Columbus HUD Homes

We have published Columbus HUD Homes Maps for the past 10 weeks. This article summarizes the listing statistics and shows how the market for Columbus HUD Homes has changed. Our maps cover seven Central Ohio counties (Franklin, Delaware, Fairfield, Licking, Madison, Pickaway and Union).  We see roughly 90 to 100 listings in Franklin County every week.  The rest is spread out over the surrounding counties.

Take a look at the chart below. It shows the number of homes available for owner occupants (red) and for all bidders (includes investors) (green).  The combination of both is the total number of HUD Homes listed for sale in Central Ohio.   

The exact numbers are displayed in the table below.  They correspond to the ones we publish with new HUD Homes Maps every week. 

The first column (Date) is the date when HUD updates their website, i.e. every Friday morning. “New/Updated” shows new listings or price reductions.  In average we see between 20 and 30 new homes each week. This should also be the number of Columbus HUD Homes that go in contract each week.

As you look at the chart you see that there was a lot of bidding in the second half of November and early December, when homeowners took advantage of deals before the end of the year.  Overall there is less activity in December which usually is the slowest month of the year.

What should you expect for the first quarter of 2009?

1. There will be a steady supply of HUD Homes as the government tries to get rid of its ever growing inventory.
2. Many owner occupants will take advantage of lower prices and favorable financing terms exclusively offered for HUD homes (such as $100 down programs, and repair allowances paid for by HUD)
3. Properties in need of extensive rehab will drop in price significantly.  You will see more deals offered for below $10,000 and great opportunities for investors and landlords to expand their portfolio.

If you wish to keep up to date with Columbus HUD Homes and see updated maps every week, simply click the button below and subscribe to our email newsletter.  It is completely free and exclusive to our subscribers.

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

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Maintenance free stone & stucco exterior, very spacious 3-level Columbus HUD Home with mature landscaping and beautiful deck out back. Gleaming hardwood floors throughout. Located next to Walnut Hill Golf Course, Walnut Hill Park and just a few steps from the school.

5640 Oakmont Drive, Columbus, OH

Auditor’s value of $140,000 and now offered by HUD for only $107,000.

Take a look at the birds eye view of this Columbus HUD Home – this featured property is just behind the tag no. 4 in front of Oakmont Elementary School.

HUD OWNED 3-level split Near Brice Road
OFFERED for $107,000
CASE NUMBER 413-394595
BID DEADLINE 12/28/08 for Owner Occupants

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

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As we publish weekly maps of Central Ohio and Columbus HUD Homes we noticed that the number of available properties has increased over the past 30 days.  This is especially true for homes available to owner occupants. If you want to buy a new home, this is probably the best time of the year to submit your offer.

Below is a summary of Columbus HUD Homes offered for sale this week. The overall number of availabe homes has increased and more than 90 deals are currently limited for owner occupants. 

This means that only 37 homes are available to investors at this time. This number has actually decreased a little bit over the past few weeks, as investors took advantage of great deals and super discounts. 

However, owner occupants have a much larger selection and can get better financing terms than investors. Now that interest rates are approaching 4.5% and HUD offers financing with as little as $100 out of your pocket, you should seriously consider making an offer on a Columbus HUD Home.

Click the link below to receive weekly maps of HUD homes. We create these maps every Friday morning when new listings are posted by HUD – so you are the first to know which properties are new and you can submit an offer before anybody else.

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

Technorati Tags: Columbus HUD Homes Realtor maps buying statistics

When you buy a Columbus HUD Home you will typically pay less than market value. Most likely your purchase price was lower than the auditor’s tax value. If this is the case you are entitled to lower property taxes.  However, this tax reduction is not automatic. You need to file an appeal with the board of revisions.

Here is what you do:  You need to complete a “Complaint Against the Valuation of Real Property” form DTE-1, which is the same for all counties in the State of Ohio. You must submit this form before March 31 of the following year. Include documentation to show why the value of your home is lower than recorded by the auditor. The best documentation is your HUD-1 closing statement from when you purchased you Columbus HUD Home. You may also include a list of comparable sales – your real estate agent can prepare this list for you.

It will take a few months for the county to review your request. You will be invited to appear before the board of revision. When you appear in front of the board you simply bring the documentation you already submitted, including a copy of the HUD-1, comparable sales, and an appraisal (if you have one and if it is lower than the auditor’s value). The review only takes 5 to 10 minutes, if you bring all this documentation. The board mails a written notification of its decision a few months later.

As property taxes are paid almost a year after they were incurred, the revised valuation is retro active, and you can get a refund on taxes you already paid.

It is really important to file this complaint, especially in times of falling property values. Many Columbus HUD Homes have been overvalued by the auditor and you have a very good chance to get your taxes adjusted to the purchase price of the property. 

The appeal may be a lengthy process, but it is not difficult. You can do it yourself. I appealed the valuation of all my rental properties earlier this year (March 2008).  I provided closing statements and comparables to the board of revisions in July 2008, and in December 2008 I received notification of the adjusted values.  Franklin County reduced the valuation of all my properties to their purchase prices – which were lower than market values, because I purchased most of these properties from short sales or foreclosures.  In average the auditor’s value was reduced by thirty three percent (33%)!! This means that my property tax bill will go down by one third.  This is really significant. If you consider that property taxes of an average Columbus Home are around $3000 per year, you will save $1000 per year!

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

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This Centex built 2-story home is located in the Canal Crossing subdivision and served by Canal Winchester Schools.

The home features a large eat-in kitchen complete with appliances, dining room, living room and 3 spacious bedrooms upstairs. There is no basement.

7509 Hemrich Drive, Canal Winchester, OH

HUD OWNED 2-story in Canal Crossing
OFFERED for $114,000
CASE NUMBER 413-440720
BID DEADLINE 12/14/08 for Owner Occupants

Here is a video preview of this nice Columbus HUD Home:

 
 

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

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This terrific 2-story home is located in the Eastview Estates subdivion just minutes from shopping and dining at Easton Town Center. This Rockford built home is served by Columbus Public Schools.

The kitchen comes complete with appliances and a breakfast bar, open to the great room with fireplace and dramatic high ceilings.

Owner occupants will receive a $2,500 credit at closing.

HUD OWNED 2-story Home w/ Open Floorplan
OFFERED for $114,000
CASE NUMBER 413-444852
BID DEADLINE 12/14/08 for Owner Occupants

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

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This lovely 2-story home is located in the Orchard Glen subdivision, near Cumberland Trails Golf Course. Built by Dominion and served by Southwest Licking Schools.

115 Winesap St, Pataskala, OH

HUD OWNED 2-story Home in Pataskala.
OFFERED FOR $113,000
CASE NUMBER 413-393257
BID DEADLINE 12/14/08 for Owner Occupants

Don’t forget to take a virtual walk through and view our Columbus HUD Home video:

 

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

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This home in the Alkire Lakes subdivision in Grove City is much larger than it looks. The NHMSI website says it has only 1,120 sqft. This is incorrect. The property has 1,772 sqft!

The first floor features a great room with vaulted ceilings and fireplace, kitchen and 1st floor master!

Take a look at the video walk through:

 
HUD OWNED multi-level in GROVE CITY!
CASE # 413-396371
OFFERED for $140,000
BID DEADLINE 12/7/08 for Owner Occupants

2108 Gray Slate Ln, Grove City, OH

For owner occupants, HUD will pay for the following repairs:
$550 to replace some of the carpet.

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

This property is eligible for FHA 203K Streamline financing (contact us for details) AND also for the $100 down FHA financing for owner occupants. 

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

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This Columbus  HUD home was remodeled a few years ago and features nice hardwood floors, new windows, a newer roof and central air.

2199 Union Ave, Columbus, OH

HUD OWNED 2-story on West Side
CASE # 413-359805
OFFERED for $38,000
BID DEADLINE 12/7/08 for Owner Occupants

Available for bidding by owner occupants only until 12/7/08.

Preview this Columbus HUD Home right from your desk – click on the video 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

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If you missed out last week, here is another great opportunity.  A free standing condo offered at $85,000.  This one is in move-in condition – it even comes with all kitchen appliances:
 
3889 SHANNON GREEN DR, Canal Winchester, OH 43110

This free-standing condo is located in the Village of Shannon Green subdivision in Canal Winchester. The homes there are very well kept, with pretty landscaping and nice common areas around the pond. This property is available for bidding by owner occupants only until 12/7/08.

Here is a link to the video:

For owner occupants w/ FHA financing, HUD will pay for the following repairs:
$175 to service the furnace
$200 to replace missing flooring

In addition, all 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

Technorati Tags: Columbus HUD Home Realtor Canal Winchester