Owning Real Estate through your IRA

This is a topic that comes up every now and then, but is worthy to note. With the great buys that currently exist in our Maui marketplace now may be just the time to purchase real estate with your IRA.

With a self-directed IRA or real estate IRA you can invest your retirement funds in real estate. Diversifying your income can be good if you are planning long term. (Consult your tax advisor or CPA for their opinion). With a real estate IRA you can invest in many types of Real Estate including:

Single family or multi unit homes
Apartment buildings
Co-ops
Condominiums
Commercial property
Improved or unimproved land

If your IRA doesn't have enough funds to outright purchase the property you can finance the remainder or leverage any income producing property for collateral for the loan.

For further information call Entrust Hawaii and they will send you a Free Brochure via email.
888-694-7244 (MY-IRA-HI) or visit: http://www.entrusthawaii.com/
7 Waterfront Plaza: 500 Ala Moana Blvd #400 Honolulu, HI 96813

Entrust Hawaii is just one of the companies that can assist you in regard to real estate IRA and Clients are recommended to do their own due diligence.

Foreclosure Filings for Hawaii

When we speak to buyers many are looking for Foreclosures so I thought I would give you an update on the filings for Foreclosures in the State of Hawaii. Filings are different from actual foreclosed homes which are listed as REO. Many homes that are foreclosed on are sold prior to being listed as REO at Auction so buyers can obtain property at auction too. Fine Island Properties Team can assist our mainland buyers by being your representative at the auction. Buyers just be prepared to place usual minimum of 10% down.

In November state wide their were 872 filings up from last years 393 number. (figures from Realty Trac). This is slightly skewed as it counts filings which can reoccur on a property. Lender repossessions (future REO) accounted for 196 of the filings. The Fine Island Properties Team has listed 3 REO's in the last month. Default notices were at 96 as compared to 76 from a year ago.

Per the Honolulu Advertiser local attorneys feel this number is low as many defaults are not handled through the courts and sometimes aren't publicly available. Realty Trac also includes numbers that are for commercial property, condotels, and time shares which can paint a much broader picture. At Fine Island Properties we see more Investor buyers in trouble than Maui residents who live in their homes although due to the tough economic times we are seeing signs that direction too. Demand for Real Estate is up but we feel due to more layoffs, furloughs, and tax reductions the sellers on Maui are still up for a challenge.

Hawaii is ranked 15th worst in the nation with one filing for every 581 homes, but better than the national rate at 1 per 417 homes and much better than the worst: Nevada at 1 in every 119 homes. Oahu has 1 in 905 homes , followed by Kauai at 1 in 379 homes, then the Big Island at 1 in 341 homes with Maui being the worst at 1 in 330 homes.

New Maui MLS rules don't protect the seller :(

New Maui MLS rules are not designed to help sellers in short sale...

Our board recently decided to have all offers submitted on short sales trigger the active status to pending on the listing in the Maui MLS system even though escrow isn't opened and the seller may still be allowed to accept other offers till their lender approves one per the listing and sales contracts.

This doesn't protect the seller as many times multiple offers are needed to get the lender to approve the short sale, buyers of short sales are often fickle and drop out prior to lender approval and a host of other reasons.

So if you are a buyer looking for Maui short sales, you had better hope your agent knows of this and diligently cks and calls on the pending sale short sales too.

Foreclosures & Short Sales What does a Homeowner Do?

In our business the Fine Island Properties Team handles short sale listings as well as assisting buyers who wish to purchase REO (Foreclosures).

We receive calls from Sellers that are having financial trouble and wonder what to do. I always advise to first seek your tax advisor and a foreclosure/bankruptcy attorney's advice.

We also advise NOT TO WAIT.

Waiting and doing nothing severely hinders your options when it is time to decide which direction you would like to proceed.

Don't even wait till you have missed payments. Consult us regarding short sales, and keeping your home by contacting your lender. Their are many FREE options for homeowners.

We also advise to not pay anyone for services to save your home unless you consult your attorney first. Most homeowners can communicate directly with their lender FREE.

Please call us today if you think you may be heading into trouble. We will arrange a CONFIDENTIAL meeting to discuss how the Fine Island Properties Team might assist you with kind and compassionate service.

Aloha, Gina Duncan, R (S) Team Leader FIP

Fineislandproperties@gmail.com

Pukalani Upcountry Golf Course Custom Home

FORE!


Calling all Golfers, Custom Home Seekers, and folks who want Ocean Views. You can have all of that and and more at this very charming Residences at Kulamalu Golf Course Home.

Listed Below Recent Appraisal $757k

4 bdr/4baths home w/ohana for relatives or the teen hangout. This home features bamboo flooring, granite counters in kitchen and upstairs baths, wood flooring in the ohana, and spacious secondary bedrooms. This home has all the amenities buyers are looking for including central A/C, Large Corner Lot on Golf Course, Stainless Appliances, Ocean and City Light Views +++

A full upper lanai and lower patio run the entire length of the home. The yard has beautiful tropicals and lush green lawn that is large enough for a pool.

For further information visit featured properties at www.FineIslandProperties.com or contact Gina Duncan at 808-250-9858 or by email at Mauigina@gmail.com

Koi Ponds & Botanical 2 Acre Haiku Home

Koi Ponds, lush tropicals and a lovely home all on a level hilltop setting in Upper Haiku Maui.

Beautiful setting and you can call it home. A 2 acre level parcel with a charming home perfect for extended family or use the lower level as an ohana (one bedroom or studio).

Kitchen remodeled with granite, wood cabinets and upstairs floors are tiled. Upstairs features large covered lanai, open plan living, dining and kitchen. A master suite, 2 addtional bedrooms and main bath finish off the upstairs. Downstairs is just as charming with family room, kitchenette, 2 baths and a bedroom. A screen lanai overlooking the koi pond out front is very cozy and the view is fantastic.

The backyard of the home has an open grassy area and also a wooded area with a winding path lined with Ti Leaf varieties. This is a short sale that is worth the wait and a great buy at 875K.

For further information visit http://www.fineislandproperties.com/ and click on the featured listings on the home page or call:
Gina Duncan 808-250-9858 or email at Mauigina@gmail.com

How Long Does a Short Sale Take?

QUESTIONS & ANSWERS:

How long does a short sale take? Does the Fine Island Properties Team have experience in short sales?

This is not a one size fits all answer but in looking at the process for short sale the minimum time period for an approval prior to start of escrow is one month. Average time is 4 months and then a 45 day escrow unless you are paying cash. In our over 50 Short Sales in Maui over the last couple years, our quickest short sale was completed in approx 60 days total and the longest wait is still running at one year. Each bank has different criteria they use to review and then send on to the investor on the loan for approval. Different investors/groups of investors may also have criteria they are willing to accept. That is why there are no hard or fast answers. We do see certain trends with various lenders and share these with our buyers/sellers.

When an offer is accepted the Title/Escrow company must first draft a HUD statement estimating net proceeds to the lender. This statement sometimes takes time due to needing amounts from condo assoc., etc. After paperwork is submitted it takes approx one week to upload into the lender's system. After this hopefully you are assigned a negotiator that reviews the package for completeness. Then an appraisal is issued and this generally takes 3 weeks to be done/uploaded into the system. At this point a escalation of file to a new negotiator in phase 2 is done. They review and submit to investor. If approved a new negotiator is sometimes assigned/not always. This seems like a simple process but if file is missing something you generally start all over again. Financials from the seller must also be resent each month and this causes more delay.

You can be confident that by using Fine Island Properties team to represent you in your short sale transaction that we are educated, and have over experience with over 50 short sales so you can be confident you are getting the best service possible. If thinking of selling short sale on Maui please call for a confidential analysis (we always recommend to first call your lender to see if you can save the home). If buying we will make sure the process although not "short" is done properly.

As with all our short sales we can't stress to our clients enough to consult an attorney for any legal questions you may have and a tax advisor/CPA for any financial concerns.

**If you would like to see an answer to your question please write to FineIslandProperties@gmail.com and we will include it in our next newsletter or
answer privately if you wish.

Relief for Tenants Renting a Foreclosed Property

We were given notice today that relief is on the way for tenants that find themselves in the unfortunate situation of renting a foreclosed property.

The government passed legislation (read article from RAM below) that will give tenants time to move out if they have a lease. If the new owner wants to occupy or there is no lease than tenants won't have it as easy. Most lenders foreclosing in Maui offer "cash for keys". They offer the tenant a substantial some that would allow them to even pay a mover to move them out of the home quickly. It is good the government is stepping up and giving tenants a "safety" net.


What is the fundamental issue?
S. 896, the “Helping Families Save Their Homes Act of 2009” included some provisions to protect tenants from eviction as a consequence of a foreclosure affecting the property being rented. Many examples were seen of families living in rental housing throughout the United States who were evicted without any prior notice when the home where they had lived was foreclosed upon. Much of the time, the rental family had no idea the home was in delinquency or subject to foreclosure until their eviction.
I'm a Realtor®. What does this mean to my business?
Notification will have to be provided to tenants of rental housing before they can be evicted following a foreclosure.
NAR Policy:
NAR supports programs to reduce the impact of foreclosure on communities.
Legislative/Regulatory Status/Outlook:
Under the new law, which went into effect on May 20th, tenants will have to receive 90-days notice prior to being evicted, when their rental home is foreclosed upon. In addition, tenants must be allowed to stay in the property through the end of their lease, with two exceptions:* The new owner wants to occupy the property as a personal residence, and* There is no lease (month to month), or there is a lease but state law allows the lease to be terminated at any time upon notice.Even under these exceptions, the tenants must be given 90-days before they can be evicted. Notification must be provided by the “immediate successor in interest”. In some cases, this notification will come from the bank (when they assume the home), and in other cases it may be the new owner. Much will depend upon state law. A number of states have existing laws protecting tenants. This law will preempt existing state law, except where the state law offers greater protection.The protections of this law apply only to “bona fide” tenants – who have a written contract, the lease was the result of an arms-length transaction, and the rent is not substantially less than the fair market rent for the property. Under any conditions, tenants may still be evicted if they violate the lease terms.These provisions expire on December 31, 2012.

Our Maui Libraries Need You!

I don't usually use the Blog as a means to reach out for causes, but our Public Libraries on Maui are being very hard hit by the budget cuts. They are actually closing some down, closing down while the librarian is on vacation and they need our help.

There is a new group forming "Friends of Maui Library" and if you would like further information on how you can help please email me and I will forward it to you.

Mahalo!

Aloha, Gina
Mauigina@gmail.com

A Maui Tranquil Treasure Home

There are homes on Maui that are very nice, but once in a while a home becomes available that just totally captures your imagination and heart. 583 Kulaiwi in Wailuku Heights is one of these homes. The exterior belies the charm, elegance, and hidden jewel of this home. The rear opens up on to a waterfall/lilly pond/and swimming pool all bordered by forest. This is a true Shangrila.

To quote listor Robbie Dein of C21 (Fine Island Properties can represent you in this transaction as a buyers agent). :
4 Bd/4 Ba Waterfall House captures the dream of Island Living with Cascading Waterfall Gardens, bubbling streams, Lotus Ponds, Pool, Spa, Expansive 180 degree Ocean & Haleakala Views. The epitome of Timeless, Classic, Enduring Architecture, this Farrington rendered design offers seamless Indoor/Outdoor Living thru sliding walls of glass opening to a Private Paradise. Columned Porte-Cochere, Entry Gallery with French Limestone floors, Dramatic Night Lighting & Crown Moldings define 10-14 ft. Ceilings & Soffits, 45 ft. Great Room w/Stone Fireplace, Columns & Grand Concentric Arches offer architectural definition. Large Gourmet Kitchen, Custom Cabinetry w/Granite, Marble & Alabaster. Fabulous Master Suite opens to Waterfall & Tropical Gardens. His & Hers Master Baths joined by a Circular Glass Block Shower & Grand Soaking Tub. Library/Den, Art Alcoves & abundant storage highlight a Spectacular Floor Plan. Savor fresh Mountain Air while reclining in the Spa by a 7 ft. Waterfall. Just Appraised 11/2008 by ACM Appraisals at: $1,700,000.

This is a not to be missed property and all just minutes from Maui's best beaches.

Call me today for an appt to see this fabulous one of a kind property!

Aloha, Gina Duncan

Mauigina@gmail.com

808-250-9858

FOR SALE: 107 Waimele Place Kula

107 Waimele Place,

Lower Kula

3 br/2 ba w/office 1830sf on 1/2 acre lot in peaceful cul-de-sac

Asking $749,000 FSBO

Cynthia Clark: 808-269-2828

FINE ISLAND PROPERTIES CAN REPRESENT YOU AS A BUYERS AGENT FOR THIS BEAUTIFUL HOME

Welcome home to a Gorgeous Kula Country Setting. This property shows pride of ownership. Lovingly cared for home situated on 1/2 acre cul-de-sac in desireable Lower Kula. Features include tiled entry, open living room/dining room with vaulted ceilings, fireplace and doors out to the spacious lanai just perfect for relaxing or entertaining. 3 spacious bedrooms, and 2 baths with upgraded tiled shower, and jacuzzi tub. Enjoy Upcountry Kula living in this gracious home.

Hawaii Buyers Advisory Guide

Buying Real Estate in Hawaii can be tricky but the smart buyer will use a Buyers Representative and hopefully be given a copy of the Hawaii Buyers Advisory Guide. The Fine Island Properties Team at Keller Williams Realty Maui always includes one in every Buyer Packet.

We meet with our Buyers, go over the ins/outs of buying on Maui vs. the Mainland, we go over Buyers needs and also what type of financing would be necessary to accomplish their goals. We have service providers including lenders ready to assist our Buyers in buying their Maui dream home.

We have the experience and written systems in place to make sure your buying experience is the best it can be.

For a copy of the Hawaii Buyers Advisory Guide just email:
FineIslandProperties@gmail.com and request one. Its free.

To search the Maui MLS, don't forget to click on Search the MLS tab at www.FineIslandProperties.com

Aloha, Gina

Fixer Upper Not a Bad Thing Anymore

Fixer-uppers used to be the buzzword for the fix and flip crowd. Now fixers can offer an opportunity for many home buyers and FHA lending is here to assist.

Courtesy of Mercy Lebag at Homestreet Bank in Maui here are

the details for the

FHAStreamline Renovation Loan-the FHA 203k:

· Get up to $35,000 of loan proceeds to make needed upgrades or repairs.
· The appraisal and loan amount are based on value after completion of repairs. The loan closes before the work begins.
· The buyer has up to six months to complete the repairs or remodeling.
· The funds can be used for a variety of repairs and improvements, from roofing to flooring to appliances-virtually anything but furniture.
· Down payments as low as 3.5%.
· Less stringent qualifying requirements than conforming loans.

This can get a first time home buyer into a great home for a price they can afford and then they don't have to worry about the cost to fix up as many are on a tight budget already.

Other buyers who have just enough for closing, but still dream of that upgraded kitchen/bath the opportunity is here.

For further questions please email: FineIslandProperties@gmail.com and be sure to visit our website to search the Maui MLS & Mores at http:www.FineIslandProperties.com

First Time Home Buyer Alert

FIRST TIME HOME BUYER ALERT:

For first time home buyers and buyers who haven't owned a home in over the last 3 years one of the best times to finally achieve home ownership in today's market has arrived. The details have been ironed out and the government is offering up to an 8k tax credit if you purchase a home prior to the end of this year. Couple that with the low interest rates, FHA 3.5% down financing and prices that are starting to make a lot more sense and you have a winning combination for purchasing your home today.

For more details please visit the official government's site at: http://www.irs.gov/newsroom/article/0,,id=204671,00.html?portlet7

For MLS Search and other Maui Happenings go to: http://www.fineislandproperties.com/

Aloha, Gina

"These Times They are a Changin"

Just like the Bob Dylan song the Real Estate Times are a Changin in many ways. It is starting to ADD UP to be a great time to buy.

1. Tighter Lending Guidelines, Longer time to be approved, but the good news is its a GREAT TIME TO BUY: Yes especially for First Time Buyers because not only are there great rates, home prices, but there is FHA(3.5% down), USDA (100% financing) and an 8k Tax Credit from the US.

2. Sellers still are a little in denial about the economy and are a little above correct pricing for the most part in my opinion for Maui. I think we will see pricing especially in the mid range and high ranges coming down a bit more. Remember timing the market is like dropping a rubber ball. When you see it hit bottom it is already back on the way up.

3. Buyers who think they will get a "steal" might be in for a surprise. When a home is priced right there are many chances that you will be competing w/other savvy buyers and some homes are selling for over asking price.

4. REO and Short Sales can be a nightmare. In some cases, but use an "experienced" agent who knows what to ask for up front and the deal may go smoother than the horror stories you are hearing about. We closed 1 Short sale this month, and will close 2 short sales and an REO next month.

For further information and Maui MLS search visit: http://www.fineislandproperties.com/

Aloha, Gina

The VOG of Maui

Even though the Big Island (Hawaii) has the active volcano on days like today on Maui you would think it was Haleakala puffing away. We are coated in VOG (Volcano Ash more like Volcano Haze)

Up until the last few years Maui hadn't been so affected by the VOG, but this past year Pele is sending more VOG our way. So I tell my Maui Buyers if you have allergies, or asthma to stay indoors and drink plenty of water. VOG may also give you a headache.

It is however a small price to pay for living in paradise.

Aloha, Gina

The Aloha of Maui

Yesterday I was feeling a little down. The weather being overcast and rainy was probably the cause along with some work hardships. I had to go to get new Real Estate Photo taken by Mike Sidney of Mike Sidney Photography in Wailuku. I was running late due to rainy traffic, & feeling stressed. I felt bad cause Mike is a very punctual kind of guy. I've worked with him before. When I arrived he immediately must have sensed something, because he told me to relax, and take a minute to calm down.

I felt better already that someone was just caring instead of "oh your late" type of thing. Then after the shoot he handed me an envelope. Mike & his wife had just come back from Japan and while there he posted he was going to see Cherry Blossoms. These are my very favorite thing so I posted back please take a pic for me. Not only did Mike take a picture, he created a surreal piece of gorgeous art with a branch of a tree hanging over the lake. Next post if he allows me to I will share the picture with you all.

He presented this picture to me as a gift. I was so touched I burst into tears probably alarming Mike so I tried to quickly get myself pulled together. This was the kindest thing anyone has done for me in a long time. It reminded me to not forget the Aloha on Maui and that I will pass this Aloha on. Together we can surely affect many people and bring Aloha to them to.
I am going to do one awesome thing for one of my Maui Real Estate Clients and a friend this week just to show Aloha is alive and well on Maui.

Thanks again Mike (MAHALO NUI LOA).

Update on Making most of New Year

In addition to my Maui Real Estate career I had promised to make some changes and one big one was to audition with my son Joseph "the actor" for a role in Grapes of Wrath. This is a MAPA (Maui Arts and Performing Academy) production directed by the genius talent of David Johnston.

His imagination for the world of the Joad family is incredible. I am in awe of all the hands it took from sets, costumes, lighting and the very talented actors in this show to make the world of the Joad's come alive. I feel priviledged to have a small part in this production. We opened the play last weekend and the play runs tonight Sat 730pm and then closes next weekend. We have 3 shows next weekend Fri/Sat 730pm and Sun 2pm. Hope you can come out and see it. For Tickets call MAPA (244-8760) are $16.00.

Aloha, Gina
For Maui MLS and more go to www.FineIslandProperties.com

Sands of Maui

I go to the beach for different reasons. Here on Maui we have beaches for snorkeling, swimming, walking, surfing, people watching, and more. One reason that some people including me think of when I want to choose which beach to go to is the SAND.
On Maui we have black sand, red sand, yellow sand and white sand. I'm sure I'm missing a few colors. On the Big Island of Hawaii there is even a Green Sand beach.
It isn't just the color it can also be the texture I want. If I want to people watch, tan, or walk I'm def. heading for Sugar Beach, or Keawakapu because in addition to the long stretches of sand it is sand that is soft on your feet. Baldwin Beach will do too, but the sand there is coarser.

If I want to go somewhere exotic I'll head out to East Maui and visit Wainapanapa State Park where the black sand beach turns to black round rocks. When the water washes over them it makes a hissing sound that is lovely to hear.

So you get the idea. A beach isn't just a beach on Maui. For more detailed information on South Maui Beaches go to www.SouthMauiGuide.com and click on the Beaches tab. For more on Real Estate or to plan a trip to Maui go to www.FineIslandProperties.com

A hui hou (see you later) Gina

Bringing your Pets to Maui & Avoiding Quarantine

Aloha:

Many of my clients are like me. We have pets. I personally have an old Border Collie (17yrs) named April and a 6 year old rabbit named Pepper. They both know how to ask to be let in and out of the house which in the case of the rabbit is a little annoying as he does this for fun and not for use of the "potty box".

ANY WAY--- For you pet lovers out there Hawaii does allow with proper health ck pets like rabbits to come directly with you to Hawaii. If your pet is of the cat/dog variety it will have to go through a series of steps including mirco chipping, shots, health ck, etc. which MUST and I'm stressing the MUST be in the appropriate order/time frames in order to avoid Quarantine.

Hawaii is a rabies free state and used to have a mandatory 3 month quarantine for dogs and cats coming to the islands. Now if you prepare on the mainland you can have your pet come to Hawaii quarantine free (5 day or less program) in most cases.

For the EXACT procedure please visit: http://hawaii.gov/hdoa/ai/aqs/info
Your pet will appreciate all your efforts. For more on Maui and Relocation please visit: www.FineIslandProperties.com

Aloha, Gina

Are you making the most of the New Year?

Aloha:

I asked myself at the beginning of the New Year: How will you make the most of 2009? Are you buying into the negative reports regarding the housing market? Will I have a job at the end of the year?

The first answer was No, I needed to step up the why do we all work and start infusing my life with new adventure. I was def. stuck in the middle age rut. The first week of the year I went ziplining. Hadn't done that in 30 years and it was just as scary and as fun as I'd remembered. This week, I'm trying out for a play. I haven't acted since High School, but that won't stop me from trying new things. This after all is a NEW YEAR! Yes, I Can!

That brings me to my job. I love what I do. I am a REALTOR and proud of my profession. I am going to make it to the end of the year as a REALTOR!!
I am trying to look at the glass as half full. We are for sure down in volume sold. Does that mean it is a bad time to buy? Not for first time buyers who can get fantastic rates and a home price they hadn't seen for years on Maui. Not for someone trading up (they will sell for less), but they will also buy for less.

My point is that it can be a Great, Adventurous, Good time to BUY 2009 and I for my part will do the best job I can to help anyone looking to see if it is the right time for them. Make 2009 your best year yet! If I can assist you with Maui Real Estate or give you tips on enjoying all Maui has to offer please visit: www.FineIslandProperties.com

A HUI HOU. Gina Duncan, R (S) ABR, e-Pro