Columbus HUD Homes

Just a few days ago I still mentioned that 5971 Nike Drive in Hilliard would be ready for low offers. Here we go! HUD accepted a bid of $126,000, with $120,000 net to HUD. That’s 75% of asking price (which also happens to be the appraised value.)
 
HUD is ready to deal on relists and daily deadline properties. So don’t delay and make your offer!
 
Many other Columbus houses we featured in this newsletter are in contract, some quite below asking price. Somewhat surprisingly, the HUD home on 1750 Bluhm Rd sold for $65,000. That’s a full $17,000 (or 35%) above list price. I am not sure what enticed the buyer to bid over that much, but it would have been a great deal for $48K.

One more thing I noticed when I looked at today’s relisted properties: bids on Columbus HUD Homes that are higher than the list price fall out of contract frequently. The home on 4507 Tolbert Ave in Grove City is a good example. HUD had it in contract for $121,000. Now it’s listed again for the 3rd time (!) at the appraised value of $100,000.

Listing Statistics

Total homes available: 79 (last week: 65)

Owner occupants: 64
All bidders: 15
New listings: 18
Relisted/Price reduced: 46
 
Median Price: $55,000 (last week: $60,000)
Average Price: $66,101 (last week: $71,843)
Highest Price: $196,000
Lowest Price: $5,000
 
Homes less than $50,001: 34 (last week: 25)
Between $50,001 & $100,000: 30 (last week: 25)
More than $100,000: 15 (last week: 15)
 
Call me TODAY at 975-9650. I’d be glad to show you a HUD Home over the Holiday Weekend! 
 

Thanks for reading our Columbus HUD Homes Blog
Posted by: Susanne Novak, ABR, FIS, GRI 
Columbus Realtors specializing in
HUD Homes, Shortsales, Investment Real Estate
(614) 975-9650

Technorati Tags: Columbus Houses, Columbus HUD Homes, Columbus Realtors, Hilliard, HUD listing, price reduction

A few weeks ago I attended a seminar for real estate agents specializing in selling Columbus HUD homes. I was told that 9 out of 10 contracts are submitted incorrectly, and that only 5 out of 10 contracts get approved (ratified) by HUD (due to errors).

Can you imagine the risk you take, if you work with an inexperienced agent? You have a 50% chance of losing a bid you already won online, because of clerical or administrative errors (or simple ignorance)! Wow!

Let’s take a closer look of why HUD would not ratify a contract

When you work with the Federal Government you have to follow their rules one hundred percent. If they specify that the original contract needs to be filled in with blue ink, you have to use blue ink. If HUD must receive the documents within 48 hours you better FEDEX them the day your bid got approved. You simply have to dot your i’s and cross your t’s.

Here are some common mistakes realtors make that could cost you your contract:

• They don’t check if they won the bid they submitted, the morning after the deadline. It’s the realtor’s responsibility to check. You won’t get a notification from HUD.
• They don’t have the original contract, earnest money check and all necessary forms ready to mail the morning after the deadline. If you try to put the package together after you won the contract, you will most likely miss the deadline.
• They don’t overnight the originals to HUD within 48 hours. If you don’t overnight your package the day after the midnight deadline, you already missed the 48 hours.

When it comes to HUD homes, it definitely pays to work with an experienced agent. Don’t hire your brother in law or a friend’s friend because they happen to have a real estate license! Work with a professional who deals with HUD contracts every day.

What’s My Track Record with HUD Contracts?
 
Well, MY TRACK RECORD is 100% of contracts accepted on FIRST try! This means all bids we won on Columbus HUD homes were ratified the first time I submitted the full package!

Don’t leave it up to chance! Call me at (614) 975-9650. I know how to get it done right! 

Thanks for reading our Columbus HUD Homes Blog
Posted by: Susanne Novak, ABR, FIS, GRI 
Columbus Realtors specializing in
HUD Homes, Shortsales, Investment Real Estate
(614) 975-9650

Technorati Tags: acceptance, Columbus Houses, Columbus HUD Homes, Columbus Realtors, contract, HUD listing

Last Sunday I spent a few hours at the Comfest at Goodale Park. This is a very popular event with lots of artists, musicians and vendors of all sorts. My son’s band The Better Days Band played at the Solar Stage at noon. Comfest is one of the largest community festivals in the country. Best of all, there is no admission to get in, and it’s a wonderful place for people watching.

This week I have a rare selection of Columbus HUD homes in the northern suburbs. You probably noticed that HUD does not listing many properties in Hilliard, Westerville or Powell. So enjoy this unique set of Columbus houses and call me to see the inside!
 
Featured HUD Homes

191 W HIAWATHA DR, Powell, OH
List Price: $196,000  2,233 sqft  4 BR 2 BA

4598 MARILYN ST, Hilliard, OH
List Price: $120,000  1,492 sqft  3 BR 2 BA

 
3042 WALLINGFORD AVE, Columbus, OH
List Price: $62,000  1,538 sqft  3 BR 1 BA

 
You can see more previewed HUD homes at our website: http://columbushudhomes.postlets.com
 
Here you will also find a complete and up to date list of all featured Columbus HUD homes that are still open for offers, including relisted properties.
 
Call me at (614) 975-9650!
Don’t miss out on this unique selection of properties!
 

Thanks for reading our Columbus HUD Homes Blog
Posted by: Susanne Novak, ABR, FIS, GRI 
Columbus Realtors specializing in
HUD Homes, Shortsales, Investment Real Estate
(614) 975-9650

Technorati Tags: Columbus Houses, Columbus HUD Homes, Columbus Realtors, Hilliard, HUD listing, Powell, Westerville

I have good news for you! HUD is catching up and listed 27 new homes for sale this week. Many of these homes are in the suburbs: Powell, Hilliard, Grove City, Canal Winchester, Reynoldsburg, Blacklick, Delaware, Marysville, …
 
Check out the Columbus HUD homes map! You’ll find a really good selection of wonderful Columbus houses this week. Pay attention to the relists (yellow markers on the map). Nike Drive in Hilliard and Retton Road in Reynoldsburg are back.

The other highlight of this week is the large number of bargain properties. 25 homes are listed for less than $50,000. Most of them will need repairs and may be un-insured. But you will find a great deal, if you don’t shy away from a little work.
 
The property on 1750 Bluhm Rd is a perfect example. We featured this home on our blog earlier this week. It’s listed for $45,000 and insured with a repair escrow. Owner occupants need to submit their offer before Sunday midnight. 

Get your Columbus HUD Homes map by subscribing to our email newsletter at the end of this article. Click on the blue button, enter your name and email to send your request and you receive the most up-to-date information on HUD Homes in Central Ohio.
 
Listing Statistics

Total homes available: 65 (last week: 60)

Owner occupants: 50
All bidders: 15
New listings: 27
Relisted/Price reduced: 23
 
Median Price: $60,000 (last week: $65,100)
Average Price: $71,843 (last week: $76,433)
Highest Price: $196,000
Lowest Price: $15,000
 
Homes less than $50,001: 25 (last week: 21)
Between $50,001 & $100,000: 25 (last week: 22)
More than $100,000: 15 (last week: 17)
 
Call me TODAY at 975-9650. Don’t miss out on the new suburban HUD listings! 

Thanks for reading our Columbus HUD Homes Blog
Posted by: Susanne Novak, ABR, FIS, GRI 
Columbus Realtors specializing in
HUD Homes, Shortsales, Investment Real Estate
(614) 975-9650

Technorati Tags: bidding, Columbus Houses, Columbus HUD Homes, Columbus Realtors, HUD listing, statistics

It took me a little longer than usual to put this post together. There’s a lot going on these days with many buyers calling to schedule showings. We see plenty of activity in the Columbus HUD Homes market. It’s certainly not as bad as the national media wants you to believe.
 
Well, there were only 4 boomerang homes on the list and only 21 listings are available to all bidders. In yesterday’s email I said that the house on 5353 Rifle Drive in Canal Winchester looks like a great deal. It was offered for $115,000 with 4 bedrooms and 1871 sqft. I checked comparable sales of similar Columbus houses - the retail value of this home is around $160,000. 
 
Today it’s in contract for $100,000. Definitely a super deal for the buyer in Canal Winchester Schools! Since it is listed as insured with a repair escrow, the condition should be very good. Here are more pictures of the property.
 
You may want to keep an eye on the HUD home at 6360 Mohican Drive in Powell. Although it is still listed at the high price of $190K, I believe that HUD will reduce its price soon. Or they may simply accept a lower offer … Call me for an educated guess
 
Only 6 Columbus HUD homes are currently reserved for owner occupants? You can find them on last Friday’s HUD Homes Map. If you don’t have a HUD Homes Map and don’t receive our regular email updates, simply click the blue button below this article and add your email to our list.  
 
Don’t hesitate to call me TODAY at (614) 975-9650, to schedule a showing!

Thanks for reading our Columbus HUD Homes Blog
Posted by: Susanne Novak, ABR, FIS, GRI 
Columbus Realtors specializing in
HUD Homes, Shortsales, Investment Real Estate
(614) 975-9650

Technorati Tags: Canal Winchester, Columbus Houses, Columbus HUD Homes, Columbus Realtors, HUD listing, Powell

Happy Father’s Day 2009! I hope you get a chance and take the day off, relax and maybe check out some of the great Columbus HUD homes we feature on this blog. 
 
For this weekend I found 2 Columbus houses you may want to look at. They are at opposite parts of Columbus, though. The first is an almost new 4 bedroom home in the Gahanna School district, the second one a ranch in the Riverbend subdivision in Grove City.

Featured Columbus HUD Homes

1750 BLUHM RD, COLUMBUS, OH
List Price: $48,000  952 sqft  3 BR 2.5 BA

 
6914 ONYXBLUFF LN, GAHANNA, OH
List Price: $147,000  1,957 sqft  4 BR 2.5 BA

You can see more previewed HUD homes at our website: http://columbushudhomes.postlets.com
 
Here you will also find a complete and up to date list of all featured HUD homes that are still open for offers.
 
Call me at (614) 975-9650!
Ask me all your real estate questions!

Thanks for reading our Columbus HUD Homes Blog
Posted by: Susanne Novak, ABR, FIS, GRI 
Columbus Realtors specializing in
HUD Homes, Shortsales, Investment Real Estate
(614) 975-9650

Technorati Tags: Columbus Houses, Columbus HUD Homes, Columbus Realtors, father's day, Gahanna, Grove City, HUD listing

At a recent “HUD Home Seller” seminar I was told that HUD has a backlog of more than 2,500 Columbus HUD homes in Central Ohio. You certainly could not tell by looking at today’s map. A mere 60 properties are listed, including only 7 new homes.

Grove City is the center of activity again. There are 3 new Columbus houses listed in the area and 1 relist. It seems that the Edgarton home, which we mentioned repeatedly in this newsletter, is in contract once again - this time for $120,624. Seems the buyer does not read our emails, otherwise they would have known that it was in contract previously for less.
 
Listing Statistics

Total homes available: 60 (last week: 86)

Owner occupants: 40
All bidders: 20
New listings: 7
Relisted/Price reduced: 33
 
Median Price: $65,100 (last week: $61,600)
Average Price: $76,433 (last week: $67,206)
Highest Price: $190,000
Lowest Price: $5,000
 
Homes less than $50,001: 21 (last week: 36)
Between $50,001 & $100,000: 22 (last week: 34)
More than $100,000: 17 (last week: 16)
 
Call me TODAY at 975-9650. I would love to show you the best HUD home deals this weekend! 
 

Thanks for reading our Columbus HUD Homes Blog
Posted by: Susanne Novak, ABR, FIS, GRI 
Columbus Realtors specializing in
HUD Homes, Shortsales, Investment Real Estate
(614) 975-9650

Technorati Tags: Columbus Houses, Columbus HUD Homes, Columbus Realtors, HUD homes map, HUD listing, statistics

This week I selected two nice, suburban HUD homes in Delaware. These Columbus houses are very affordable and perfect for first time buyers. If you want to live north of Columbus in an upscale community without the big city traffic, you should definitely consider a Delaware HUD home.
 
Take another look at the exceptional, custom-built home I mentioned last week. It’s only 5 minutes from Delaware and sits on an 1.5 acre lot. This home is larger than our featured Columbus HUD homes, in superb condition, and offers real country living. Priced at $250K, you can buy this home with an FHA loan! Click on the picture for details!
 
VERY IMPORTANT: You only have 5 months left to close on your first home and claim the $8,000 tax credit. We already noticed a steep increase in interest rates last week. So please, don’t delay and take advantage of our terrific deals now!
 
Featured Columbus HUD Homes

197 STONHOPE DR, Delaware, OH
List Price: $140,000  1,912 sqft  4 BR 2.5 BA 

419 LACHANCE CT, Delaware, OH
List Price: $115,000   1,644 sqft  3 BR 2.5 BA

656 SALISBURY RD, Columbus, OH
List Price: $48,000   1,056 sqft  3 BR 2 BA

You can see more featured Columbus HUD homes at our website: http://columbushudhomes.postlets.com
 
Here you will also find a complete and up to date list of all featured HUD homes that are still open for offers.
 
Call me at (614) 975-9650!
I’d be glad to answer all your real estate questions!

Thanks for reading our Columbus HUD Homes Blog
Posted by: Susanne Novak, ABR, FIS, GRI 
Columbus Realtors specializing in
HUD Homes, Shortsales, Investment Real Estate
(614) 975-9650

Technorati Tags: Columbus Houses, Columbus HUD Homes, Columbus Realtors, Delaware, hud listings, suburban

Bids on Columbus HUD homes used to be reviewed and posted by 10 am the day after the deadline. On 6/11/2009 NHMS decided to push the process back to 3 pm. See newest announcement below! 
 
Here are details on the new Bid Review Process (from NHMSI)
 
Bids are reviewed for acceptability on the following business day after the deadline of bid submission.
 
New listings have a 10-Day Owner Occupant Priority Period. Columbus houses with a price reduction, and relisted properties have a 5 day Owner Occupant Priority Period.
 
When the Owner Occupant Periods end, bidding is opened to ALL BIDDERS with a DAILY bid deadline.
 
Under the daily bidding process, a bid is good only until the bid deadline time shown (midnight). Daily bids are looked at on a daily basis and prior bids are not re-reviewed. If necessary, you may have to rebid.
 
Final bid posting will be completed by 3:00 pm.
 
The properties will appear available prior to completion of our bid review, but a property will disappear from the website after we post a winning bid from the previous day’s bid deadline. If you submit a bid within the timeframe of the bid submission deadline and our bid posting deadline (3:00 PM), your bid will not be acknowledged, if we post an acceptable winning bid from the previous day.
 
It is the agent’s responsibility to check Bid Results the day following the bid submission deadline for the acknowledged winning bid information. No emails or faxes will be sent.
 
Back-up bids are valid for 48 hrs only after the bid deadline.

Thanks for reading our Columbus HUD Homes Blog
Posted by: Susanne Novak, ABR, FIS, GRI 
Columbus Realtors specializing in
HUD Homes, Shortsales, Investment Real Estate
(614) 975-9650

Technorati Tags: bid process, Columbus Houses, Columbus HUD Homes, Columbus Realtors, HUD listing, NHMS

I can’t believe what happened. The Edgarton HUD Home I mentioned in my recent post has been relisted this morning. HUD accepted a $115K offer on Wednesday, but somehow the buyer did not come through. Now it’s back on the market for owner occupants for 5 days. This may be your third chance to get it!

You may wonder why Columbus HUD homes get relisted only 2 days after they went in contract? There are different reasons: maybe the prospective buyer did not realize that the house was uninsured (which means no FHA loans) and had to cancel the offer, or the realtor did not submit the paperwork in time (you only have 48 hours after the offer was accepted to get all your originals to NHMSI).
 
There are 21 new HUD listings this week. On top of it you’ll find 54 relisted Columbus houses, including suburban homes we featured before.
 
If you like Powell you should take a look at the property on 6360 W. Mohican Dr. It is available to all bidders. At a list price of $190,000 it’s too expensive. But HUD may soon consider lower bids to move this home. 
 
Listing Statistics

Total homes available: 86 (last week: 74)

Owner occupants: 75
All bidders: 11
New listings: 21
Relisted: 54
 
Median Price: $61,600 (last week: $71,500)
Average Price: $67,206 (last week: $76,961)
Highest Price: $190,000
Lowest Price: $5,000
 
Homes less than $50,001: 36 (last week: 28)
Between $50,001 & $100,000: 34 (last week: 21)
More than $100,000: 16 (last week: 25)
 
Call me TODAY at 975-9650 to schedule showings for this weekend!

Thanks for reading our Columbus HUD Homes Blog
Posted by: Susanne Novak, ABR, FIS, GRI 
Columbus Realtors specializing in
HUD Homes, Shortsales, Investment Real Estate
(614) 975-9650

Technorati Tags: Columbus Houses, Columbus HUD Homes, Columbus Realtors, Edgarton, Grove City, HUD listing, Powell, statistics