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...Interesting info there mdand3boys. Are you saying the banks keep the properties longer than they should just because they like to lose money? A foreclosure at a good price it's off market in a week. I know because for over a year i have been looking at the NE or E Puna...
Part of the bailout agreement with the banks/mortgage companies was that they would not flood the market with the foreclosures, rather, they would release them onto the market over time. If they had flooded the market, prices would have been much further depressed and we would still be very deep into the recession. In addition, the banks/mortgage companies are getting partial reimbursement for those foreclosures, as one of the perks for withholding the homes from the market.
I know of a number of homes that have been empty for well over 2 years now, still not having been put on the market.
Another problem that we run into in my neighborhood is the house and yard that have fallen into disrepair. When we contact the owner of record (per County Assessor), that person says -- I lost that that property in foreclosure two/three/whatever years ago. So they aren't going to clean it up. However, the bank hasn't recorded a foreclosure deed, so we can't get the bank to clean it up.
This is not a one-time occurrence. There are people squatting in houses that no-one wants to claim. It appears that either the banks don't want to carry too many foreclosed homes, or they can't move them due to the law. In the meantime, the houses just continue to fall apart and bring down the neighborhood.
Another problem that we run into in my neighborhood is the house and yard that have fallen into disrepair. When we contact the owner of record (per County Assessor), that person says -- I lost that that property in foreclosure two/three/whatever years ago. So they aren't going to clean it up. However, the bank hasn't recorded a foreclosure deed, so we can't get the bank to clean it up.
This is not a one-time occurrence. There are people squatting in houses that no-one wants to claim. It appears that either the banks don't want to carry too many foreclosed homes, or they can't move them due to the law. In the meantime, the houses just continue to fall apart and bring down the neighborhood.
Thats telling, Because the banks are not listing the foreclosures on the books its painting a rosy recovery image. Perhaps the county should step in and take those properties and just give them to the neighboring property. I seem to recall a news story about some city or county that was doing that to fix the rotting property problem.
People are under water with their mortgage because they still keept the houses after the crash. In my area most people just dumped them right then. The number of under water homes went down because of that. In Puna many people probably don't even care about things like that. Why would you if you live in the house or use it as vacation property.
It is a market driven by supply and demand. I wish the banks would relese the properties, the prices will go down initially but when the stock is done selleing it should go back to the normal level. This happes here now, the houses are getting expensive because there is no inventory. 2 houses down the street a property which is smaller than mine sold last month for 310k! I could not freaking belive it.
Take a look at a vacation rental website. You will see lots of houses with poor performances but it get interesting when you look at the good performers. Some have the advantage of being in a good area (on the ocean, kapoho, near volcano) others are just good at what they are doing. I have seen houses with good performances in Eden Rock, Kurtiston, Pahoa and they all have something in common. The owners made something to make them stand out. That is why i say it is up to you if it will work or not. BTW my wife and i we are in this too and i can tell you from own experience that you can make money....but that is not any secret, is it?
Well Mark, I am about to close on some acres down by Pahoa, Since I put in the offer the supply of property has dwindled a lot on the big isle, Hence the supply demand as you stated price increase. I think we might start seeing more foreclosures on the market soon.
Read the Hilo Tribune-Herald they have been publishing about 3 foreclosures a week. Most are in Puna. Zillow has an extensive list of pre market foreclosures as well.
We're returning Kama'aina and want to buy on the Big Island, Puna District. Need something with Seller/Owner Financing. Can't sell our mainland house for another 2 years due to mortgage restrictions. Anybody got an idea?
You could post something on Craig's List. Or move over and rent while asking around. You'll probably find a better place if you're on the ground here while you're looking.
We finally got our move done on march 3rd all the help here and the careful planning has payed off, cars came with Matson no damage and on time boxes came usps on time and only little damage, we have found most cost with cars, insurance, cable, internet, to have been less then what we were paying in MO. food and gas is a bit higher duh but Costco is a god sent, buying our condo turnkey was a great move no need to send large things here. wife got a job 1st day here and I just confirmed a job offer with a great company here I start march 31st (my birthday) what a present that is. so for all looking to move I say listen to the ppl here and do your homework cus it can work, and it has for us we are joining our new church as members on Sunday thanks to all here and to opened for keeping our eyes open with her great post she shares
ps. for whtviper we did sale the puna house I spoke of in the 1st post and made a 18 grand profit from what we bought it for not a dig brother just info
ps. for whtviper we did sale the puna house I spoke of in the 1st post and made a 18 grand profit from what we bought it for not a dig brother just info
Congrats, I think?? $18K? Is there a "0" missing?
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