Columbus HUD Homes

You probably wonder why there are so many different Bidding Deadlines for Columbus HUD Homes? Let me try to explain the differences and the impact they have on your bidding strategy.

NEW Listings – Owner Occupants Only for 10 Days
A property that is listed for the first time on http://www.nhmsi.com will be offered for owner occupants only, starting on a Friday. This is called the PRIORITY PERIOD and lasts for 10 days. Bidding deadline for a new listing ALWAYS falls on a Sunday and ends at midnight.

OPEN Listings – All Bidders DAILY
HUD will review all offers received during the priority period. If HUD did not receive an offer meeting internal guidelines then the listing opens up for bidding to any qualified buyer. Owner occupants and investors can bid. Bid Deadline is now DAILY at midnight.

PRICE REDUCTIONS – Owner Occupants First for 5 Days
Sometimes a property does not sell during the open listing period. After a certain time HUD will reduce the price on this property and publish the re-listed property on Fridays again. The first 5 days following a price reduction the property is available for owner occupants only. This shortened priority period ends the following Tuesday at midnight. From time to time you can find HUD listings with several consecutive price reductions.

Open PRICE REDUCTIONS – All Bidders DAILY
Should the property still not sell during the shortened priority period, it then becomes available for bidding to all qualified buyers again. Deadline for bidding is now DAILY at midnight.

RE-LISTINGS – Owner Occupants First for 5 Days
Occasionally a property that was already in contract falls out of contract again. In that case HUD will offer the property for sale again and re-post the listing on a Friday. The price may be the same as before or reduced. A re-listed property is available for owner occupants only during the first 5 days. These bidding deadlines fall on a TUESDAY at midnight.

Open RE-LISTINGS – All Bidders DAILY
As before, if the property did not sell during the priority period for owner occupants, the listing will open up to all bidders with a daily deadline at midnight.

CONTRACT ACCEPTED – WHAT NEXT?
Congratulations! You won! Hopefully your agent was prepared for the good news and you completed all the paperwork BEFORE submitting your bid. You have now exactly 48 hrs to submit the complete contract package to NHMSI.

Faxes are not allowed, and contracts need to be submitted with ORIGINAL signatures in blue ink.
HUD will review your paperwork and email your agent once your contract has been fully accepted (ratified). This process will take about 7-10 days.

I am a HUD registered bidding agent and can help you find and bid on any HUD home. I will make sure to double and triple check all of your paperwork so our contract gets accepted the first time! Call or email me anytime with any questions you may have. I am looking forward to helping you purchase a new home soon!

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

Today is Friday – we just updated the Columbus HUD Homes Map.  To get your free copy click on the button below!

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

WOW! This home is HUGE! The first floor features a formal living room and formal dining room, family room w/ fireplace, spacious island kitchen with breakfast nook and a first floor laundry.

1005 Okatie Drive, Columbus, OH

4BR/2.5BA, almost 3,000 sqft!
OFFERED for $140,000

Upstairs you’ll find 3 very spacious bedrooms and a full bath in addition to an extra large master suite and truly spa-like master bath!

This home is very neutral, beige carpets, white woodwork throughout and lots of windows let in the winter sun.

For owner occupants, HUD will pay for the following repairs:
$500 to replace missing sink and faucets
$500 to repair the siding

In addition, owner occupants will receive a $2,500 credit at closing.

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

The listing price for the ranch at 6938 Retton Rd, Reynoldsburg OH 43068 was just reduced to $78,400.  This is the second price reduction for this home. It means that only owner occupants are eligible to bid till Tuesday.  Then it will open up to investors.

When you want to buy a Columbus HUD Home you need to constantly watch our blog and HUD homes map. As HUD gets more motivated prices will constantly change (downwards) and you want to be ready to submit your offer when that happens.

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

We added the video walk through for the Raynoldsburg HUD owned ranch. The home needs TLC, but the price is enticing. It’s really hard to find any homes in the suburbs for less than $100K.

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

HUD OWNED RANCH IN REYNOLDSBURG!

Price reduced to $88,200. As-is value $98,000.
Case Number 413-353054

This ranch style home is located in Reynoldsburg, close to shopping and dining and just minutes from Blacklick Woods Golf Course.

The garage has been converted into a family room for additional living space.
 
6938 Retton Rd, Reynoldsburg OH 43068

This property is owned by HUD and available for bidding by owner occupants and investors. Bid deadline is daily. You need a HUD registered agent to bid on this property. Our contact information is at the bottom of this post.

For owner occupants, HUD will pay for the following repairs:
$175 to service the furnace and install a new filter
$2,600 for new floor coverings
$1,000 to treat defective paint
$175 to repair the missing fascia and down spouts

In addition, owner occupants will receive a $2,500 credit at closing.

For property details go to http://www.postlets.com/rem/1503552
 
Contact me for more information or if you’d like to see this or any other HUD properties!

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

The HUD listing at 538 Foxtrail Circle in Westerville is in contract. HUD accepted an offer on 11/19/08, just after we posted the video walk through.
 
Here are some interesting bidding stats. The list price was $90,000. The lucky buyer submitted an offer for $80,000 with a net to HUD for $76,800.
 
Didn’t we tell you this is a great deal?  Columbus HUD Homes sell quickly, if they are priced right.
 
Stay tuned for our new HUD Homes Map sent to your email on Friday and more featured HUD homes next week!

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

We completed a video walk-through of the Foxtrail condo in Westerville.  Check it out – it’s in great condition! Ready to move in! 538 Foxtrail Circle Westerville Ohio

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

I made a strange discovery this week: While we pulled together the properties for this week’s map of Columbus HUD Homes, I discovered that the number of HUD homes listed for sale in Central Ohio kept declining the third week in a row.  Actually, it was not just declining – it was an outright drop of almost 50%.

Does this remind you of the stock market? Will we see a shortage of HUD Homes in the near future?

It’s hard to believe that there will be fewer HUD homes for sale in the foreseeable future.  Foreclosures are still at all time highs, and a certain percentage of foreclosed loans were insured by FHA. So why did the number of listings drop?

Look at the statistics of the past 3 weeks.  It appears that many of HUD homes got sold, because of aggressive pricing and big discounts.  Some are really good deals and buyers take advantage of it.

At the same time is seems that HUD and its local partner NHMSI have their hands full getting new listings ready.  It takes some effort to get these properties to market, completing appraisals and home inspections.

All in all I don’t believe we are not running out of HUD Homes. But they are offered at very competitve prices and go fast.  So if you want to play – don’t delay and make an offer today!

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