Hilo, Hamakua and Puna real estate and homes for sale in Hawaii, ocean front, new construction - Henry 'Hank' Correa, REALTOR® Henry 'Hank' Correa REALTOR(r) for Hilo, Hamakua and Puna, Hawaii real estate, ocean front, new construction - NUMBER1EXPERT™ Henry 'Hank' Correa NUMBER1EXPERT(tm) for Hilo, Hamakua and Puna, Hawaii real estate, ocean front, new construction

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Henry 'Hank' Correa, REALTOR®, real estate agent and broker for Hilo, Hamakua and Puna Hawaii home listings, property and land for sale - NUMBER1EXPERT(tm)
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Henry 'Hank' Correa, REALTOR®, real estate agent and broker for Hilo, Hamakua and Puna Hawaii home listings, property and land for sale - NUMBER1EXPERT(tm)
Henry 'Hank' Correa, REALTOR®, real estate agent and broker for Hilo, Hamakua and Puna Hawaii home listings, property and land for sale - NUMBER1EXPERT(tm)
Henry 'Hank' Correa, REALTOR®, real estate agent and broker for Hilo, Hamakua and Puna Hawaii home listings, property and land for sale - NUMBER1EXPERT(tm)

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Contact me with confidence! I guarantee your privacy will be respected. And I offer the services on this site for free and without obligation. Why? I want to be YOUR real estate agent. As your trusted, professional real estate partner, I will help you find the best home in your area within your price range. And together we will sell your home, for as much as the market will bear, and as quickly as possible. 

Buying and selling a home is one of the biggest events in your life. As a top Hilo, Hamakua and Puna real estate agent, I have the experience and track record you are looking for. Please let me help. 

- Henry 'Hank' Correa 

 


Real Estate Tips
Short Sales >1. What Is a Short Sale?

A short sale is discussed if the home owner is facing financial hardship and is therefore unable to make payments on the home loan. In the event that the bank or mortgage lender agrees to it, a short sale is an alternative solution when foreclosure is looming. “Short sale” literally translates to selling a piece of real estate just short of the remaining balance of the loan. Because the homeowner finds him or herself in a position where paying the loan just isn’t feasible, the lender will then discount the balance of the loan and the home owner will sell the property and forfeit all of the proceeds to the lender. By doing this, the lender concedes that selling the property at a loss is a better option than continuing to pursue the borrower.

There are four conditions of a short sale:

  1. The home’s market value is down. This means that the home is worth less than the remaining balance on the home loan. Another way to say this is by saying that the home is "underwater".
  2. The mortgage is in default or heading that way. A mortgage default occurs when the borrower stops making payments on the loan. At that point, the lender can seize the property from the borrower.
  3. The home owner encounters hardship like divorce, death or serious illness, unemployment, bankruptcy, etcetera. It is important to note that personal lifestyle choices that cause financial strain are not considered.
  4. The home owner has no assets. If the homeowner had assets, he or she could use these to make payments on the loan.

How do you know if you qualify for a short sale?

Whether or not a home seller can go through with a short sale ultimately depends on his or her bank or mortgage lender. They have to agree to the short sale process in order for it to come to pass. If the seller’s situation does not line up with the aforementioned four points, he or she may not qualify to sell their home on a short sale.

Any buyer can put an offer in on a home up for short sale so long as they are able to qualify for a loan. It is, however, up to the lender whether or not an offer will be accepted on the property.

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Henry 'Hank' Correa, REALTOR®, real estate agent and broker for Hilo, Hamakua and Puna Hawaii home listings, property and land for sale - NUMBER1EXPERT(tm)

Henry 'Hank' Correa
Hank Correa Realty LLC

630 Kilauea Ave, Unit 101
Hilo, HI 96720
Office: (808) 961-3300
Mobile: (808) 960-2626
Toll Free: (877) 500-HANK (4265)
Fax: (808) 934-8865
Email: Info@HankCorrea.com

For over 15 years, Hank Correa has specialized in finding his clients that special piece of paradise that they need and desire. Hank guides you through the entire process, seamlessly, to ensure smooth sailing ... from Oceanfront to Farms & Ranches, from Residential to Rentals to Commercial & Investments, all within and around the areas of Hilo, Puna, and Hamakua on the 'Big Island' of Hawaii. He prides himself on his reputation for high customer satisfaction/real estate expertise and at age 20 was one of the youngest real estate agents to receive the Certified Residential Specialist designation which is why his past clients say ... 'All You Need To Know About Real Estate ... Hank Correa.'

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