68-3883 Lua Kula Street #1803, Waikoloa, HI 96738 - Foreclosure Notice

 From West Hawaii Today 5/31/23:

Notice #: 0001417825-01
Foreclosures

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NOTICE OF FORECLOSURE SALE Pursuant to the verbal orders of the court concerning Plaintiff’s Motion for (1) Cancellation of Sale; (2) for Forfeiture of Purchaser’s Deposit; and (3) for Court Instructions, filed on April 6, 2023, in U.S. Bank Nat. Assn., et al. v. Chinen, et al., Civil No. 15-1-395K, Third Circuit Court of the State of Hawaii, the Commissioner identified below has been directed to sell the following property at a public auction. DESCRIPTION: 68-3883 Lua Kula Street #1803, Waikoloa, HI 96738, TMK: 3-6-8-003-004-0083, a 2-bedroom, 2-bathroom Elima Lani condominium reportedly built in 1988 with 854 square feet of living area, and lanai. Fee simple. OPEN HOUSES: June 3, 2023 from 2:00 p.m. to 4:00 p.m., and June 10, 2023 from 10:00 a.m. to 12:00 p.m. PUBLIC AUCTION: July 7, 2023 at 12:00 Noon at the Keahoulu Courthouse, 74-5451 Kamakaeha Ave, Kailua Kona HI 96740, to the south of the “Ho’o Pohaku” sculpture in the shade near the northwest corner of the building. TERMS OF SALE: No upset price. Property will be sold in “as is” condition with no warranty of title or possession or any other warranties. No less than ten percent (10%) of the highest successful bid price must be deposited with the Commissioner at the close of the auction, and payment to be made in cash or cashier’s check. Potential bidders must be able to provide proof of their ability to comply with the 10% bid requirement or status as a party entitled to credit bid prior to participating in the public auction. The balance of the purchase price shall be paid to the Commissioner upon approval and confirmation of the sale by the Third Circuit Court of the State of Hawaii and tender of the document(s) transferring title. At the confirmation hearing, the Court may allow further bidding on the condition that the initial opening bid must be at least one hundred ten percent (110%) of the highest bid at the public auction. All costs and expenses of securing possession of the property and closing, including conveyance and recordation fees and conveyance taxes, shall be paid by the successful purchaser. The ten percent (10%) down payment may be forfeited in full or in part if the successful purchaser fails to pay the balance of the purchase price after court confirmation of the sale. Neither the availability of title insurance nor securing possession of the property shall be a condition of closing. Real estate brokerage commissions will not be paid from sales proceeds. The sale will not be final until approved by the court. For further information contact Daniel S. Peters, Esq., 74-540 Honokohau Street, Kailua-Kona, Hawaii 96740, (808) 331-1199, daniel@danielspeters.com, Commissioner. (WHT1417825 5/31, 6/7, 6/14/23)

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Kyra Bronson R(B) 23930

LUVA Real Estate

Maealani Place, Volcano, Island and County of Hawaii - Foreclosure Notice

 From Hawaii Tribune Herald 5/21/23:

Notice #: 0001416727-01
Foreclosures

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NOTICE OF FORECLOSURE SALE CIVIL NO. 1:21-CV-00261 DKW-KJM United States District Court for the District of Hawaii MFY Funding LLC v. Ohia Opportunities, LLC; Kanoa Ross Bristol, et al. PROPERTY ADDRESS AND DESCRIPTION: Two (2) adjoining properties situated on Maealani Place, Volcano, Island and County of Hawaii in the residential project known as the Volcano Golf Course Lots and bearing Tax Map Key Nos. (3) 9-9-002: 021 and 022. A single-family fee simple home is located on the two parcels containing approximately 0.45 acres or 20,909 square feet. The house covers approximately 1,822 square feet and contains five (5) total rooms: three (3) bedrooms, two and one half (2.5) baths with kitchen, pantry and two separate spacious living and family rooms. Covered garage (approximately 600 sq. ft.); outside laundry and concrete areas (approximately 280 sq. ft.). A separate stand-alone outdoor storge building (approximately 300 sq. ft.) exists. Ample outdoor open spaces with dense vegetation. AUCTION DATE: WEDNESDAY, JUNE 21, 2023 at 12:00 O’CLOCK NOON, Front entrance to Hale Kaulike Courthouse Building, 777 Kilauea Avenue, Hilo, Hawaii. OPEN HOUSES: BY ADVANCE APPOINTMENT ONLY on Sunday, June 4, 2023 from 2:00 p.m. to 4:00 p.m. and on Sunday, June 11, 2023 from 2:00 p.m. to 4:00 p.m. To attend the open houses, you must make an advance appointment to attend the open house on the designated dates. Walk-ins will not be granted access. Please contact Commissioner to make an advance appointment. TERMS OF SALE: Property will be sold in “AS IS” condition, without any express or implied warranties or representations of any kind, at public auction with 10% of the highest bid payable in cash, certified or cashier’s check at the close of auction. THERE SHALL BE NO UPSET PRICE. Balance of highest bid shall be paid in full upon court approval and confirmation of sale. Potential bidders must be able to provide proof of ability to comply with the 10% bid requirement BEFORE participating in the public auction. Purchaser shall pay ALL costs of closing, including, but not limited to, escrow fees, recordation fees, conveyance taxes and is responsible for securing possession of the Property upon escrow closing and recordation. Neither the availability of title insurance nor securing possession of the Property shall be conditions of sale closing. Sale closing usually occurs not later than thirty-five (35) days after the entry of the order confirming sale. Real property taxes shall be prorated as of the date of closing and recordation of the documents transferring title. The Property, including all improvements, will be sold without personal property. Property is currently unoccupied. ALL SALE AND TERMS OF SALE ARE SUBJECT TO COURT CONFIRMATION. DUE DILIGENCE INFORMATION: A Foreclosure Fact Sheet containing additional limited information is available upon request from the Commissioner. The information made available has been collected from various sources including tax records, a title report, and pleadings and appears to be reliable but it is not guaranteed. Photographs are available upon request. Potential bidders are expressly advised to perform and complete their own investigation and due diligence prior to bidding. For further information, contact Wayne K. T. Mau, Commissioner, 1003 Bishop Street, Pauahi Tower, Suite 320, Honolulu, Hawaii 96813; Telephone (808) 781-8494 (cell); (808) 380-8498 (ofc.); email: wayne@wmaulaw.com (HTH1416727 5/21, 5/28, 6/4/23)

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Kyra Bronson R(B) 23930

LUVA Real Estate

What is a Tax Lien sale vs a Tax Auction? NO TAX LIEN SALES IN HAWAII!

Recently I kept seeing a Facebook ad wanting me to sign up to learn about how to buy tax liens in Hawaii.  🙄  Fortunately I know that Hawaii County doesn't do tax lien sales, they do tax auctions.  

In many counties on the mainland, instead of letting a large tax balance build up over several years and then doing a foreclosure, those county tax offices auction off tax liens.  Typically you pay ONLY the amount of taxes owed, and the bidding is for the interest rate you will receive if the owner pays it off.  It starts at 18% and you bid down to zero.  The bidder who bids to pay off that year's taxes in full at the lowest interest rate wins the lien.  The following year, that same bidder is given the opportunity to again pay off the taxes for a tax lien.  Once there are three years worth of liens, the bidder may take the property to court for tax foreclosure.  This system is much more fair to the owner because they get three years to pay off their tax liens, and they are only required to pay the taxes plus the interest rate the bidder bid.  It's also much nicer for the bidder because although they have to wait through a three year process, they have the chance to obtain a property for ONLY the past due taxes, no bidding up.  

Contrary to this commonly used tax lien system, Hawaii County does a tax foreclosure.  They let the amount of taxes pile up for three or more years, and then take the property to auction where the amount gets bid up, sometimes to $100k or more over the tax liability.  This is very unfair to the prior owner who then has to come up with all of that extra money, at 12% interest, if they want to redeem their property.  It is also not nearly as lucrative for the bidder since they are getting the properties at close to market value, not nearly the bargain they deserve since they are buying a property that now has a tax auction in the chain of title.  The one big benefit is that the foreclosure part is already done.  Unlike the tax lien system where the bidder is responsible for finalizing the foreclosure, in Hawaii the county does that step.  

So, don't get duped and sign up for a class on how to buy Hawaii tax liens.  We only do direct tax foreclosures here!  

Tax Lien System	Tax Foreclosure System
Bidder must buy three consecutive liens, then bidder forecloses.	County accumulates a tax owed balance for three or more years, then county forecloses.
County get their taxes paid in full every year.	County has huge amounts of taxes due while they process the foreclosures.
Bidding is on the interest rate, starts at 18% (depending on county) and bids down.	Bidding is on the purchase price.  Starts at taxes owed plus legal fees and goes up.
Owner still owns – can pay off tax liens through the county and the county pays back the bidder.  Much easier to pay off because it is ONLY taxes owed plus interest.	Bidder owns immediately.  Prior owner has one year to redeem the property directly from the bidder by paying the winning bid amount + 12% + all escrow fees.  Difficult to pay off because it is the market price bid at auction plus interest and escrow fees.  Typically a lot more than what was owed in taxes.  County does not assist in the redemption process.
Bidder must foreclose after three years	County forecloses as part of the process
Usually online bidding	In person bidding