Foreclosures: Homes that are auctioned off at the courthouse steps. It's not likely there will be foreclosures listed here as they are not part of our MLS system and are not offering a commission. You can visit the courthouse weekly to see what properties are being auctioned off. Buyers have no due diligence contingency and there is no Sellers Disclosure Statement. Also, Buyer must have 10% of the total sales price in cash on that day to be able to be eligible.
Shortsales: Homes that are in Pre-foreclosure. These properties have sellers that are attempting to sell their homes for less than what is owed on the mortgage usually because of a change in market value. These sales are subject to the lien holder(s) approval of the purchase price. They are time consuming and tedious for the Realtor(s) involved. Buyers must have patience!! But there are good deals to be had if you can tolerate the roller coaster ride. To see all Kauai shortsales, click here.
REO's: Real Estate Owned properties are those that have already gone through the foreclosure process on the courthouse steps and have been bought back by the bank that owned the mortgage. The banks then take title and put the house back on the market for sale. These go quickly are are usually priced aggressively. To see all Kauai REO's, click here.
Martie Law, Realtor-Broker
Oceanfront Sotheby's International Realty