This is my monthly Kauai foreclosure, Kauai REO & Kauai bank owned list. It is updated monthly.
Upcoming Kauai Foreclosure:
4510 Kuli Rd.; Kalaheo, HI. 3 bedroom 2.5 bath home, approx. 1,098 sqft. on a 1.24 ac lot
I have this as a pre REO. The foreclosure sale was held on April 28, 2022 and the bank was the high bidder. The next step is the court confirmation. Boy was I surprised when I saw the property listed on the Kauai MLS on Sunday 5/22/2022 with an Oahu Realtor. See the listing here 4510 Kuli Road. I called her and asked her “what’s up?” “Did she know that the property has been foreclosed on?” Well apparently she did and is working with an attorney. Now I have seen houses sell that have been in the foreclosure process (see my commentary below) but never after the foreclosure sale. Is this possible? Well I called the local attorney who is the foreclosure commissioner for this property and his response was “if they come with the cash prior to court confirmation”. Also according to the FC commissioner, confirmation should be near the end of June.
I’m all for a homeowner trying to sell their property and making some money rather than losing it all to the bank but I also think this strategy should have been implemented before the foreclosure sale was held. The MLS listing does not disclose the current situation, however an inquiry to the listing agent may resolve this. It would probably be best for the owner and bank, if the property sold prior to court confirmation. However many banks will not be that flexible as they do not want to be a victim of strategic stalling. I will update you next month on the status of this property.
KAUAI MLS LISTED: (HIGHLIGHTED MLS NUMBERS ARE LINKS):
KAUAI REOS AVAILABLE FOR SALE:
None, although with foreclosures picking up I expect some in the future.
KAUAI REOS WITH ACCEPTED OFFERS/IN ESCROW:
- 4246 Hoohana Street, Lihue. An 8 bedroom, 3 bath home on 7,000 sqft. Reduced to $685,000. Being sold by MTGLQ INVESTORS LP. MLS#658010.
- 4335 Anahola Road, Anahola. A 2 bedroom, 1 bath home on 15,000 sqft. Reduced to $699,900. Being sold by AJAX 2018 F REO CORP. MLS#657762.
- 2739 Pikake St., Lihue. A 3 bedroom, 2 bath home on 9,887 sqft. $630,000. Being sold by BLACK REEF TRUST. MLS#658773.
- 5691 Hauaala Rd., Kapaa. A 4 bedroom, 2 bath home on 24,350 sqft. $845,000. Being sold by the United States of America. MLS#658845.
KAUAI REO-FORECLOSURES SOLD FOR May 2022:
- 4761 Wailapa Road #B, Kilauea. A 2 bedroom, 2 bath home on 3.20 ac. Reduced to $1,849,000. Being sold by US Bank National Association. MLS#656787. Sold 05/27/22 for $1,900,000. Cash.
Commentary:
Last month I posted this property as an upcoming REO:
Cancelled
Waipouli Beach Resort 1 bedroom 2 bath condo
OPEN HOUSES: May 4th 3-6pm. Foreclosure commissioner. Bob Grimpas 808 822-0019.
Auction Date: May 18th, 2022 12pm at the state courthouse steps.
If you click and read the photo you can see the foreclosure open house & foreclosure sale was cancelled.
The condo was shortly listed later on the MLS 661950 and received an offer and went into escrow prior to the actual foreclosure date. I see this ending well for the owner and bank.
Foreclosures can be bought prior to the foreclosure sale, but there is no guaranty. The bank will want to see a cash buyer or preapproved bank loan buyer. It’s best for owners who are getting foreclosed on to sell before it gets to this point.
If you have questions about buying or selling Kauai property jut give me a call Julie Black RB-14203 Realtor Broker 808 652-6174.
