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