Bidding On A Leasehold-Problems
Hawaii is famous for properties that are sold only by leasehold. I have come across a property that is beyond repair going into auction on March 8th. The owner is behind $52K on his first and only mortgage. He is also behind $52K on his lease rent. Just wondering if the deal is worth it. I would have to rebuild a new home on this land that has approx. 17 years left on the lease. Still trying to find out from the lessor what is the buyout to bring it to fee simple. The tear down costs would be near $10k and the new home near $160K. I could sell this new home between $460K to $485K in this great neighborhood. Thinking the lease buyout would be around $125K. Second question...what the heck do you bid on a tear down? Especially if the land is not included. The house is worth nothing. No upset price in Hawaii.
Aloha Imua
Did you ever find out any more information on how to solve your above problem? Would be interested in seeing how you got on
Mahalo,
Veronica
Aloha
I used to sell Real Estate in Hawaii. Look up a company SUN ESTATES tell them the Wildman said hello. They used to be great digging up answers. The question I have for you is did you consider getting a NEW Ground leasehold. Instead of buying out fee simple ask the lessor for a new lease....just a thought but it could prove cheaper. I am sure your deal is done by now but just wanted to say hello. I used to Live in Waianae, work in Waipahu and Aiea.
Mahalo