All of Maui’s bank-owned and short sale properties currently available are noted in this section. Maui County has approximately 66,000 residential units including apartments, homes and condominiums. 2010 statistics reveal that approximately 25% of our current listed properties are distressed. This sector of the market is relatively brisk due to the lower than average price point, affordability and motivated Sellers. Relative to the national percentage of distressed properties, Maui’s percentage is quite low.
If this sector of the market appeals to you, be prepared. Get pre-approved for a loan, be patient as you may wait for a response from the Lender (especially in a short-sale) and anticipate additional costs typically paid by the Seller. The trade-off, most distressed properties are listed 25 – 40% below their last sale price. In 2010, short-sales and foreclosures on Maui accounted for 36% of our single family home sales and 27% of the condo sales.
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