10 year old irritating song that used to get played constantly on the radio (at least on Kauai) from Shaggy – It Wasn’t Me. Ever since I read the news this morning, this stupid song is stuck in my head!
Let’s put together our own poll. Add your comments and vote here:
In the early 80’s AIDS and Apartheid were new words. We danced to Bobby Brown, Paula Abduhl was one of the ‘fly girls’ on In Living Color and Beastie Boys rocked. It seems so innocent now, looking back. We followed international news through community events and newspapers, not Google and bing.
San Francisco was our home, a city of many communities. Protests, a part of daily life – some humorous, some serious.
While my daughter was a toddler, we joined in a parade for MLK holiday- stroller and all.
‘Happy Birthday’ became a family tradition. Every year on my daughter’s birthday, I’d wake her by blasting ‘Happy Birthday’ and we’d dance in the kitchen.
Brief History of MLK Day – Time.com
“This is not a black holiday; it is a people’s holiday,” said Coretta Scott King after President Ronald Reagan signed the King Holiday Bill into law on Nov. 2, 1983 Read more
Obama Tax Prompts Put-Upon Bankers to Break Out Violins, as reported by Chris Ferrell in BusinessWeek: …What is it that has bankers upset? The Administration wants to charge banks a fee that is expected to raise some $90 billion over 10 years. (The two biggest U.S. banks, Bank of America [BAC] and JPMorgan, will be on the hook for $1.5 billion each, according to a report by Wisco Research analyst Sean Ryan.)….
This measure may not be the best answer, but any attempt to hold lenders accountable for bailout funds they received makes me want to celebrate with Ukulele music, not whine with a violin…
Am I missing something? Or is it just that simple – BofA using Bailout funds at Wall Street vs. Main Street:
In October, I wrote a post “Where Does $700Billion Go?” and created the graphic above as a therapeutic outlet for my frustrations negotiating a short sale with BofA.
Perhaps President Obama’s efforts in “We Want Our Money Back” will help address this gap between Wall Street and Main Street.
Please add your insights below. I’m not a Wall Street expert, and sometimes feel like the child in Emperor’s New Clothes…perhaps there’s something I’m not understanding…can you help?
The first two weeks of 2010 have seen a lot of activity in the foreclosure market on Kauai. When priced right, properties go into escrow within days!
The first of my 2010 weekly reports, covering market updates on Kauai foreclosure and short sale listings - island-wide.
Highlights below include links to MLS details and photos. The report gives you ALL the updates since January 1st. For more information, you can plug the MLS number into my property search page or contact me directly.
A new REO listing on Hoonani Road at $899,000 went “Under Contract” in 9 days, meaning there’s an all cash buyer with no contigencies. Photos
On Lawai Road, Kuhio Shores #2041 bd / 1 bath condo; listed at $419,900 went into escrow. Photos
On the Eastside in Kapaa:
After a price drop to $611,900, oceanfront 924 Niulani Road went into escrow. This 2 bedroom cottage, 12,613 sq ft lot is literally on the beach, near Waipouli Beach Resort. Photos
Waipouli Beach Resort New REO - F202 listed at $535,000 with 2 bd / 3 baths. Interior facing, but no real views of the ocean. More REO listings are likely at this complex. Photos. Waipouli Site Map.
Across the street from the ocean, 1139 Moanakai Rd #1 is a new listing in the heart of Kapaa town. Listed at $599,900 this 3 bedroom 1928 home needs major repairs. Photos
To get a personal glimpse of the Eastside oceanfront, join me for a bike ride along the oceanfrontEastside Multi-Use Path(politically correct term for what’s generally called the “Bike Path“)
Confused by the year-end reports and graphs? Me too! Sorting through national news, and local statistics – my mission is to find what’s truly meaningful for you relative to Kauai real estate.
This fits with what I’m seeing “at the street level” on Kauai, especially with the North Shore agricultural estate homes. The following charts show Kauai saturation levels by market segment, meaning the time it will take to sell what’s currently listed (ranging from 2-7 years for above $500K);
Kauai is such a small market, traditional statistics can be very misleading. For instance, earlier in 2009 the developer at the Hilton went bankrupt and his 140+ units were foreclosed. That significantly skewed our statistics.
On a more postive note, at the end of 2009 the Tara Estate sold for $28M, and we had several sales in December above $10M. The reported December increase in median sales prices can be attributed to those sales.
To add some more twists and turns… our MLS system changed mid-year to clarify foreclosure and short-sale listings. It will be impossible to give a true report of year-end statistics for short sale and foreclosure listings as there was no consistent methodology used prior to May.
Brain freeze yet? Feel like you just drank a 32 oz slurpee from 7 Eleven??
But wait, there’s more! Let’s look at the Kauai real estate market from a Quantum Physics perspective. As there are multiple realities in today’s market… below $500K and above $1M are two different worlds.
It can be mind-numbing and hard to figure out what’s relevant to you. Best strategy is to pay close attention to saturation rates in your market segment. Whether buying or selling, it shows how much competition you have.
Add your insights here, or let’s connect on Facebook or Twitter.
The differences between real estate on Kauai and the mainland hit home with a recent article from FrontDoor.com about Top 10 Projects that Add Home Value. Two of their Top 10 don’t really apply in Hawaii; 1) Add Insulation, and 2) Finish the Basement.
For a local version… Susie’s Top 10 Tips to Add Value and Sell Your Kauai Home:
Clean and Declutter. Whether it’s a multi-million dollar estate, or a short sale – it’s equally important. Your property is being interviewed by buyers at every showing. Just like the commercial where the stain on her shirt talks during the interview, buyers miss the architecture and remember the oddest things…usually personal things or negative things like cat hair and dirt. Your home gets 5 seconds to make a good first impression.
Power Wash. This really falls under #1, but it’s so important to power wash the driveway, lanai’s, and outside of the house. Living here, we get used to the red dirt. When selling, buyers see the house as not cared for, creating a very negative first impression.
Landscaping. You don’t have to spend $100K on expensive landscaping. In fact, a friend does wonders with cuttings from the green waste at the dump. Just as with interior staging, you want your grounds to create a sense of place. Artistic color groupings with a few rocks can work wonders!
Repair and Clean Gutters. Water dripping from the eaves at a showing is a sure way to kill a buyers’ interest. On Kauai, I’ve seen plants growing from the gutters and the roofs.
Outdoor Lighting. This fits in with the landscaping. However, one or two sets of solar outdoor lights will cost you about $100 and potentially add thousands to your sales price.
Bathroom Upgrades. Unfortunately, tile work screams “dated” faster than anything. If you have the budget to do interior upgrades, bathrooms are generally small. New tile and fixtures have a big impact.
Kitchen Upgrades. If you can only do one thing, buy new appliances. Not the most expensive models, but new makes a big difference. If you’re going to do a remodel on a budget, don’t put in granite tile counters. It’s better to re-tile the floors, replace appliances and leave the counter tops as they are. (Buyers hate the grout!) See how the inexpensive bathroom and kitchen upgrades make a big difference in my short sale listing at www.5406Kuapapa.com.
Organize Garage / Carport. With smaller square footage, and no basements – storage on Kauai is a challenge. Make sure your garage appears spacious and your storage is neat and organized. Plastic containers from WalMart or KMart work wonders. It’s also a good way to keep the house decluttered during showings. With kids, I suggest getting one for each room. When there’s a showing, throw the everyday toys, etc. into a plastic bin and put it in the closet or garage.
Stage your Home. I offer free consultation to my clients, or can refer you to an interior design specialist. First, depersonalize! Think of your house as a “model home.” Comfy and warm, but neutral. Buyers need to imagine and feel it as their home. Also, each area needs to “tell a story.” We can work with what you have, and sort out what goes to storage, and what can be used. A few neutral art pieces and beautiful tropicals go a long way. Staging and landscaping upgrades brought positive buyer attention to my recent luxury ocean view listing. In escrow within 30 days, and scheduled to close this month.
Maintain your home during the listing and showings. This is really, really important. If you’re off island, please budget for at least a monthly clean-out, regular pest treatment and yard maintenance. Nothing is worse than walking through spider webs, stepping over dead roaches or walking through an overgrown lawn. Remember, your house is being interviewed with each and every showing, and drive-by curb appeal is important!
For more information about how to sell your home in today’s market, please know I’m here to help. I offer a free market update and consultation, including staging advise and services. Contact me today, or let’s meet on Facebook.
