Let’s face it. Real estate in Waikiki is anything but cheap however if you know where to look and what to look for, you can find just the right property for an unbelievable deal. Of course you can spend upwards of $10 million dollars for a luxury apartment at the famed Trump Towers in Waikiki, but there are also apartments in the six figure bracket that you might be able to snatch up on a short sale.
Foreclosures in Waikiki
Unless you are a real estate mogul you might not want to venture into the auction venue in Waikiki foreclosures. At the best of times a foreclosure auction takes a bit of expertise but for Waikiki foreclosures it’s better to place an offer through a Buyer’s Broker on a bank owned property. While it is true that you might get a better price at an auction if you know what you are doing, you would also need the cash in hand or financing lined up before you place your bid. A Buyer’s Brokerage can show you foreclosure properties where the bank is simply trying to get their investment back which means that you can still get a great deal on a Waikiki property, sometimes for a price that is below market comps.
Waikiki Short Sales
There appears to be a good amount of confusion as to just what a ‘short sale’ is all about. It is true that many property owners list their home as a short sale trying to avoid foreclosure, but sometimes they just want to sell quickly to relocate or to expedite an estate sale after a divorce or the passing of a spouse or family member. Just because a property is listed as a Hawaii short sale doesn’t mean the owner is soon to lose title however it may mean that the owner would be open to negotiating. Again, this is where a Buyer’s agent comes in handy because of his or her expertise in negotiating terms of a sales offer/contract.
Waikiki Owner Financing
Another area to explore when looking for property in Waikiki is owner financing. In fact, many short sales listed are open to owner financing as a second mortgage which can save you tons of money on interest if the contract is drawn up correctly. It may be possible to find owner financing as a first mortgage, but this isn’t the norm. Sometimes an owner will hold a second mortgage in the event you can’t qualify for the total selling price or simply because they view this as an investment property. In any case, talk to your real estate agent about the possibility of finding owner financing on Waikiki properties.
As the most visited location in Hawaii and among the favorite tourist locations worldwide, Waikiki real estate does come with a price tag. However, there are deals to be found with a little patience and a good broker. Take the time to sit with your broker to discuss all the possibilities. It is still possible to find real deals on Waikiki real estate if you know how and where to look.