Real estate buyers can potentially save thousands of dollars by purchasing a REO property... but the savings can turn into unexpected bills for those unfamiliar with the ins-and-outs of the system.  Working with a local REALTOR who has experience with REO's will not cost you - it will save you a lot of work and worry and money in the process.

Don and Sylvia Leutz are licensed Real Estate Brokers in Hawaii, and also licensed Real Estate Brokers in the State of California and Broker-Salespersons in Nevada.  Our Resort Market experience in Hawaii, Hawaii and the Lake Tahoe Markets has helped dozens of buyers through the years, in a variety of challenging times and environments.  Please click on the links below to browse through these current REO listings and our tips for negotiating the successful purchase of a bank owned foreclosure property!

LINKS TO:

REO Properties on Kauai (Island of Kauai)

REO Properties on the Kona Coast (Big Island of Hawaii)

REO Properties from Waimea to Waikoloa (Big Island of Hawaii)

REO Properties in the Hilo Area (Big Island of Hawaii)

 Search for:  REO Properties in South Lake Tahoe Area 


As National association of REALTORS Designated "Resort and Second Home Property Specialists", we can also connect you with the best agents in any Resort Market in the country who will guide you through the process of purchasing a REO home or vacation condo in their area.

Request REO Listings for Other Resort Markets 

WHAT IS A REO PROPERTY?

REO - is an acronym for Real Estate Owned Properties... properties that are owned by banks and mortgage holders.  These properties have reverted to bank ownership after the conclusion of the foreclosure process.  These "REO" or bank owned properties are put back on to the active real estate market for sale... usually at a substantial discount over the property's previous selling price... and at a price that is lower than many other nearby properties.

Resort Market REO Properties are not always easy to find.  In Hawaii, REO homes and condos are available, but not to the extent that you would find on the Mainland.  This is because Hawaii is far below the national average when it comes to foreclosures.  Overall, Hawaii has one foreclosure filing for every 1,500 households.  The national average is roughly one foreclosure for every 466 households.

The latest foreclosure statistics released by RealtyTrac, show that Kauai and the Big Island of Hawaii both had foreclosure rates of about one in 1,000 households.  Maui has the highest rate of filings in the State of Hawaii with one filing for every 800 households.  Honolulu on the island of Oahu has the lowest foreclosure rate in the state with one filing for every 2,200 households.  In January of 2009, Oahu (where 80% of the state's population resides) had 152 foreclosure filings. There were 79 foreclosure filings on the Big Island of Hawaii, 78 foreclosure filings on Maui and 28 foreclosure filings on Kauai.

Not every foreclosure filing ends with the Bank taking back ownership of the home.  Some homeowners are able to reach a settlement with their lender and some are able to sell their homes before the foreclosure process is completed.  In very rare instances, a new buyer may come in and purchase the property at a foreclosure auction.  But when all else fails, these properties come back on the market as REO... or Real Estate Owned Properties.