89-709 Lani Kona Rd, Captain Cook, Hawaii 96704 - Foreclosure Notice

 From West Hawaii Today 1-18-24:

Notice #: 967920997
Foreclosures

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NOTICE OF FORECLOSURE SALE

NOTICE IS HEREBY GIVEN that by Order of the
Circuit Court of the Third Circuit in Civil No. BCCV-
22-0000032 (Dkt. 71, ?led Sep. 21, 2023), the
below Commissioner has been appointed to sell
the following real property at public auction.

PROPERTY DESCRIPTION: Located at 89—709 Lani
Kona Rd, Captain Cook, Hawaii 96704. 2BR/ 13A,
approximately 800 sq. ft. dwelling, approximately
1 acre parcel,TMK (3) 8—9—009-002.

OPEN HOUSES: None.

AUCTION: Thursday, March 7, 2024, 12 pm, at
the flagpoles in front of the Keahuolu Courthouse,
74-5451 Kamakaeha Ave., Kailua-Kona, Hawaii,
96740.

TERMS OF SALE: No upset price. Sold in “as is”
condition to the highest bidder at public auction
with no representations or warranties as to title or
possession, and with a quitclaim conveyance.The
successful bidder shall make a down payment to
the Commissioner in an amount not less than ten
percent (10%) of the highest successful bid price.
Prior to participation in the auction, participants
must prove their ability to comply with the 10%
requirement, which must be paid by certified or
cashier’s check, money order, or cash. The 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.The balance of the purchase price shall
be paid upon approval and confirmation of the
foreclosure sale by the Court and the tender of
the document transferring title to the mortgaged
property. The Commissioner will close the sale
through a Hawaii licensed escrow company if so
requested by the purchaser or if so ordered by the
Court. The purchaser shall pay for all costs and
expenses of closing, including but not limited to
conveyance costs and taxes, escrow and closing
costs, title insurance, notary fees, and eviction
costs. Neither the availability of title insurance
nor securing possession of the property shall be
a condition of closing.The sale is subject to Court
confirmation.

DISCLOSURE: The information in this Notice
has been obtained from sources believed by
the Commissioner to be reliable but may not be
complete or accurate. It is the sole responsibility
of the bidder to verify the information in this
Notice.

COMMISSIONER: Emil A. Macasinag, Kuakini
ower, 755722 Kuakini Hwy., Ste. 100, Kailua-
Kona, HI 96740, (808) 326-4852.

See all open houses and auctions on the calendar.

Subscribe to receive these notices via email. 

Kyra Bronson R(B) 23930

LUVA Real Estate

73-4920 Manu Mele Street - Auction Recap

The Manu Mele St. foreclosure was held today, 1-10-24.  This was the property that had only the shell of a house and a private lender.  

There appeared to be many folks in attendance for the auction, but only one party was bidding against the private lender.  

Although in most cases, the banks typically only send a representative with one bid, this private bidder started the bid at $780k and ran the 3rd party bidder up to $879k.  I found this interesting for two reasons: 

1.  It was risky!  I don't believe the private lender wanted the hassle of dealing with this property, and with every bid above what he was owed, he could have pushed the 3rd party bidder out. 

2.  Only $850k total was owed on the property.  There was no reason for the private lender to bid above this amount and yet he did, three times!  Every increment above $850k was a risk that the other bidder might drop out and also, every cent above the total owed goes to the borrower in the default!  The private lender just earned $29k for the borrower by running the bid up.  Very interesting.  

73-4920 Manu Mele Street - Open House walk through

On January 7th I attended the commissioner's open house for 73-4920 Manu Mele St.  It sure was open, in fact, it has no doors at all!  Well, there are some doors, but they're not installed.  There is plenty of lumber and materials on site, but sadly it is not installed.  

Here is the foreclosure listing:  http://www.bigislandforeclosures.com/2023/12/73-4920-manu-mele-street-kailua-kona.html

This is a private lender foreclosure, and unlike most open houses, the private lender was present.  He shared details about the home and has the blue prints to pass along if a third-party bidder outbids him at auction.  There was significant interest, but the amount owed is $850k and that is what the private lender intends to bid.  Anyone with the capacity to finish the home and work with the county could get a fabulous deal, but for everyone else, this seems like a big can of worms.  

Here is a link to the house plans provided by the private lender.  If you plan to bid, please do thorough due diligence with the county planning department to understand what you're getting into. 

Two story shell, set on a hill on a one acre lot:

The view: 

Framing has been started.  Per the private lender - the ground rough inspection has been completed, but not the framing inspection: 

Beautiful tongue and groove ceiling and beams, but no roofing on top.  😟