US government owned REO homes for sale

Almost everyone agrees that 2012 marked the turn-around of the real estate market in the United States. Inventories of homes for sale have dropped everywhere, the number of sales increased and home values started to rise.

We also read that fewer foreclosures have been filed by lenders than in previous years. Federal programs, such as HARP, have been streamlined to help home owners refinance their under-water loans with minimum documentation.

So, how does this affect the market for HUD homes and other government owned REOs?
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Overpriced HUD home in Fredericktown 40 miles NE of Columbus OH

The title of this post reflects what many people associate with HUD homes in Columbus.

Although some are overpriced and in terrible condition, most HUD properties are reasonably priced and only need some TLC. As a matter of fact, the majority of HUD homes is insurable. HUD allocates a small repair escrow, so you can get FHA financing and don’t even have to pay for your own appraisal.

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HUD Home at 64 W Fieldstone Dr in Etna OH sells for 20% ABOVE list price

With an ever dwindling supply of HUD homes in Columbus and the low inventory of homes for sale in general, you probably ask yourself: Can I still get discounts when I submit an offer to HUD?

The answer is a definite YES!

However, you won’t be able to get large discounts on every single home. Sometimes, you even have to pay more than asking price.

There is no formula to predict how much HUD will accept. So, I decided to research recent HUD home sales and show you, what kinds of offers HUD accepted this summer (2012).
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Most government owned homes are not located in Ohio

As we enter the second half of 2012 the housing market has turned around. Columbus home sales jumped by 18% in June (as compared to a year ago). What’s even more exciting for sellers is the fact that the median sales price increased by 15% to $155,000.  Pending contracts are up by a staggering 58%, and the inventory of homes listed for sale has dropped by 33%.

Columbus is not alone when it comes to a housing recovery.
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Columbus Ranks 10th Best for Buying Foreclosures

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According to a report by RealtyTrac, Columbus is one of the 10 best places in the country to buy foreclosures. We all know that Columbus has its share of foreclosed homes. Investors from all over the country are attracted to Central Ohio real estate due to the great cash flow single family homes yield to […]

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The Powell HUD House from Hell that Won’t Sell

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Isn’t it tempting? Look at this large, upscale home in one of the most prestigious suburbs of Columbus. HUD tries to sell it for less than 50% of its retail value. Who wouldn’t want to buy this bargain? More than 15 prospective home buyers tried. One after the other they submitted offers on this “bargain” […]

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Why Weekend Bidding Deadlines Are Confusing HUD Buyers

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When a new HUD house is listed on the MLS, it is reserved exclusively for owner occupant buyers for the first 30 days. There’s an exception for HUD homes that need more than $5,000 in repairs. They are listed as Uninsured and become available to all bidders after just 5 days. During the first 10 […]

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Is HUD Secretly Preparing a Major Release of New Listings?

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Is HUD getting ready to release their “shadow inventory” or are they just taking advantage of the turn-around in the housing market? Last week we saw a substantial increase in the number of new assignments from HUD’s asset managers. Every day new inspection notices came in to local HUD listing brokers to prepare HUD properties for […]

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The Incredible Bidding Strategy to Buy HUD Homes 30% Below List Price

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Despite HUD’s preference of owner occupant buyers and long, exclusive listing periods, HUD homes are hands down the best deals for real estate investors. Recent closings have shown that some investors get low ball HUD home offers accepted on a regular basis. Many HUD houses sell to non-owner occupant buyers at substantial discounts just 30 […]

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Two of a Kind – Would You Select the HUD Condo or a Private Sale?

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Condominium developments are very uniform. Most units are similar or even identical. This is part of their appeal. A well designed village makes tenants and owners feel at home, and guarantees a high quality of life. Lifestyle Communities is the master of building townhome-style condominiums at an affordable price. Their developments are scattered all over […]

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