Stop foreclosure Hawaii

How to Select a Hawaii Title Company for Your Real Estate Deals

October 22, 2010 by Michael Borger

Some people think that being a successful Hawaii real estate investor is all about buying properties at one price and selling them at a higher one, with a few strokes of a hammer in between. While at the most basic level that might be true, there are a lot of steps along the way that can make or break your Hawaii investment deals. You might be able to find plenty of motivated sellers and have a steady stream of buyers ready to go, but if you aren’t working with a competent title & escrow company, you could be wasting your time and maybe even your money.

Just like you interview other people on your team — assistants, realtors, insurance agents, etc. — you should also speak with multiple title companies until you find one that you’re comfortable with. Ask fellow investors or realtors for referrals of title & escrow companies that have experience in a variety of investment structures, not just your basic flips. Make sure that they are ok doing double or simultaneous closings. Not every title company will be comfortable with that — better to find out now than later. You should be completely upfront in explaining your business model or you may end up losing deals at the last minute.

How much are closing costs in Hawaii? Good question! The buyer traditionally pays 40% of the title fees and the seller 60%. The escrow fees are split evenly 50/50. If you’re bringing enough business, you may even be able to negotiate a better rate. They will appreciate the extra business you are giving them and will likely reward you for your continued loyalty.

While the Hawaii title & escrow company you use is important, you should also find the specific representative that you want to work with. Title representatives get paid on the business they bring in, so they are of course very interested in seeing your deals go through properly. Make sure to keep up a great relationship with your representative — they are more important than you may think! A good title rep can save the day if a buyer gets antsy at the closing table.

So go ahead and focus on finding your buyers and sellers, but remember that a successful Hawaii real estate investment team comprises multiple people in a variety of roles. Take the time to find the Hawaii title & escrow company and representative that you want to work with to help you on the road to a successful real estate investment career!

What “Robo-Signing” Foreclosures Means to Hawaii

October 13, 2010 by Michael Borger

Your Foreclosure Processor

Just a quick post here regarding the recent “robo-signing” that’s gripped the nation’s foreclosure landscape. As most of you know, quite a few of the country’s top mortgage lenders have reduced or outright stopped pursuing foreclosures for the time being in some or all states. Bank of America, the nation’s top lender, put a halt to its foreclosures in all 50 states. If you didn’t see, Hawaii was recently ranked 10th in the nation in foreclosures per capita, so the lenders’ actions in the aftermath of this report will have a significant impact on the Hawaii real estate market.

What happened? Well, it turns out that the necessary checks and balances that ought to be adhered to when foreclosing on someone’s home were being given little more than what amounts to a quick glance and a few strokes of the pen in an effort to mass-process the growing amount of foreclosures coming through the pipeline. When this became known the general public, the backlash was too great to ignore and the lenders hit the brakes for at least the near term.

Foreclosing on someone’s home is a serious matter. Homeowners in this situation have likely been thrown a curveball in some form — reduced or lost employment, divorce, illness, decrease in rents for second homes, etc. — and have hopefully made an honest effort to avoid the situation but have been unlikely to do so. I think they deserve to know that, although the foreclosure in their situation is unfortunately the end of the line, the process by which it happens has at least been given the proper attention and scrutiny. They are still people with property, not just names on documents. I appreciate the effort by lenders to expedite their procedures given the large numbers of foreclosures in the works, but if a slower process is what’s required to make sure that all the i’s are dotted and t’s crossed, then so be it.

However, in light of the public misgivings against the lenders named in the robo-signing fiasco, I think it’s important to remember that it’s not the criteria of foreclosure that’s being questioned, just the process by which they are processed. If homeowners have not made up the arrears or come to terms with the lenders on a loan modification for their property, then they likely fit the criteria upon which the lenders choose to foreclose, no matter whether they are ‘robo-signed’ or not. That’s not being questioned and it’s not to sound harsh, but we need to be clear about what the problem is and what it is not. Even with the robo-signing, if you don’t pay your mortgage you’ll ultimately be foreclosed upon.

So what does this mean to Hawaii? Well, it depends on who you are and where on the islands you live. Homeowner Joe about to lose his house in Honolulu may get a temporary reprieve in which to come to terms to avoid the impending foreclosure, but will ultimately lose his home anyway if he doesn’t. Homeowner Sue in Ewa Beach actually wants these foreclosures to happen sooner than later so that new owners move in to otherwise vacant or rundown properties and help improve the neighborhood.

Active REO Oahu Listings (10/13/10)

This is important Hawaii real estate information for investors as well. As of this morning’s writing, there were 58 actively listed REO (bank-owned) properties on Oahu. Most of these are between Pearl City and Waianae, with the bulk of them in the Kapolei / Ewa Beach area. That’s no surprise to anyone that lives here. If the number of REO properties coming on the market slows down, the investor competition for those currently listed is likely to build — simple supply and demand. A likely result of this is that growing competition for a smaller supply of REO properties will send many investors elsewhere where more profitable deals may await — bankruptcies, preforeclosure / short sales, vacant land or even properties outside of Hawaii itself. Many locals prefer to invest in mainland markets. However, since real estate investors usually renovate their REO properties before putting them back on the market, thereby increasing neighborhood aesthetics and overall value, it would be unfortunate to push them away from REOs.

What are your thoughts on this latest bit of Hawaii real estate information? What were your initial reactions when you read about the lenders actions? How is this affecting you and your neighborhood?

Stop Foreclosure in Hawaii

September 3, 2010 by Michael Borger

How many homeowners in America today are underwater and facing foreclosure? Last I checked, it was in the millions. What does this mean for you? It means you are not alone in your hardship.

There is no longer a stigma associated with foreclosure. Instead, the American people, myself included, know that sometimes life kicks us in the gut and it’s okay to ask for a little help. There is help for you during this time of need. All you have to do is ask. Let me tell you how it works.

Avoid Foreclosure By Selling Your Hawaii House for Cash

A foreclosure is going to have a long lasting affect on your credit. It could take up to 10 years before you are able to buy a home again, not to mention the costs of everything else going up because of bad credit.

Selling your home to an investor for cash can mitigate the effects of your financial hardship. There are no realtor commissions involved so you can get more out of your sale. You don’t have to put your home on the market and let potential buyers stomp around your house. Selling your home to an investor is fast, easy, and will give you the relief you need to avoid a foreclosure.

Even if your home needs repairs or isn’t in the greatest condition, that’s not a problem. You don’t have to spend time marketing your home, keeping it in showing condition or allowing strangers inside.

Getting Started With Selling Your Hawaii House For Cash

First of all, visit the website: Sell Your Hawaii House for Cash. Just enter your name and contact information and we will be in touch immediately about how we can help you. This isn’t some late night infomercial. We are a real company with real solutions here in Hawaii.

Once you’ve decided you’re interested in our offer, we can move very quickly to get you out of your home and on with your life. Unlike traditional real estate transactions that are dependent on bank approval, we can finalize a transaction in days, not weeks.

You won’t have to worry about a potential buyer not qualifying for a loan causing you to go into foreclosure. We have guaranteed funds available today. Don’t wait until it’s too late. Take action now and get out from under the pressures of a foreclosure.

Work With an Investor to Negotiate Your Short Sale

Some investors, like me and my partners, are experienced at negotiating short sales for homeowners facing foreclosure. Instead of just listing it on the MLS and hoping someone comes along and scoops it up while the bank continues on its path of taking your home, we have unique and extremely effective, proactive methods of getting the banks to agree to a short sale instead of the foreclosure, all at no cost to the homeowner. This is often the best option for keeping that foreclosure off your credit history and moving on with your life. Remember, it’s very costly for the banks to foreclosure — investors trained in this process can help the banks see that a short sale is often in their best interest.

Remember, until the day your house gets sold at auction:

You Still Have Options!