A Short Sale Buyer's Strategy for Ko Olina and Kapolei HI
For additional information and resources, visit my short sale website at :
Short Sale website
I wonder if there isn't a convergence of events where one needs to anticipate the future in order to best choose a strategy for the present. If one considers the following potential assumptions based on the current political climate:
1. The Foreclosure process is going to be dramatically changed over the next several months, potentially making them more difficult and time consumptive.
2. The lenders are going to have ever increasing numbers of non performing loans and greater and greater needs to convert non performing loans to their cash equivalents
3. Values are going to continue to decrease over the short term due to less buyers, more distress sales appearing on the market and the host of other economic uncertainties that are going to be appearing as the economy sorts itself out over the next year or two.
4. That short sales provide the best answer to both property owners and lenders in solving the challenges of the first 3 assumptions.
As we sit today, the short sale process is frustrating, cumbersome, inefficient and woefully inconsistent. I think that has a lot to do with the fact that lender's have looked at it as an inconvenience versus a solution to their problems. The longest pending shortsale I currently have is 9 months (the seller's bankruptcy has been a big complicator) and the average seems to be 1 to 3 months to simply get an answer plus the normal escrow time.
My reflection on this leads me to wonder if as the backlog increases, the availability of cash in pending short sales to fund these non performing loans becomes larger and larger and the government's pressure for lenders to seek solutions to their problems versus to simply freeze the market and await a miracle, that the obvious effect is going to be a rush to accept and close short sales.
In our Boards Short Sale addendum, the offer is presented subject to the lender's approval and the purchaser has the option of canceling the contract at any time prior to the lender's acceptance of the terms. All dates begin at the time of that lender's acceptance and if there is a due diligence period, a purchaser can actually cancel the contract during that period of inspection even after the lender's acceptance.
My strategy when representing seller's in short sales is to obtain one strong offer through negotiations between the buyers and sellers and to try to negotiate agreement between the parties that in leiu of additional offers being presented to the lender that the buyers agree to remain in the contract through the waiting period of the lenders acceptance in exchange for their exclusive consideration.
Short Sales are becoming the solution of choice by the current administration and there is additional presure from the government for banks to get these transactions improved and are even providing incentives to lenders to do so. If you are a homeowner who is having trouble with their current mortgage, a well negotiated short sale may be a very good solution for you. As a Certified Distress Property Consultant (CDPE) I am well trained and qualified to provide you with the information you will want to know if you are considering such a transaction. If you are in the Ko Olina and Kapolei market, you are in my market and I would be able to assist you myself. If you located outside of my marketplace, as a CDPE member, I am able to connect you with an expert in most parts of the country and would be glad to do so if you send me your location. Just click here to start the process: I need an expert
What does seem to be apparent is that if there is a major shift in the processing of these applications for short sales in the next few months, an investor will be better served to be in place than to be just getting started in the process.
Since a large majority of my market consists of upscale rental properties and second homes, it is a great opportunity for investors to explore the possibilities and to see if the current market conditions aren't providing a unique opportunity to purchase a longterm investment at a wholesale price.
For a list of available short sale Condo and Townhouses in Ko Olina CLICK HERE.
If you would like to have your own search made for you of distressed properties based on your own personal preferences, this link will accomplish that, Make Me A Website.
Whether you are a homeowner seeking a solution to your own personal mortgage crisis or a purchaser who is interested in purchasing a home from the largest category of currently available homes, I highly recommend that you consider utilizing someone who is trained and experienced in the process. It is unlike a traditional transaction and I would think you would like an expert on your side of the transaction.
I hope to hear from you.
Michael Hege' RA,CDPE
Certified Distress Property Consultant
Kapolei Realty, Inc
(808) 225-3660
www.HomesOahuHawaii.com
www.KapoleiToday.com
www.IHateShortSales.com (but hate foreclosures more)
Short Sale website
I wonder if there isn't a convergence of events where one needs to anticipate the future in order to best choose a strategy for the present. If one considers the following potential assumptions based on the current political climate:
1. The Foreclosure process is going to be dramatically changed over the next several months, potentially making them more difficult and time consumptive.
2. The lenders are going to have ever increasing numbers of non performing loans and greater and greater needs to convert non performing loans to their cash equivalents
3. Values are going to continue to decrease over the short term due to less buyers, more distress sales appearing on the market and the host of other economic uncertainties that are going to be appearing as the economy sorts itself out over the next year or two.
4. That short sales provide the best answer to both property owners and lenders in solving the challenges of the first 3 assumptions.
As we sit today, the short sale process is frustrating, cumbersome, inefficient and woefully inconsistent. I think that has a lot to do with the fact that lender's have looked at it as an inconvenience versus a solution to their problems. The longest pending shortsale I currently have is 9 months (the seller's bankruptcy has been a big complicator) and the average seems to be 1 to 3 months to simply get an answer plus the normal escrow time.
My reflection on this leads me to wonder if as the backlog increases, the availability of cash in pending short sales to fund these non performing loans becomes larger and larger and the government's pressure for lenders to seek solutions to their problems versus to simply freeze the market and await a miracle, that the obvious effect is going to be a rush to accept and close short sales.
In our Boards Short Sale addendum, the offer is presented subject to the lender's approval and the purchaser has the option of canceling the contract at any time prior to the lender's acceptance of the terms. All dates begin at the time of that lender's acceptance and if there is a due diligence period, a purchaser can actually cancel the contract during that period of inspection even after the lender's acceptance.
My strategy when representing seller's in short sales is to obtain one strong offer through negotiations between the buyers and sellers and to try to negotiate agreement between the parties that in leiu of additional offers being presented to the lender that the buyers agree to remain in the contract through the waiting period of the lenders acceptance in exchange for their exclusive consideration.
Short Sales are becoming the solution of choice by the current administration and there is additional presure from the government for banks to get these transactions improved and are even providing incentives to lenders to do so. If you are a homeowner who is having trouble with their current mortgage, a well negotiated short sale may be a very good solution for you. As a Certified Distress Property Consultant (CDPE) I am well trained and qualified to provide you with the information you will want to know if you are considering such a transaction. If you are in the Ko Olina and Kapolei market, you are in my market and I would be able to assist you myself. If you located outside of my marketplace, as a CDPE member, I am able to connect you with an expert in most parts of the country and would be glad to do so if you send me your location. Just click here to start the process: I need an expert
What does seem to be apparent is that if there is a major shift in the processing of these applications for short sales in the next few months, an investor will be better served to be in place than to be just getting started in the process.
Since a large majority of my market consists of upscale rental properties and second homes, it is a great opportunity for investors to explore the possibilities and to see if the current market conditions aren't providing a unique opportunity to purchase a longterm investment at a wholesale price.
For a list of available short sale Condo and Townhouses in Ko Olina CLICK HERE.
If you would like to have your own search made for you of distressed properties based on your own personal preferences, this link will accomplish that, Make Me A Website.
Whether you are a homeowner seeking a solution to your own personal mortgage crisis or a purchaser who is interested in purchasing a home from the largest category of currently available homes, I highly recommend that you consider utilizing someone who is trained and experienced in the process. It is unlike a traditional transaction and I would think you would like an expert on your side of the transaction.
I hope to hear from you.
Michael Hege' RA,CDPE
Certified Distress Property Consultant
Kapolei Realty, Inc
(808) 225-3660
www.HomesOahuHawaii.com
www.KapoleiToday.com
www.IHateShortSales.com (but hate foreclosures more)
Posted by Michael Hege at 2/15/2009 1:38 PM 
Categories: Home Buying Tips
Tags: Short sales Kapolei shortsales Ko Olina short sales shortsales
Categories: Home Buying Tips
Tags: Short sales Kapolei shortsales Ko Olina short sales shortsales
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