Foreclosure is a reality that affects millions across our great nation.
This Turtle Bay REO (MLS# 1100703) is listed for $1,075,000 and last sold for $1,750,000
According to a recent article by Bankrate.com, even the “rich and famous” get into foreclosure trouble. The most notable of which is Nicholas Cage that got foreclosed on 2 properties in New Orleans. Nobody is safe when it comes to not paying the bank.
Foreclosure is never an easy predicament for a borrower. Most borrowers never intend to have it come to this. There’s a stigma that most foreclosures take place on low-end, run-down homes, which is not always the case. It just so happens the majority of them on Oahu are in the lower price range, however, there are some luxury homes that have been foreclosed on recently, and several that could be if short sales are not approved.
Foreclosure can also bring to life a lot of weight and stress in a borrower’s life, and may not always have to be the end result. There have been more and more short sales that have been approved lately. If you’re worried about the potential of being foreclosed, I would consult an attorney to see what your options are.
I would also contact one of our great agents to see if a short sale is an option for you. For buyers, now is a great time to invest in some value deals. Here’s some galleries of homes and condos that have been foreclosed and now re-listed as an REO.
If you’re interested in some luxury short sales, or REOs, contact me for more information.