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