Columbus HUD Homes

The trend continues! More and more upscale Columbus HUD homes are becoming available for owner occupants, while the number of properties for investors dropped to only 39. HUD added 26 new Columbus houses this week. The average listing price jumped to $83,449.

There are great deals to be had, if you are a little patient! Let me tell you about a ridiculously low offer HUD accepted on a Hilliard Home. We personally looked at this home - it’s at 5805 Thorngate Dr - Galloway address, but Hilliard schools.

Here’s the story. This Columbus HUD Home was appraised and listed by HUD for $164,000 starting early January 2009. Retail property values in this subdivision are $175,000, so it was a good offer for an owner occupant. The house did not need much work and was basically in move in condition. HUD accepted an offer on Jan 26, 2009 for a little over asking price. HUD would net 95% of appraised value.

The new buyer scheduled a property inspection, and for that purpose, utilities had to be turned on. As soon as the main switch was on, water came down through the dining room ceiling. Some of the bathroom pipes and seals must have broken, which would require a couple thousand dollars in repairs.

Next a 60 mph storm swept through Columbus and some patches of shingles flew off the roof. The buyer requested a higher repair escrow which HUD did not approve. So the buyer cancelled the contract.

HUD relisted the property immediately. Within one week they accepted $125,000 from another buyer. That is $40,000 less than the previous offer! Wow!

Congratulations to the new buyer! This is a wonderful deal. You go this house for 77% of HUD’s appraised value.

Just shows you – it’s worth being patient. We see it every week. When a house is relisted, and if there is some indication of water damage, HUD is giving it away!

While many suburban homes sell for more than asking price during the first 10 days, it is better to wait and see if a property falls out of contract. That’s when you get the really great deals.

Listing Statistics

Total homes available: 117 (last week: 120)

Owner occupants: 78
All bidders: 39
New listings: 26
Price reduced: 52
 
Median Price: $79,000 (last week: $70,000)
Average Price: $83,449 (last week: $78,588)
Highest Price: $209,000
Lowest Price: $4,500
 
Homes less than $50,001: 35 (last week: 41)
Between $50,001 & $100,000: 46 (last week: 48)
More than $100,000: 36 (last week: 31)
 
 
The new $8,000 tax credit is a great incentive to buy a home this year. Owner occupants also get a $2,500 closing cost credit from HUD, and may qualify for $100 down FHA financing.
 

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

I almost forgot that we prepared a third HUD home this week. It’s in Gahanna, close to New Albany in the Plain Local School District.
 
This home offers more than 2,300 sqft of living space, an island kitchen, an impressive master bedroom, a study and a large family room with fire place. This is a great location. Columbus houses in this neighborhood benefit from a multitude of shopping and entertainment opportunities. 
 
Click on the address for maps and 18 pictures:
4133 Nafzger Drive, Gahanna, OH

HUD OWNED Gahanna Home on Cul-de-sac
OFFERED for $160,000
CASE NUMBER 413-390609
BID DEADLINE: 3/1/09 for OWNER OCCUPANTS
 
Owner occupants receive a $2,500 credit at closing and a $3,520 escrow for repairs – mostly for new carpets.
 
Don’t miss out – it’s still open for owner occupants till Sunday! 
 

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

2,500 sqft Pickerington HUD Home offered for $141,600

Did you ever want to live in a White Castle? This Columbus HUD home may be perfect for you. 
 
With almost 2,500 sqft, 4 bedrooms and 2.5 bathrooms this Columbus House is truly huge. It was built by Maronda (a developer of affordable Columbus Houses) and features arched windows, an island kitchen with 2 sinks and a fire place in the family room. It is located just north of the Pickerington Ponds Wildlife Refuge. 
 
Click on the address for details, maps and 18 pictures:
42 Grisby Lane, Pickerington, OH

HUD OWNED Pickerington home with tons of Sqft!
OFFERED for $141,600
CASE NUMBER 413-403144
BID DEADLINE: 3/1/09 for OWNER OCCUPANTS

Watch our video to see details of this huge home:


 
Owner occupants receive a $2,500 credit at closing and a $1,254 escrow for repairs.
 
Don’t miss out on this one! 
 

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

This week we’ll continue to feature suburban Columbus HUD Homes which are perfect for first time home buyers. Most of these Columbus Houses are in great condition and ready to move in.
 
You can buy these gorgeous, almost new HUD homes below market value, and take advantage of unprecedented savings:

• historically low interest rates, 
• a low down payment of as little as $100 on FHA loans, and
• the $8,000 tax credit, if you are a first time buyer.

This stately Westerville home sits at the end of a private cul-de-sac. The beautiful stone front enhances the curb appeal. Inside you find large living and family rooms, 4 bedrooms, a master suite, with double vanity, and walk-in shower and closet!

Click on the address for details, maps and 18 pictures:
7326 Pueblo Court, Westerville, OH

HUD OWNED Westerville home on Cul-de-sac
OFFERED for $205,000
CASE NUMBER 413-412016
BID DEADLINE: 3/1/09 for OWNER OCCUPANTS

Watch our new video:

 

Owner occupants are eligible to bid till Sunday Mar. 1, 2009. There is a small repair escrow of $1,210, and $2,500 for closing costs.
 

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

This week you will find a large number of newer homes on your Columbus HUD Homes Map. HUD added 24 new listings, most of them in the suburbs. The average listing price reached almost $80,000 this week.

Listing Statistics

Total homes available: 120 (last week: 104)

Owner occupants: 74
All bidders: 46
New listings: 24
Price reduced: 50
 
Median Price: $70,000
Average Price: $78,588
Highest Price: $205,000
Lowest Price: $4,500
 
Homes less than $50,001: 41 (last week: 41)
Between $50,001 & $100,000: 48 (last week: 41)
More than $100,000: 31 (last week: 22)
 
 
Many new suburban homes are listed at very affordable prices. Just look at what’s available in Grove City and in Westerville. Combined with the $8,000 tax credit available to first time buyers and the $2,500 closing cost credit from HUD, buying a home is now more affordable than ever.
 
 

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

Today’s Columbus HUD home is a free standing condo in Blacklick. It offers all the amenities of a regular Columbus house including 3 bedrooms, 2 full and a half bathrooms, and a garage, and you can enjoy the convenience of condominium living.
 
This Columbus HUD home was built in 2003, so it’s almost new.  The asking price of $95,000 is only 69% of the auditor’s appraised value!
 
Click on the address for details, maps and 18 quality pictures:
7742 Jefferson Run 87, Blacklick, OH

HUD OWNED Condo in Blacklick. GREAT SHAPE!
OFFERED for $95,000
CASE NUMBER 413-416806
BID DEADLINE: 2/22/09 for OWNER OCCUPANTS

Watch our video to get a good feeling of this beautiful home:


Owner occupants receive a $2,500 credit at closing and are eligible to bid till Sunday Feb. 22, 2009.
 

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

I just received this post about the stimulus bill from my accountant Steve Covert. It is lengthy, but contains lots of information if you consider buying Columbus Houses.  You can find Steve’s contact information at the end of this article.

On February 13, the House of Representatives, by a vote of 246 to 183, and the Senate, by a vote of 60-38, passed H.R.1, the American Recovery and Reinvestment Act of 2009 (the Recovery Act), a stimulus bill that includes tax breaks for businesses and individuals. The Recovery Act thus is now cleared for the President’s signature.  The President is scheduled to sign the Act into law on Tuesday February 17th.

The  “American Recovery and Reinvestment Act of 2009” (the 2009 economic stimulus act) contains a wide-ranging tax package that includes tax relief for low and moderate-income wage earners, individuals and families with college expenses, and home and car purchasers. I’m writing to give you an overview of the more widely applicable tax changes affecting individuals, families and businesses  in the new law. Please call our offices for details of how the new changes may affect you and your business.

Expanded first-time credit for first-time home buyers. Last year, Congress provided taxpayers with a refundable tax credit that was equivalent to an interest-free loan equal to 10% of the purchase of a home (up to $75,000) by first-time home buyers. The provision applied to homes purchased on or after April 9, 2008 and before July 1, 2009. Taxpayers receiving this tax credit were required to repay any amount received under this provision back to the government over 15 years in equal installments (or earlier if the home was sold). The credit phases out for taxpayers with adjusted gross income in excess of $75,000 ($150,000 in the case of a joint return). The new law enhances the credit by eliminating the repayment obligation for taxpayers that purchase homes on or after January 1, 2009. It also extends the credit through the end of November 2009, and bumps up the maximum value of the credit from $7,500 to $8,000. Read more »

This Grove City HUD home is new on the market and was never listed before! This Columbus house will surprise you with its size – it offers 4 bedrooms, 2.5 bathrooms and a total of 1716 sqft.

The kitchen is very open to the breakfast nook as well as living room. Check out the master suite, with vaulted ceilings, walk-in SHOWER & CLOSET!
 
For more details on this Columbus HUD Home click on the address for details, maps and 18 quality pictures:
2262 Rolling St, Grove City, OH

HUD OWNED Large Grove City Home
OFFERED for $140,000
CASE NUMBER 413-426766
BID DEADLINE: 2/22/09 for OWNER OCCUPANTS

Here’s the video:

Owner occupants are eligible to bid till Sunday Feb. 22, 2009.
  

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

It seems that some Columbus HUD Homes keep coming back on the market a number of times. We call them BOOMERANG HOMES. Officially these Columbus Houses are “re-listed”, because they fell out of contract. We don’t know why contracts are cancelled, but the two major reasons are failing a property inspection and problems with financing for the buyer.

The condition of a property can certainly deteriorate after the offer was made. Remember the heavy wind earlier this week? A Columbus house we have in contract suffered significant roof damage during the storm. So we asked HUD to increase their repair escrow and cover the additional expenses. The request was granted, which shows that HUD is pretty motivated and wants to get contracts closed.

Here are 4 Boomerang Homes we previously featured on this blog. 

4 Unit Brick Building on 2903 E 9th Ave., Columbus, OH
price reducted, now listed at 60% of appraised value – relist: 3rd time

 
Golf Course Home in Hilliard, 3262 Andrew James Drive, Hilliard, OH
price reduced 10%, now asking 75% of comparable sales, relist: 2nd time

 
Split-level home on East Side, 5640 Oakmont Drive, Columbus, OH
same price, great value, relist: 2nd time

 
Freestanding condo, 3889 SHANNON GREEN DR, Canal Winchester, OH
all appliances, relist: 2nd time

Re-listed Columbus HUD Homes are available for owner occupants only for the first 5 days, then bidding opens up to all investors.  Call or email to make an offer! 

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

This week the number of available Columbus HUD homes went down. We also noticed that quite a few Columbus Houses fell out of contract and were re-listed. This is a great opportunity for you, because many times HUD will reduce the listing price of these “boomerang” homes.

You can get a map of all Columbus HUD Homes every week by subscribing to our Email list. Simply click on the “FREE HUD Homes Map” button at the bottom of this post or the Email logo at the right upper corner of the website.

Listing Statistics

Total homes available: 104 (last week: 116)

Owner occupants: 61
All bidders: 43
New listings: 16
Price reduced: 45
 
Median Price: $65,850
Average Price: $72,749
Highest Price: $197,000
Lowest Price: $8,000
 
Homes less than $50,001: 41 (last week: 44)
Between $50,001 & $100,000: 41 (last week: 44)
More than $100,000: 22 (last week: 28)

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