Some Facts about Maui Foreclosure Homes

A property in foreclosure goes through different stages. Once an owner has missed loan payments for several months, the lender begins foreclosure proceedings. The owner can, if possible, pay the missed payments. If not, the property goes to auction.

A very important fact about Maui foreclosure homes is that all foreclosed property is sold "as is." Neither the owner nor the lender, nor any other party to the foreclosure proceeding, is required to make any repairs. A potential buyer should make a careful inspection of Maui foreclosure homes.

Is a Real Estate Agent Necessary?

Unless a government agency owns the foreclosed home, you do not have to have a real estate agent. You can buy directly from the owner, or the lender at auction, or the lender if the property reverted to the lender after it did not sell at auction. The question is, would you want to enter into an expensive real estate transaction in an unfamiliar market, in an unfamiliar region, without the expertise of a knowledgeable real estate agent?

If any government agency owns the property--HUD, VA, Fannie Mae--you must have a real estate agent, because these agencies only sell to the public through real estate brokers. The public may have access to the property lists published on the Internet and in newspapers, but federal agencies conduct transactions on Maui foreclosure homes only via a real estate agent. Look for real estate agents who specialize in government properties.