Hawaii Life Real Estate Services has perfected its statewide REO Department, headed by Rod Easterly, BIC, to handle the multi-faceted business of securing, maintaining, marketing, and selling bank-owned real estate assets. Hawaii Life has handled REO transactions and asset management for a number of local and national banks, but with foreclosures up 63% in Hawaii in the month of September, we’re expecting the number of REO listings to grow dramatically in the coming months.
Buyers and real estate investors who are interested in keeping tabs on current and upcoming REO inventory would be wise to create an agency relationship with Rod and his statewide team. REO listings move quickly, and often generate multiple offers. Advance notice of upcoming and new listings can provide a critical advantage.
Hawaii REO agents are a different breed of real estate practitioner. Securing, managing, and constantly monitoring bank-owned assets requires a level of preparation and coordination that can only be accomplished with a team of REO agents and property managers. As a result, REO agents are often given advance notice of bank-owned assets that will soon become listings. In general, banks are pragmatic and realistic when it comes to pricing their REOs, so these listings are usually priced aggressively and sell quickly.
For any real estate buyer who’s monitoring the market for good value, it’s a good idea to develop a relationship with a Hawaii REO agent.