Columbus HUD Homes

I am very glad that Friday’s 5 inch rain is over. I hope you did not have any damage from these storms. We were not that lucky. The sump pump in one of our Columbus rental houses died and the basement got flooded. 
 
After Friday’s rainfall you may reconsider, if a you absolutely must have a basement in your new home. Two of our featured HUD Homes come without basements. They are built on concrete slabs or on a crawl space. Not having a basement can save you between $10,000 and $15,000 off the purchase price as compared to similar sized Columbus houses.
 
Here’s another home without a basement – a California style ranch on a 1/2 acre lot in Dublin. This is not a HUD home, but it is a great deal for buyers and it has been totally remodeled. Watch the Video below!

Even though there were only 12 new HUD listings this Friday, we found 3 very nice looking suburban Columbus HUD homes in great locations for a really good price! You are looking at monthly mortgage payments in the $950 range on these!

Featured Homes of the Week

Click on the pictures below to display each specific property website and see interior and exterior images, maps, school information, and more.

3583 MAKASSAR DR, Westerville, OH
List Price: $114,000  1,420 sqft  3 BR 1 BA

2741 NORTHWOLD RD, Columbus, OH
List Price: $112,000  1,772 sqft  3 BR 2.5 BA

3622 COVE LAKE LN, Grove City, OH
List Price: $100,000  1,332 sqft  3 BR 2.0 BA

You can see more previewed HUD homes at our website: http://columbushudhomes.postlets.com
 
Here you will also find a complete and up to date list of all featured HUD homes that are still open for offers, including relisted properties.
 
Call me at (614) 975-9650 – I can help you find a great deal on a HUD home, bank owned or short sale listing!  

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

The number of HUD Listings is spiraling down to an all time low. Never since we started tracking HUD statistics did we see only 43 Columbus houses for sale in Central Ohio.
 
The more expensive, suburban Columbus HUD homes are selling extremely well. Look at the statistics below and you will see a huge drop in the median asking price to $55,000, from $73,700 a week ago. What’s more, only 7 HUD homes have a price tag above $100,000.
 
Call me immediately, if you want to see one of the suburban HUD homes. There’ll be lots of competition this week before NHMSI adds new listings in the weeks to come.
 
The home at 4395 Chanterelle Dr in Grove City is back on the market at a reduced price of $82,800. Read my previous post on this home before you make an offer.

Listing Statistics

Total homes available: 43 (last week: 59)

Owner occupants: 31
All bidders: 12
New listings: 12
Sunday deadline: 7
Relisted/Price reduced: 12
 
Median Price: $55,000 (last week: $73,700)
Average Price: $67,742 (last week: $73,717)
Highest: $187,000
Lowest: $14,000
 
Homes less than $50,001: 20 (last week: 21)
Between $50,001 & $100,000: 16 (last week: 25)
More than $100,000: 7 (last week: 13)
 
Call me TODAY at 975-9650 to see the newest HUD Homes this weekend! 
 

We just received this new announcement from HUD: Buyers who want to purchase an Ohio HUD home using the $100 down FHA program may now bid ABOVE the HUD as-is appraised value and get a second appraisal to justify the higher value.  Initially, HUD insisted on lenders using their existing appraisal. This created problems for buyers who offered more than the HUD appraisal, as they had to pay the difference to the contract amount in cash.

Here is the news release from HUD:

UPDATE OHIO $100 DOWN PAYMENT INCENTIVE PROGRAM FOR FHA FINANCING 

8/20/09: The $100 down payment financing is available on most properties through FHA approved lenders. Please note that the $100 down offer applies if the purchase price is over $25,000 and is less than or equal to the appraised value of the property. If the purchase price is greater than the appraised value, the purchaser may obtain a new FHA appraisal to support the higher mortgage amount or must pay cash in the amount of the difference between the appraisal and the purchase price less $100. For a copy of the flyer please click here . Buyer is responsible to secure an approved lender who will accept a new appraisal. 

Please Note: Not all lenders offer the $100 down FHA program, and not all lenders will allow you to order a second appraisal. BEFORE you submit a bid above HUD’s as-is value, you should confirm with your preferred lender, that they will order a new appraisal!

I am working with a HUD approved lender who will offer both, the $100 down FHA program and the second appraisal. Call me for details!

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

You read it first on our blog! In last Sunday’s post I told you the 2 reasons why you must close your home purchase before December 2009. I am proud to say that I beat a major national paper to this story.
 
Yesterday, USA Today columnist Sandra Block published a similar article in her column. Here’s a link to her article with the title: “2 reasons why now really may be a great time to buy a home”
 
On Friday I mentioned the brick home on 931 Oak Street and told you that it was listed far below market value. It is in contract again for $49,999 which is a little more than the first bid they accepted.
 
If this buyer read our blog before submitting the offer, he would have known that they could have offered less to get this HUD home. Never mind, it’s still a great deal for the Old Towne East neighborhood.
 
Tell your friends about the Columbus HUD Homes blog and email newsletter! Here you get find information nobody else provides in Columbus!
 
Only 23 HUD homes are available for investors this week, 6 of them are boomerang homes which were relisted last Friday. You may want to take a look at 7200 Springdale Dr in Reynoldsburg. Looks like a good deal for $61,200, even though it is a condo!
 
The $187K home in Newark is still available. It’s probably overpriced. Submit a low ball offer anyway, if you like the area. 
 
Please make sure to tell all your friends about our blog and email newsletter. We keep extensive statistics of previous Columbus HUD Homes sales including copies of bid results no longer available on the NHMSI website.

Call me before you submit an offer! I can search our secret archive to find all previous bids submitted on your 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

The beginning of a new school year! Everyone I talk to is excited and busy to get the kids ready for school.
 
As for my “kids”, they are all in college. My middle son already started classes last week, the other two will follow soon. This is the first year my husband and I will feel like empty nesters.
 
So, let’s see what’s going on in real estate this week. You may have heard that the sale of existing homes increased by 7% in July nationwide. I believe it is a clear sign that the real estate market is picking up and you will see more Columbus houses sell in the second half of 2009.
 
Don’t panic. I still can help you find a wonderful Columbus HUD home or get a great deal on most of the property listings in Central Ohio. 
 
Here are two reasons why now is the best time of your life to buy a home:

1. The $8,000 tax credit for first time buyers will expire at the end of November 2009. If you don’t close before December 1st, you are throwing $8K out of the window.
2. The federal government is accumulating lots of debt. Experts predict that this will lead to an increase in inflation and much higher interest rates. It is very likely that interest rates will go up over the next 12 months, which means you may have to settle for a less expensive house. 

Featured HUD Homes of the Week

Click on the pictures below to display each specific property website and see interior and exterior images, maps, school information, and more.

1415 MEEKS MEADOW DR, Columbus, OH
List Price: $85,000  1,584 sqft  3 BR 2.5 BA
Southwestern City Schools

498 LAMESA DR, Blacklick, OH
List Price: $100,000  1,289 sqft  3 BR 2.5 BA

8925 FIRSTGATE DR, Reynoldsburg, OH
List Price: $137,000  1,034 sqft  4 BR 2.5 BA

 
You can see more previewed Columbus HUD homes at our website: http://columbushudhomes.postlets.com
 
Here you will also find a complete and up to date list of all featured HUD homes that are still open for offers, including relisted properties.
 
Call me at (614) 975-9650 – I can help you find a great deal on a HUD home, bank owned or short sale listing!    

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

Only 7 new HUD listings this week! If you like newer, suburban Columbus HUD homes, I recommend you look at the two Columbus houses in Reynoldsburg and Blacklick. Click on the red markers on the map to see the new listings of this week.
 
Don’t forget that it is NOT TOO LATE to still look and bid at last week’s new listings. We featured 4 very nice HUD homes in the suburbs for you. Check the blue markers on the map for those.
 
On the other hand, there are 14 relists, some of them were featured a few weeks ago. Relists are HUD Homes shown as yellow markers on the map and have a Tuesday bidding deadline for owner occupants.
 
There are 3 relists in the Westerville area. Remember the home on 5555 Connorville Dr near New Albany? It’s  listed for $168,000.
 
If you are more into rehabs and “classical”, Old Towne East brick homes, you should take another look at 931 Oak St. It’s offered for only $15,000. Previously, it was in contract for around $45,000. This home is a great value, but it needs work.
 
Don’t miss any of these excellent deals in the future and subscribe to our email newsletter. Click on the blue button at the bottom of this post and you’ll receive the latest Columbus HUD Homes Map every Friday – it’s FREE!

Listing Statistics

Total homes available: 59 (last week: 83)

Owner occupants: 42
All bidders: 17
New listings: 7
Sunday deadline: 21
Relisted/Price reduced: 14
 
Median Price: $73,700 (last week: $75,000)
Average Price: $73,717 (last week: $76,359)
Highest Price: $187,000
Lowest Price: $14,000
 
Homes less than $50,001: 21 (last week: 27)
Between $50,001 & $100,000: 25 (last week: 34)
More than $100,000: 13 (last week: 22)
 
Call me TODAY at 975-9650 to see the newest HUD Homes this weekend!

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

The market always tells us the real value of a property. This week’s bidding results are a perfect example of this fact. Out of 4 Columbus HUD homes we featured on August 10, only the house at 709 Petigrew in Reynoldsburg received an offer above list price. The other 3 were slightly overpriced (or should I say over appraised) and sold for around 5% below asking price.
 
What’s left for bargain hunters this week? There are only 6 boomerang homes on the list. The free standing condo at 4395 Chanterelle Dr in Grove City is listed for $92,000. Not a bad price for this residence in a well kept subdivision. However, there is mold in the house, so you should offer much less.

The $187K home in Newark has been available to all bidders for more than a week. Time to make an offer and start dealing with HUD!

If you are already a subscriber, you receive our Bargain Hunter’s List every Wednesday. It shows HUD Homes available for all bidders and investors. We always point out the boomerang homes, relisted Columbus houses that just passed the deadline for owner occupants. These are the homes you need to bid on to get huge discounts!

If you are not a subscriber, yet, click on the blue button below and join our list NOW!

Most suburban Columbus HUD homes are in contract within 10 days. Don’t delay and get on board! I can help you find a great deal.
 
Call me at (614) 975-9650 to 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

There is a lot going on in Columbus this weekend, such as the Festival Latino and Cirque du Soleil to name a few. Make sure you plan your Sunday accordingly and don’t miss any of these great opportunities.
 
I promised that we will feature East Side Homes this week. Well, here are three suburban homes in Reynoldsburg, Blacklick and near Gahanna. They are newer builds in desirable subdivisions, and seem to be in good shape.
 
As a bonus, we also visited the latest listing in the Village of Powell. Don’t be scared by the boarded windows. This home is very nice on the inside and even comes with newer appliances, a sun room and a large deck.

Featured Homes of the Week

Click on the pictures below to display each specific property website and see interior and exterior images, maps, school information, and more.

3159 SOPHIE ST, Columbus, OH
List Price: $143,000  1,900 sqft  3 BR 3.5 BA
near Easton Town Center & Gahanna

8482 PRIESTLEY DR, Reynoldsburg, OH
List Price: $114,000  1,499 sqft  3 BR 2.0 BA

1148 BARLOWE RUN DR, Blacklick, OH
List Price: $145,000  1,945 sqft  4 BR 2.5 BA

8820 ATHERTON RD, Powell, OH
List Price: $124,000  1,344 sqft  3 BR 2.0 BA

You can see more previewed HUD homes at our website: http://columbushudhomes.postlets.com
 
Here you will also find a complete and up to date list of all featured HUD homes that are still open for offers, including relisted properties.
 
Call me at (614) 975-9650 – I can help you find a great deal on a HUD home, bank owned or short sale listing! 

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

During the past 2 weeks HUD was busy listing new properties. NHMSI added 21 Columbus houses this week, bringing their total inventory reserved for owner occupants to 70, while only 13 Columbus HUD homes are available for all bidders.
 
This will probably change when Sunday’s bidding deadline expires and some of last week’s new HUD listings open up to investors. You may remember they added 31 new homes a week ago.
 
For once, the spotlight is off the Grove City area and we have many Columbus HUD listings on the East Side, including one in Bexley on 956 College Ave, 2 in Gahanna, one in Blacklick, 4 in Reynoldsburg and 3 in Pataskala. We will feature a few of these homes in the next couple of days.
 
One Columbus neighborhood you may want to check out is Independence Village. This large subdivision is located just east of Brice Road and south of I-70 in the Reynoldsburg ZIP Code and the Groveport-Madison school district. HUD Homes are listed between $60K and $80K in that area. The subdivision was built in the 80’s and offers a nice variety of Columbus houses in different sizes, styles and price ranges.

Listing Statistics

Total homes available: 83 (last week: 66)

Owner occupants: 70
All bidders: 13
New listings: 21
Relisted/Price reduced: 49
 
Median Price: $75,000 (last week: $75,000)
Average Price: $76,359 (last week: $78,892)
Highest Price: $187,000
Lowest Price: $6,000
 
Homes less than $50,001: 27 (last week: 21)
Between $50,001 & $100,000: 34 (last week: 25)
More than $100,000: 22 (last week: 20)
 
Call me TODAY at 975-9650 to see the newest HUD Homes this weekend!  

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

A few days ago I told you why short sales are more difficult to close than Columbus HUD Homes. Let me give you an example: when I look at all the transactions I closed this year, only one of my buyers purchased a short sale. On this deal I had to help the seller’s realtor negotiate the payoff for the second mortgage and get the seller to move out of the house after closing.
 
What does this tell you? Most Columbus realtors do not have much experience negotiating short sales. And, short sales are very difficult to complete and take a long time.
 
You may think it’s easier to buy the home after foreclosure when it is listed as an REO (bank owned) property. At least you won’t have to deal with a distressed seller and with negotiating mortgage payoffs with the lenders.
 
Good thinking! However, in the past months we ran into a number of problems with Columbus REOs. The main issue is that lenders begin to market Columbus bank-owned properties right after Sheriff’s sale, despite the fact that they do not have a recorded deed to the home. They cannot close until the Sheriff’s deed is recorded, so they cannot commit to a firm closing date and the buyer is left waiting.
 
More than 200 Columbus houses are sold at Sheriff’s auction every week in Franklin County. Due to the large number of foreclosures, it takes approximately 5 months before the deeds get recorded.
 
If you plan to buy Columbus REOs or bank owned properties, check if the deed has been recorded and the bank actually owns the home. If the property not owned by the bank, yet, try to find out when it was sold at Sheriff’s auction. Currently, we estimate that the deed gets recorded around 5 months after auction.

So be patient! Even better, give me a call at (614) 975-9650 to learn more about the benefits of buying a HUD Home, so you won’t have to deal with recording and title issues of bank owned properties.

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