Kailua Kona, Hawaii 96740
Listing Details
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Kailua Kona, HI 96740

2 Beds | 2 Baths
Short Sale
Listing ID: 52141600

$275,000

Short sale properties represent tremendous opportunity to you as a buyer because they are aggressively priced to sell well below or just at fair market value. Existing homeowners are typically distressed and eager to sell for less than what is owed on their mortgages. They are "underwater" and either can no longer afford their mortgage payments or are simply unwilling to continue to make them for various reasons. For more check out 'First Steps' below.
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  • Property Information
    • Price: $275,000
    • Bedrooms: 2
    • Bathrooms: 2
    • Full Baths: 2
    • Total Square Feet: 1,010
    • Year Built: 2007
    • Description: The seascape condominiums are conveniently located above the airport in the lower Palisades area.

      Rarely available unit. The affordable maintenance fees (presently at $329/mo) make this ocean view unit an extraordinary find.

      This is a Short Sale on a V.A. Loan. V.A. Lender has an appraisal by a certified V.A. Appraiser of $290,000. This appraisal is available upon an offer. Short sale lender requires certain net proceeds, after all its expenses. After commissions, money owed to the AOAO (Association of Apartment Owners), money owed to workmen who have painted, repaired and otherwise generated an expense which must be paid at closing, along with an estimate of Seller's closing costs, best guess is 275,000 to $280,000 is lowest of what the short sale lender will at all consider in view of the current V.A. appraisal. This might be ideal for a Veteran to purchase on a zero down loan, since the lender may approve some to all of the difference between the $290,000 appraisal and the purchase price; to be used by the Veteran in paying specified charges for the Buyer's benefit. (whether new appliances, carpeting, Buyer's closing costs are in this category should be determined by Buyer through an experienced, knowledgeable V.A. Lender). AOAO charges continue to rise slightly each month. Short Sale Representative has indicated that the Short Sale Lender should approve the acceptable short sale within 30 days of the time that the completed package is submitted to them (Purchase offer, Short Sale Addenda, any other documentation with which the Buyer's lender may be familiar).

      Ground floor Handicapped friendly condo features lowered countertops, walk in shower with fold up seat and handrails, wheelchair friendly sink and toilet.

      Assigned Parking Stall is designated handicapped. (You do not have to be handicapped to park in your own stall)

      Pet up to 20 and 25 lbs with board approval. (No giraffes) Copyright 2020 Hawaii Information Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
    • Source ID: 618287
    • Days On Site: 354
  • Property Tax Roll
    • Subdivision: Kalaoa-Ooma Homesteads
    • Property Type: Condo
  • AVM Report
  • County Information
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  • Mortgage Information
    • Estimated Monthly Payment: Payments as low as $1,444 per month
    • Monthly Payment Disclaimer:

      Based on a 30 year fixed-rate of

      5.75% with $27,500 (10%) down.

      Check rates now!
  • Contact Information
    • Agent Company: Real Estate Consultants of Kona
    • Agent Name: Harold Meltzer
    • Agent Company Address: P.O. Box 4711
    • Agent Company City: Kailua Kona
    • Agent Company State: HI
    • Agent Company Zip: 96745
    • Agent Company Phone: (808) 329-6871
    • Agent Company Email: Email Now
    • Agent Phone: (808) 329-6871
    • Agent Email: Email Now

FIRST STEPS:

Short Sales

You've identified an ideal short sale property. Now what? Short sale properties represent tremendous opportunity to you as a buyer because they are aggressively priced to sell well below or just at fair market value.

Read more

Indeed, the existing homeowners are typically distressed and eager to sell for less than what is owed on their mortgages. They are "underwater" and either can no longer afford their mortgage payments or are simply unwilling to continue to make them for various reasons.

On the flip side, lenders are often willing to agree to sale prices that are considerably less than what is owed on the current mortgages because the alternative is foreclosure, a costly, complicated and expensive process that will most likely only clog their non-performing asset pipeline further.

Therefore, once you identify a desirable short sale property, it's important to contact a local licensed real estate professional - or the listing agent - who can walk you through the negotiation and purchase process.

You need to act fast!

That's because short sales are time-sensitive. In addition, it's not a "traditional" transaction, meaning that it often takes longer - about four to six months on average - to close a deal.

But, more often that not, it's well worth the wait ... literally and figuratively.

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