Columbus HUD Homes

Incredible! This Columbus HUD home is only 3 years old, a true 5-level split with 1,500 sqft of living space. You can have it for only $105,000, maybe for less, if HUD does not get an offer on the first go around.

Everything in this Columbus house fans out from the central stairway. The home has a very large family room, and nice kitchen with wood laminate flooring. The huge master suite has its own private level, with a large walk in closet, as well as a masterbath with shower.

1180 Nathan Drive, Columbus, OH

HUD OWNED 5-level split in SW Schools. Like New!
OFFERED for $105,000
CASE NUMBER 413-449345
BID DEADLINE: 4/5/09 for OWNER OCCUPANTS

Watch the video, but don’t get confused by all of these 5 levels.

All Owner Occupants will receive a $2,500 credit (free money) for closing costs, like with similar Columbus houses owned by HUD.

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

Technorati Tags: 5 level split, Columbus Houses, Columbus HUD Homes, Columbus Realtors, Southwestern schools

If you change your mind after submitting an offer to HUD and want to cancel your bid you should contact your bidding agent right away! He or she can withdraw your bid online as long as it’s taken care of BEFORE the bidding deadline for that particular Columbus HUD home. Your agent’s broker will also release your Earnest Money Check back to you.

Once a contract has been ratified by HUD, you will need to formally Cancel the Contract.

Your agent cannot release your Earnest Money without permission from HUD. There is a special form to download and request the Earnest Money back in writing. On this form, the agent must state the reason why you are not following through with your contract.

HUD specifies in its property disposition rules how they determine, whether they permit a refund of the earnest money or you forfeit your deposit after a contract cancellation on Columbus houses. Here are HUD’s rules:

Investor Contracts

1) Uninsurable (UI) Sales—The Purchaser forfeits 100% of the deposit for failure to close, regardless of reason.

2) Insurable (IN) Sales—The Purchaser forfeits 50% of the deposit for failure to close if the Purchaser is determined by HUD (or a Direct Endorsement Underwriter) to be an unacceptable buyer. The Purchaser forfeits 100%, if the sale fails to close for any other reason.

3) Vacant Lots—The required deposit is 50% of the sales price of the lot, and the Purchaser forfeits 100% of the deposit for failure to close.

Owner Occupant Purchasers

The entire deposit will be returned, if requested in writing within 15 days, with adequate documentation, if:

• There has been a death in the immediate family (Purchaser, spouse, or a child that resided in the same household);
• There has been a recent serious illness in the immediate family that has resulted in significant medical expenses or substantial income loss, adversely affecting the Purchaser’s financial ability to close the sale;
• There has been a loss of job by one of the primary breadwinners, or substantial loss of income through no fault of the Purchaser;

The Purchaser forfeits 100% of the deposit where no documentation is submitted, where the documentation fails to provide an acceptable cause for the Purchaser’s failure to close, or where documentation is not provided within a reasonable time following contract cancellation.

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

Technorati Tags: cancel bid, Columbus Houses, Columbus HUD Homes, Columbus Realtors, earnest money

This Grove City HUD home is one of the best values per square foot you’ll find in the suburbs. For the list price of $110,000 you get 1,858 sqft and 4 bedrooms in a 6 year old house. That’s only $59 per sqft. Most suburban Columbus houses sell for more than $100 per sqft, even in today’s tough market. By the way, this house is fully insurable, which means it does not need repairs.
 
This Columbus HUD home is new on the market and was never listed before! Its kitchen is open to the breakfast nook as well as a huge family room. All 4 bedrooms are upstairs. And don’t miss the concrete patio and shed in the semi private back yard.

Click on the address for maps and 18 pictures:
1407 Costigan Road, Grove City, OH

HUD OWNED Corner Lot in Grove City
OFFERED for $110,000
CASE NUMBER 413-433880
BID DEADLINE: 3/29/09 for OWNER OCCUPANTS
 
Here’s the link to the video:


 
Owner occupants will receive the usual $2,500 credit for closing costs.
 
Call me TODAY at (614) 975-9650 to bid on this great Columbus HUD Home!
 

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

Technorati Tags: best value, Columbus Houses, Columbus HUD Homes, Columbus Realtors, Grove City

There are only 8 new HUD listings this week. Not much to choose from. But we decided that this Galloway home is the Deal of this Week.
 
This Columbus HUD home was built in 2002, features 4 bedrooms, a family room with fireplace, a huge master suite and a concrete patio in the back. The previous owner started to frame the basement. It’s ready for you to finish.
 
Best of all this HUD home is a great value and in very good condition. At the current asking price of $125,000, you can buy it for $50,000 less than the previous owner paid the builder and similar Columbus houses sell for.
 
Click on the address for maps and 18 pictures:
476 Belfair Dr, Galloway, OH

HUD OWNED Tucked Away in Galloway
OFFERED for $125,000
CASE NUMBER 413-393919
BID DEADLINE: 3/29/09 for OWNER OCCUPANTS
 
Click this link to watch the video:

 
Owner occupants will receive a $2,500 credit to cover closing costs.
 
Call me today at (614) 975-9650 and let’s schedule a showing! 

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

Technorati Tags: Columbus Houses, Columbus HUD Homes, Columbus Realtors, Galloway

The answers will be different for owner occupants, buyers who are going to LIVE in the property, versus Investors, who will RENT or re-SELL the property.

Owner Occupants

You are bidding on a Columbus HUD home with the intent to make this your primary residence. Obviously, you can only live in ONE house at any given time; therefore, you can only purchase one property. However, you ARE ALLOWED TO BID ON MULTIPLE HUD HOUSES SIMULTANEOUSLY, and you only need to provide your HUD registered Columbus realtor with one earnest money deposit check. In the event that you offered the highest net acceptable bid on two or more properties, NHMS will select which property you will be given the opportunity to purchase. You will NOT be given an opportunity to choose, HUD is assuming that you’d be happy with either one house you placed a bid on.

As an Owner Occupant you are required to live in the property for ONE year, before you can rent or sell it. You may purchase another HUD house 2 years after you bought the previous one.

Investors

As an Investor you are allowed to purchase two or more HUD homes at any given time. You must supply your HUD registered bidding agent with a separate Contract Package and a separate earnest money deposit for each bid. If an Investor offers the highest net acceptable bid on two or more properties, National Home Management Solutions will expect him or her to purchase all of them, or forfeit to HUD the earnest money deposits on the ones not purchased. There is no limit on how many Columbus houses an investor is allowed to purchase from HUD.

Please contact me if you have any questions or want to place a bid on a HUD property!

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

Technorati Tags: bidding, Columbus Houses, Columbus HUD Homes, Columbus Realtors, purchase HUD homes

There is a “March Madness” going on with Columbus HUD Homes. You’ll find only 8 new listings this week, but there are 53 price reductions. Time to make a deal and buy Columbus houses! 

No more Delays! It seems that HUD has resolved the issues with its closing agent. We already received a couple of accepted contracts that were on hold for 2 weeks. You can expect a faster turn around from now on!
 
A day after we emailed the Bargain Hunter’s List I found more evidence that this spreadsheet is invaluable. Our featured Columbus home on 3320 Parksley Dr. (Southwestern City Schools) went in contract for $89,000 the day it opened up to all bidders. That’s 77% of the list price, and roughly 60% of retail value!

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

Technorati Tags: bargain hunter, Columbus Houses, Columbus HUD Homes, Columbus Realtors, March Madness, no delays

I have a Great New Tool for you that will help you find the best Columbus HUD Home deals and submit your offer at the right time. Some of you have requested this information before. We believe it will be really useful to most of our subscribers, so everyone can benefit from it. 

Here is what it is. We compiled a list of Central Ohio HUD homes that are open to all bidders. The properties you will find on this list are sorted by list date. The first date at the top is Wednesday 3/13/09. That’s the date when HUD homes were relisted 5 days ago. 
 
These are the “Boomerang Homes” that open up to all bidders every Wednesday. These Columbus houses offer a great opportunity both for investors and bargain hunters, because HUD is very motivated to sell these homes at an even greater discount.
 
The second group of HUD homes was listed on 3/6/09. These homes were available to owner occupants for 10 days, and became available to all bidders on Monday.

Here’s what you should do: subscribe to our email list (if you are not already a member). You will receive an email every Wednesday with a link to the Bargain Hunters Spreadsheet which you can download to your computer. Keep this list and track the properties for updates. HUD will accept lower bids on most relists, especially when they are available to all buyers. 
 

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

Technorati Tags: bargain hunter, boomerang homes, Columbus Houses, Columbus HUD Homes, Columbus Realtors, investor

This Columbus HUD home is definitely larger than it looks. It comes with vaulted ceilings, a fireplace in the living room and oak cabinetry in the kitchen. You can look out the bay window from the living room in the front of the house. Enjoy your evenings in the hot tub on your private deck.

The first floor master suite is secluded and inviting. It offers a walk in shower and double vanity. There are 2 additional bedrooms and a full bathroom on the 2nd floor.
 
The asking price for this Hilliard HUD Home is only $135,000 – less than similar Columbus houses.

Click on the address for maps and 18 pictures:
1175 Onaway Court, Hilliard, OH

HUD OWNED Home in Desirable Hilliard Schools
OFFERED for $135,000
CASE NUMBER 413-451051
BID DEADLINE: 3/22/09 for OWNER OCCUPANTS
 
Here’s the link to the video:

As usual, owner occupants will receive a $2,500 credit to cover closing costs. There is also a $1,210 repair escrow.

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

Technorati Tags: Columbus Houses, Columbus HUD Homes, Columbus Realtors, Hilliard, hot tub

Our Westerville HUD home is tucked away in a quiet cul-de-sac. It’s a diamond in the rough. It comes with lots of equity. The previous owner purchased this Columbus house for $40K above today’s asking price.

The inside will need some work. The flooring is gone, the kitchen has been torn out, and the bathrooms are 20 years old. All ready for brand-new stuff. On the bright side look at the wonderful paneling in the family room with fireplace and the huge wooden deck overlooking the fenced back yard.

This home is truly a great value for the asking price of $133,000.

Click on the address for maps and 18 pictures:
1183 Baker Lake Court, Westerville, OH

 
HUD OWNED Split-level Tucked Away in Westerville
OFFERED for $133,000
CASE NUMBER 413-435109
BID DEADLINE: 3/22/09 for OWNER OCCUPANTS
 
Watch the video for details on this Columbus HUD Home:

Owner occupants will receive a $2,500 credit to cover 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

Technorati Tags: Columbus Houses, Columbus HUD Homes, Columbus Realtors, Polaris, Westerville

Here is a summary of the listing and bidding statistics of HUD Homes in Central Ohio.

The first chart shows the Number of Columbus HUD homes available to owner occupants (red) as compared to those open to all bidders (green). You can see that there are 2 times as many Columbus houses available to home owners at any time than to investors, and this ratio was pretty steady since the beginning of the year.

The other chart shows the changes in Median and Average Listing Prices of Columbus HUD Homes. The numbers are between $70k and $80K. They are a little cyclical and going up and down once a month.

The third chart shows how the purchase price of Columbus HUD Homes drops when a house has been listed for a while. On the horizontal axis you can see the number of days a HUD home was listed. The vertical axis shows the purchase price relative to the list price (%). Say this number is 80%; this means that HUD accepted a purchase offer of 20% less than the asking price.

You can see that at days 5 and 10 many offers get accepted. These are the deadlines for owner occupants (10 days when the property was listed the first time, 5 days after a relist). You can also see that quite a few of these homes sell for more than list price (larger than 100%). As a HUD Home sits on the market for 20 or 30 days, the acceptable offers drop to below 80%.

Detailed listing statistics for this week’s HUD homes are below:

Total homes available: 115 (last week: 119)
Owner occupants: 77
All bidders: 38
New listings: 30
Price reduced or re-listed: 47 -> these are what we call “boomerang” homes
 
Median Price: $72,000 (last week: $76,500)
Average Price: $75,104 (last week: $79,580)
Highest Price: $229,000
Lowest Price: $4,500
 
Homes less than $50,001: 40 (last week: 36)
Between $50,001 & $100,000: 47 (last week: 52)
More than $100,000: 28 (last week: 31)

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

Technorati Tags: bidding statistics, Columbus Houses, Columbus HUD Homes, Columbus Realtors, price reductions