A corporate REO, what’s that?
I talk to a lot of buyers who want to buy foreclosures; the first question that I ask them is if they have all cash. This is important because almost all foreclosed properties purchased at auction are purchased with cash, they generally do not accept loan contingencies and one needs to have a cashiers check on the spot for 10% of the purchase price.
So, how does one compete with banks (sellers of bank owned homes) and or other wealthy investors (sellers of corporate REOs) with cash? Generally you don’t, you let them buy the property, perform the necessary repairs andÂ renovations, and purchase the property as a bank owned home or in this case a corporate REO.Â This can be especially nice considering that one can leverage the entire asset by financing it as a Â turn key home rather purchasing it and needing to come cash out of pocket after closing it to bring it up to a more desirable standard.
556 Akolea Place in Nanea @ Kehalani (MLS#343969) just listed for $349,000 and is perfect for a first time buyer.
- 2005 Purchase Price: $560,000
- County of Maui current assessed value: $387,100
- Current asking price: $349,000
The interior of the home was re-carpeted, re-painted, and it appears that there have been some small repairs around the home.
The kitchen has a nice open flow to it, let’s in a lot of natural light, and there are granite tile counter tops in place.
Albeit it is not a large backyard, it is a nice area to enjoy sometime outside and have the comfort of it all being fenced in.
One of the most rewarding experiences I have had in my career was to help a young family purchase the home that they were renting, a home that they thought they could never afford, but we helped make it come true. I will always remember seeing the tears in their eyes and the absolute joy emanating from all of them, it was awesome!
Please Contact me so that we may have the privilege of sharing a similar experience that will be forever memorable. Aloha 🙂