How Do I Buy a Judicial Foreclosure Property in Hawaii?
Read the Foreclosure Manual >>> Download Foreclosure Manual Here
- This manual will explain the judicial foreclosure process in detail, as well as the potential risks, and what Shauna does to help mitigate the risks.
- The Court will require a 10% deposit in the form of cash or a cashier’s check in order to bid at the auction.
Qualify for a Loan
- Our preferred lender is Hawaiian Tel FCU because they are familiar with the judicial foreclosure process, and can close a transaction within the 35-day closing period. You can contact loan officer Daren Kimura at (808) 221-4327 or firstname.lastname@example.org, or you can fill out their online application at: https://secure.approvedfast.com/htelfcu/inquiry/index. Their current rate schedule can be found here: https://www.hitelfcu.com/loans/mortgageRates.html. You can also pre-approve with a lender of your choice, but I still require a pre-approval from Hawaiian Tel FCU as backup, just in case your preferred lender cannot close on time.
Choose a Property
- You can find a list of the judicial foreclosure properties that are currently scheduled for 2nd Auction here: View Current Properties Now!
Upload Your Approval Letter
- Upload your pre-approval letter from Hawaiian Tel FCU (or from your preferred lender) showing that you qualify for the minimum opening bid amount for the property that you would like to bid on.
Submit Your Bid
- Once you have completed the above, you can set up an appointment to meet with Shauna to discuss your maximum bid, go over the process, and ask any questions that you may have. You can also submit a bid online at the bottom of the property pages (after you complete the above steps first!) and Shauna will contact you.
Bid at Auction
- Shauna will attend the hearing at court to bid for you at the Second Auction, which you are welcome to attend. If she wins the auction for you, the 10% cash deposit will be immediately given to the Court Commissioner for deposit to escrow.
- After the hearing, we will wait 4-8 weeks for the judge to sign an Order for the sale (there is no contract – only this Order). This is the time that we will conduct any necessary inspections or appraisal.
- Closing is 35 days after receipt of the Order.
Things to Know
- You will NOT be able to inspect the property in person prior to the auction. You will most likely be able to view the property in-person after you win the auction, but there are no guarantees (it’s a case-by-case basis). This will be something that Shauna will discuss with you when you meet with her.
- You cannot cancel the purchase because you find something that you don’t like about the property. It will be purchased As-Is, with no warranties, and due diligence must be done PRIOR to bidding at the auction.
- There is no public notice for the court hearings for the 2nd Auctions. My team tracks every foreclosure case docket for scheduled hearing dates as well as the opening bid prices.
- Open houses are usually held 4-6 months (sometimes even years!) before the hearing for the 2nd Auction. That makes my database of properties and pictures an invaluable asset.
- PLEASE NOTE: this is not a comprehensive list of all of the judicial foreclosure properties. Many of the properties are shown only to my investor clients who have me on retainer. If you are an investor, and are interested in becoming a client, please email Shauna at email@example.com.