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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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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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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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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