Good or bad deal? Foreclosure auction in Maui, Hawaii

[Abner Nakihei Jr]

Aloha! My name is Abner Nakihei. I’m a new real estate investor looking for my first deal here in Maui, Hawaii. Prices are ridiculously high so I’m looking at foreclosure auction sales on the court house steps. I want to learn what is going on. 

It’s in a “C” class neighborhood on Maui. 

Starting bid: $225,398

FACTSHEET

38 Wailani St, Wailuku HI 96793

HSBC BANK USA etc. vs. JAILANIE C. BARNACHEA, et al,

CIVIL NO. 16-1-0379(3)

Property: TMK: (2)3-4-012-054, aka 38 Wailani St, Wailuku HI

96793

Description: Unit is occupied. According to records the

structure has 3 bedrooms, 1 bath, living area is 674 square

feet, and a 120 square foot garage.

Open houses: WILL BE SOLD WITHOUT OPEN HOUSES.

Auction date: Friday, July 20, 2018 at 12:00 noon, Second

Circuit Court courtyard, 2145 Main Street, Wailuku Hawaii 96793.

Liens:

$398,470.14

239,034.04

881.48

112.50

42,286.56

1,423.06

$682,207.78

Interest

due from 7/1/2009 to 5/4/2017 @ 7.650% $83.51/

diem

Property inspections

Taxes

Hazard insurance

Real property taxes

Total due

Interest accrues at $83.51/diem from 5/4/2007 to date that

proceeds are distributed to plaintiff. Attorney fees and

litigation expenses will also continue to accrue.

Terms of sale: No upset price. Property sold in “as is”

condition at public auction with 10% of highest bid payable in

cash, certified or cashier’s check at close of auction, balance

payable upon delivery of title. There are no warranties or

representations of title or possession. The purchaser is

responsible for securing possession, and shall pay all closing

costs, including but not limited to costs of escrow fees, title

insurance premiums, conveyance document preparation fees,

accrued and unpaid real property, conveyance tax, accrued and

unpaid ground rent payments, recordation and costs of securing

possession after closing. The inability of the Purchaser to

secure title insurance or financing shall not be a condition of

closing. Potential bidders must register with the Commissioner

and provide proof of ability to comply with 10% of bid

requirement prior to participating in the auction. The 10% of

bid may be forfeited if buyer fails to timely close. SALE IS

SUBJECT TO COURT CONFIRMATION.

Commissioner:

Richard B. Berman, Esq.

18 Ahinahina Place