How to carry title in Maui County, Hawaii.

Aloha, Howard Dinits Here. As your Realtor it is my job to know the ins and the outs of Maui Real Estate. It is also my job to educate my clients about reo's, foreclosures, short sales, so they can make wise decisions.  Today's topic is How to carry title in Maui County, Hawaii.

Tenancy in Severalty - Property owned by John Only
• Liens against John are liens against his property, and will continue to attach after John’s death.
• Upon John’s death, his interest passes to his heirs or devisees through probate proceedings.

Joint Tenancy - Property owned by Janet Cool, Linda Lilikoi, and Suzy Martini.
• Janet , Suzy, and Linda’s interests in the property must be equal – each has a 1/3 interest.
• A lien against Linda is a lien against her 1/3 interest in the property only; upon Linda’s death, that lien is ineffective as to the
property.
• Janet does not need Suzy or Linda’s consent, nor does she need to give them notice, if she (Janet) wishes to sell her interest in the property to others.
• Includes right of survivorship – meaning, upon death of Suzy Jones, her interest in the property passes to Janet and Linda
without probate proceedings.

Tenancy by the Entirety - Property owned by Harry and Joyce Liu, husband and wife
• Harry and Joyce must be legally-married.
• Also for parties with a registered reciprocal beneficiary relationship (parties who may not legally marry - such as two
brothers, mother-daughter, two friends of the same sex - and who are not currently married to another person).
• Includes right of survivorship - upon death of Harry, interest passes to Joyce without probate proceedings.
• Judgment liens against Harry, but not Joyce, do not attach to the property.
• Federal Tax Liens and Child Support Liens against Harry, but not Joyce , DO attach to the property.
• Neither Harry nor Joyce may sell, mortgage, etc. without the other’s consent.

Tenancy in Common - Property owned by Tom James (2/3 interest) and Fred Johnson
(1/3 interest)
• No right of survivorship between the co-tenants - upon death of Tom, his 1/3 interest goes to his heirs or devisees through
probate proceedings.
• A lien against Tom is a lien against only his 2/3 interest in the property.
• Tom may sell, mortgage, etc. his interest without Fred’s knowledge or permission.

Now you know how to carry tile in Maui, Kihei, Wailea, Lahaina, Kahului, wailuku, maui meadows areas. Plus the entire state of Hawaii.

Howard Dinits RS
Certified Residential Specialist
Is here to help you with Maui Real Estate
Call me 808-874-0600

Here are the way to carry title. escrow, deed, joint, tenancy, Tenancy in Common, in Common tenants, in common, tenancy by entirety, by entrirety, Tenancy in Severalty, in Severalty

Canadians come to Hawaii for Maui Real Estate especially in Resort Areas.

People from Calgary, Whistler, Calgary, Ottawa, Quebec City, Nova Scotia and Prince Edward Island all have favorite areas which are Kihei, Wailea, Lahaina as they are all close to the beach and ammenities.

Canadian residents are known to travel long distances in search of warmer climates, but in the past the expense of getting to Hawaii and the high cost of its real estate had deterred both tourism and property purchases.

Now, Canada's strong oil economy and robust real estate appreciation has increased its citizens's discretionary income. And, while Canadians still view Hawaii as a faraway locale, the buying power of their dollar has brought second-home and investment purchases within reach. Japanese buyers are still the top luxury purchasers in Hawaii's high-end market, but prosperous Canadians are not far behind and real estate experts say that, in some parts of Maui, Kihei, Wailea, and Lahaina they now dominate the international sales market.

One big factor for someone condidering a  purchase is certainly the Canadian dollar; it appreciated a tremendous amount over the last year adding that favorable exchange rates could save a buyer 10 to 15 percent on their Maui Condo or Maui Home purchase.

The Canadian dollar now is worth about $1.08, compared with a low of about 62 cents in 2002. Last autumn, the loonie, as Canadians call the currency because of the dollar coin bears a loon's image, surpassed the American greenback for the first time since the mid 1970s.

In the 1970s Canadians purchased two-thirds of all new development in Waikiki; this time, more are interested in the resort properties on the Neighbor Islands, especially Maui as there's beautiful sunsets and beaches to frolic on.

Sales have picked up in some parts of the Hawaiian, Maui Real Estate market, the shortage of good properties to sell and the influx of first time buyers have kept prices more stable than those on much of the U.S. mainland.

International buyers from Japan, Korea, China, Canada, Europe, Oceania and Russia are still interested in Hawaii real estate, especially on the luxury end and I, Howard Dinits am here to help you.

The west coast of Canada is a very expensive place so it's not much of a stretch to buy in Hawaii. If you are from Canada you may find Hawaii is Cheap. A Bargain or otherwise affordable. Kihei Maui stacks up well both in price and quality to other top resort and second-home destinations favored by Canadians

Hawaii is a strong market. It has sustainability like New York and other prime destinations.

The softening in some parts of the state's property market has not deterred Canadians from diving into what, for them, has become solidly a buyer's market where cash is king. 

Japanese buyers, who have long been active in Maui and the Big Island, are still buying and selling real estate. But now Canadians are keeping pace. My Japanese buyers are looking for condos with amenities, but the Canadian buyers are actually looking for second homes, preferably near the golf course.  While the Japanese aren't really into haggling, the Canadians view the downturn in our market as an absolutely great opportunity and they are out there looking for a deal.

Canadian buyers also have become quite active in Maui, even at the high end of the market as well as entry level condos. They are als grabbing up the REO, Bank Owned Proprties, and Foreclosures as they may be some of the best deal on the market.

Canadians also have been particularly drawn to the Big Island, where single-family oceanfront condominiums can still be found for $500,000 and land can be bought for as little as 10 thousand dollars.

Whether you are from Canada or not it doesn't matter. I want to be your Real Estate Agent and if you have actually made it to the bottom of this page and you are looking for a hardworking Realtor, then Please Call Me. Howard DInits RS RE/MAX Resort Realty 808-874-0600 or 877-434-6487

http://www.EasyMauiRealEstate.com

How to Sell your Home in a Challenging Maui Real Estate Market.

Homes in Kihei, Kahului, Lahaina, Wailuku,and Wailea are taking more time to sell, but you cam beat the odds with Howard Dinits Maui Real Estate Agent Specializing in Helping Buyers and Sellers with Foreclosures and Short Sales.

First Impressions Count!

Does Your Home Have "Curb Appeal"?

First impressions do make a difference when selling your home. I have had numerous situations where my client has flown in from the mainland because they liked the house on my website but when we got to the house they refused to get out of the car. Why? Because the yard was overgrown the buyer. Do not let this happen to you. Tidy your yard. Cut the grass, rake the leaves, trim the bushes, and edge the walks. Put a pot or two of bright flowers near the entryway.

1. Fresh paint makes your house look clean, bright, and inviting.

It can't be overstated - when it comes to buying a house, the first impression is everything. If you're selling or getting ready to sell in the coming months, one of the easiest and most dramatic ways to enhance that first impression is through paint and be certain to pick neutral colors. Painting your house's exterior before you put it on the market give you the biggest bang for your fix-up buck.

2. Get rid of clutter and Odors

Everyone has that room we don’t let anyone into. Well … it is time to throw out the stacks of newspapers and magazines. Pack away most of your personal items and family photos. You’ll need to go through the house and store clothing you no longer wear to make closets seem roomier. Clean out the garage. Keep everything extra clean. Wash fingerprints from light switch plates. Mop and wax floors. Clean the stove and refrigerator and remove that musty smell. A clean house makes a better first impression and convinces buyers that the home has been well cared for. Get rid of smells. Clean carpeting and drapes to eliminate cooking odors, smoke, and pet smells. Open the windows and let the fresh air in.

4 Price it Right

The No. 1 thing that will sell a house quickly is price. That's the name of the game, When it comes to the Price is Right.

5. Pick the Right Maui Real Estate Agent.

Who?

Howard Dinits RS
RE/MAX Resort Realty

808-874-0600
877-434-6487

Howard Dinits is a top selling RE/MAX Agent and will help you beat the odds. Homes in Kihei, Kahului, Lahaina, Wailuku,and Wailea are taking more time to sell, but you cam beat the odds with Howard Dinits Maui Real Estate Agent Specializing in Helping Buyers and Sellers with Foreclosures and Short Sales.

How To Do a Short Sale in Kihei,
Kahului, Lahaina, Wailuku or Wailea, Maui.

Having a hard time making you mortgage payments?

These days, you hear plenty of stories about families that are losing their homes in Wailuku, Kahului, Kihei, Wailea and even Lahaina. Most people don’t want to face up to the reality, until foreclosure sets in, and that can harm your credit, or worse give you a huge tax burden. You can contact your bank and renegotiate the length of the mortgage or interest rate, which may lower your payment amount. If you are really having a problem with your payments and you have good credit you may want to do a short sale.

Your first step is to hire a Realtor.

List your property for sale with a reputable Maui Real Estate company and send a brief letter to all mortgage holders, giving them permission to speak with your Realtor. Otherwise, privacy laws will prevent them from talking to your agent.

What do I do, if there’s more than 1 lender?

If there are a first and second mortgage or a home equity line of credit, you may have to talk to more than one lender to get approval for a short sale.  The presence of two lenders makes a short sale more complicated since it’s often the lender holding the second mortgage that has to absorb most of the loss.

Who should I contact at the bank?

Be sure you call the bank’s loss mitigation department, which will be the group to decide whether, or not to accept a short sale.  Finding the decision maker is often one of the biggest hurdles in doing a short sale.

What information will the bank need to decide whether to accept a short sale?

The short sale submission package should include W-2 forms from employers (or a letter explaining that you are unemployed), bank statements, two years of tax returns, and other documents outlining income and debt obligations. In addition, as a short seller you should submit a “hardship letter,” explaining the circumstances that make it impossible for you to pay the full amount of the loan

What financial or credit liabilities will I have as a result of a short sale?

Many lenders ask you to sign a promissory note for all or part of the difference between the proceeds of the short sale and the debt obligation as a condition to a short sale. In such cases, the note gives lenders the right to sue a seller and attach other assets if the note is not paid when due. Having a portion of a loan forgiven may adversely affect a seller’s credit.

What tax liabilities will a seller have as a result of a short sale?

One often over looked aspect of short sales is that a seller must count any amount forgiven by the lender as income and pay taxes on that income, even if no actual money was received. The IRS requires lenders to submit a Form 1099 stating the forgiven amount. Sellers who meet the Internal Revenue Service definition of insolvency will not have to pay taxes on the forgiven amount.

Home ownership is your right and please remember that you have friends in the real estate industry that may be able to assist you in these tough times.

For more information contact:

Certified Residential Specialist

Howard Dinits (R)S

RE/MAX Resort Realty

877-434-6487  or via e-mail Howard@EasyMauiRealEstate.com

http://www.EasyMauiRealEstate.com

How To Do a Short Sale in Kihei, Kahului, Lahaina, Wailuku or Wailea, Maui.

HOW 2 BUY BANK OWNED PROPERTIES

There is a lot of people talking story about buying bank owned properties. Be it houses or condos in Maui, Kihei, Wailea, Kahului, Wailuku, Lahaina areas  and there are plenty in the state of Hawaii.  There’s lot of information being shared some good and some bad.  You’ll even find infomercials & seminars that will tell you how to get rich. (once you pay  for their “secret formula”).  The fact is, that there are no secrets, and to make money requires plenty of effort.

What’s an REO?

REO stands for “Real Estate Owned”.  These are properties that have gone through foreclosure and are now owned by the bank or mortgage company. The REO property did not find a buyer during foreclosure auction and the bank now owns it.  The bank will see to the removal of tax liens, evict occupants if needed and generally prepare for the issuance of a title insurance policy to the buyer at closing.  Do be aware that REO’s may be exempt from normal disclosure requirements.  In Hawaii, for example, banks are exempt from giving a Seller’s Disclosure Statement, a document that normally requires sellers to tell you about any defects they are aware of.

Is it a Bargain?

It’s commonly assumed that any REO must be a bargain and an opportunity for easy money.  This simply isn’t true.  You have to be very careful about buying a REO if your intent is to make money off of it.  While it’s true that the bank is typically anxious to sell it quickly, they are also strongly motivated to get as much as they can for the property.  When considering the value of a REO, you need to look closely at comparable sales in the neighborhood and be sure to take into account the time and cost of any repairs or remodeling needed to prepare the home for resale.  The bargains with money making potential exist, and many people do very well buying fixers.  You also need to remember there are also many REO’s that are not good buys and not likely to turn a profit.

Ready to Make an Offer?

Before making your offer, you’ll want to contact your Realtor to find out as much as you can about the property and what the banks process is for receiving offers.  Since banks almost always sell REO properties “as is”, you’ll want to be sure and include an inspection contingency in your offer that gives you time to check for hidden damage and terminate the offer if you find it.  As with making any offer on real estate, you’ll make your offer more attractive if you can include a pre-approval letter from a local lender.  After you’ve made your offer, you can expect the bank to make a counter offer.  Then it will be up to you to accept their counter, or offer a counter to their counter offer.  Realize, you’ll be dealing with a process that probably involves multiple people at the bank on the mainland in different time zones and they don’t work evenings or weekends.  It’s not unusual for the process of offers and counter offers to take days or even weeks and sometimes these transactions can take several months to close.

Now you know the Secret to Buying REO’s in Maui, Kihei, Wailea, Kahului, Wailuku, Lahaina areas. It is hard work and can take a lot of time.  If this type of challenge doesn’t scare you, then maybe investing in REO’s is for you if not have you considered a short sale?

For more information contact:

Howard DInits (R)S at RE/MAX Resort Realty

Specializing in Maui Real Estate.

877-434-6487  or via e-mail Howard@HowardDinits.com

How 2 Qualify for a Home Loan.

Thinking of Buying a Home? It’s easy to Qualify for a loan in Hawaii, if you come prepared. It may take a few days to get all of your stuff together, but without them it can be near impossible to get a loan. Plus if you haven’t owned a home or condo in the last 3 years, our bruddah, President Obama, has a deal for you. What? You ask? A $8.000.00 tax credit if you buy a home in 2009.

As grandma always said, “Hard work pays off”, so make sure you have all of the necessary items organized and easily accessible in one folder.

            In general, the documentation you will need to qualify includes:

            Income & Assets

            Pay stubs for the last 60 days.

            For the past two years:

              Names and addresses of each employer.

W-2s, Statements for each bank, mutual fund,

            and/or investment account for the last three months.

            Estimated value of personal property and furniture.

            If you have made any large deposits to your accounts:

            Explanation and source for deposit.

            If large deposit was a gift:

            Signed gift letter (lender can supply).

             Copy of gift check & Copy of deposit receipt.

            If you own more than 25% of a business:

              Corporate or partnership tax returns.

            If self-employed:

              Tax returns for the last three years (with schedules).

            Year-to-Date Profit and Loss Statement prepared by an accountant.

            If you own rental property:

            Tax returns for the last two years and current rental agreements.

            If you are retired:  Pension Award Letter.

              If you receive Social Security:  Social Security Award Letter.

              If you are counting child support as income:

            Copy of divorce settlement.

            Copy of twelve months of cancelled child support checks.

            Debts

            Names, addresses, account numbers, balances and monthly payments on all current loans.

            Explanation of credit report anomalies, including: Late payments, credit inquiries in the last 90 days,             charge-offs, collections,  judgments and/or liens.

            Bankruptcy filed within last seven years (bring a copy of your bankruptcy papers).

            VA Loans

            Copy of DD Form 214, Report of Separation.

            Other Important Items needed:

            Photo ID and proof of Social Security number.

            Residence addresses for the past two years.

            If applicable, a copy of your divorce decree.

            If you are not a citizen, a copy of the front and back of your green card.

Now that you are prepared and have all of the necessary items to get approved for a loan, take your information to a reputable lender. The lender will key in your information in a computer and get you an online approval. Once approved, you know what you can afford and are ready to go shopping.  Want to get that $8,000 credit? The good news is that it's easy to claim your tax credit. Buy and close on a new, "main" home before December 1, 2009 and Submit IRS Form 5405 with your 2009 tax returns in April 2010. That's it. Your next step, is to call a knowledgeable Realtor, a Certified Residential Specialist, to go shopping for your new home or condo.

Howard Dinits RS CRS

RE/MAX Resort Realty

808-874-0600 877-434-6487

http://www.EasyMauiRealEstate.com

Foreclosures hit Maui hard

The Kahului/Wailuku region had one filing per 81 households in the first half of 2009

By Allison Schaefers

POSTED: 01:30 a.m. HST, Jul 30, 2009

Maui's main metro area was worse than the national foreclosure rate average while Honolulu appeared in the bottom half of nationwide rankings released today by RealtyTrac.

In the midyear data, there was one foreclosure filing for every 81 households in Kahului/Wailuku, Maui, which would have ranked No. 63 if the region had been considered urban enough to be included in the city listing, said Daren Blomquist, RealtyTrac's marketing manager.

In Honolulu, one in every 207 Honolulu homeowners was in foreclosure, earning the city a rank of 143 out of 203 cities, according to Irvine, Calif.-based RealtyTrac, an online foreclosure marketplace.

By midyear, 1,616 Honolulu homeowners had received a foreclosure notice, a 276 percent increase from the same period a year ago and a 31 percent increase from the prior six months.

But while Honolulu foreclosures are growing, overall the city has a limited foreclosure footprint as compared to the nation. RealtyTrac reported 1.5 million foreclosures in the nation during the first six months of the year, an average of one in every 84 U.S. households.

"We are seeing huge increases in activity in Honolulu, but it's still at a point where there are a lot of other cities that are worse off, Blomquist said.

The same could not be said for the neighbor islands, which have been harder hit by economic recession and had experienced higher price swings during the last real estate boom, said Howard Dinits, a Realtor with RE/MAX Resort Realty in Wailea, who specializes in Big Island and Maui sales.

"It's hard to know exactly what is going on in the neighbor islands and why those areas have significantly higher foreclosure rates than Honolulu, but they have less economic diversity and are more susceptible to changes in the economic climate," Blomquist said.

Declining real estate values and increased joblessness, combined with a tighter lending market and a depressed economy, have created the perfect neighbor island storm, said Dinits, who has had to switch real estate firms twice this year due to office closures.

"Get ready, it's just going to get worse," Dinits said. "California was littered with foreclosures last year and we tend to lag that market by six to nine months or more."

Hilo, which had one filing for every 88 households during the same time period, would have ranked No. 65 if it had been considered urban enough, he said.

Kapaa, Kauai, where one in every 98 housing units received a foreclosure filing during the first six months, would have been ranked No. 72, Blomquist said.

Phil Fudge, principal broker of Kauai Landmark Realty, said that the distressed market is driving Kauai sales.

The continuing drop in tourism has deeply affected Kauai's entire economy, he said.

"With our hotels running slow, many people are getting laid off," Fudge said. "We don't have any other major employers."

Kauai real estate agents are feeling the pinch, too, he said. Out of 650 agents, only 200 have made a sale through July, Fudge said.

"And, only 33 agents have sold the $2 million in real estate that it takes to earn at least $60,000," he said.

While Maui and Big Island agent rosters have gotten shorter, Dinits has survived by focusing on distressed sales, he said.

"My list of cute little old ladies with equity that want to sell is very short," Dinits said.

Maui's main metro area was worse than the national foreclosure rate average while Honolulu appeared in the bottom half of nationwide rankings released today by RealtyTrac.

BLOOMBERG NEWS

The average foreclosure rate per household in the United States during the first half of this year was one out of 84. Above, a foreclosure sign stood outside a home in Winchester, Va. Honolulu ranked No. 143 during the period, with a 1/207 ratio.

View Large Version >>

In the midyear data, there was one foreclosure filing for every 81 households in Kahului/Wailuku, Maui, which would have ranked No. 63 if the region had been considered urban enough to be included in the city listing, said Daren Blomquist, RealtyTrac's marketing manager.

In Honolulu, one in every 207 Honolulu homeowners was in foreclosure, earning the city a rank of 143 out of 203 cities, according to Irvine, Calif.-based RealtyTrac, an online foreclosure marketplace.

By midyear, 1,616 Honolulu homeowners had received a foreclosure notice, a 276 percent increase from the same period a year ago and a 31 percent increase from the prior six months.

But while Honolulu foreclosures are growing, overall the city has a limited foreclosure footprint as compared to the nation. RealtyTrac reported 1.5 million foreclosures in the nation during the first six months of the year, an average of one in every 84 U.S. households.

"We are seeing huge increases in activity in Honolulu, but it's still at a point where there are a lot of other cities that are worse off, Blomquist said.

The same could not be said for the neighbor islands, which have been harder hit by economic recession and had experienced higher price swings during the last real estate boom, said Howard Dinits, a Realtor with RE/MAX Resort Realty in Wailea, who specializes in Big Island and Maui sales.

"It's hard to know exactly what is going on in the neighbor islands and why those areas have significantly higher foreclosure rates than Honolulu, but they have less economic diversity and are more susceptible to changes in the economic climate," Blomquist said.

Declining real estate values and increased joblessness, combined with a tighter lending market and a depressed economy, have created the perfect neighbor island storm, said Dinits, who has had to switch real estate firms twice this year due to office closures.

"Get ready, it's just going to get worse," Dinits said. "California was littered with foreclosures last year and we tend to lag that market by six to nine months or more."

Hilo, which had one filing for every 88 households during the same time period, would have ranked No. 65 if it had been considered urban enough, he said.

Kapaa, Kauai, where one in every 98 housing units received a foreclosure filing during the first six months, would have been ranked No. 72, Blomquist said.

Phil Fudge, principal broker of Kauai Landmark Realty, said that the distressed market is driving Kauai sales.

The continuing drop in tourism has deeply affected Kauai's entire economy, he said.

"With our hotels running slow, many people are getting laid off," Fudge said. "We don't have any other major employers."

Kauai real estate agents are feeling the pinch, too, he said. Out of 650 agents, only 200 have made a sale through July, Fudge said.

"And, only 33 agents have sold the $2 million in real estate that it takes to earn at least $60,000," he said.

While Maui and Big Island agent rosters have gotten shorter, Dinits has survived by focusing on distressed sales, he said.

"My list of cute little old ladies with equity that want to sell is very short," Dinits said.

FORECLOSURE RANKINGS

RealtyTrac's midyear foreclosure rankings of cities nationwide:

Source: RealtyTrac

I'm often asked if this is a good time to buy a home. Some clients are concerned that home prices may fall further than they have already. They are assuming that the best course of action is to wait for the bottom in the market and then buy. The problem with this approach is that you don't know where the bottom is until you see it in the rear view mirror, meaning until you've missed it!

Home prices are one factor in determining your cost of ownership, but so are interest rates and financing availability. Even though interest rates have gone up in the last six months, they are still near historic lows. Since your monthly mortgage payment is a combination of paying down your principal and paying the interest owed, if home prices come down a little further but interest rates go up, it could cost you even more to service a mortgage on an identical home!

While a home is a major investment, it is also the center of your personal life. It's important to live in a home that reflects your taste and values, yet is within your financial "comfort zone." To that end, it may be more important to lock in today's relatively low interest rates and low home prices, rather than to hope for a further break in prices in the future.

Please give me a call if I can be of any assistance in determining how much home you can afford in today's market.