Columbus HUD Homes

I usually preview 3 Columbus HUD Homes for our readers, however, since this week has such a great selection of new HUD listings, I just could not contain myself. I went out on Friday, before the rain started, and visited 5 new Columbus HUD homes for you.

Click on the addresses to see 18 pictures and a video link for each property. Nobody in Columbus has consistently delivered more information on HUD homes for sale than this website! Tell your friends – now is the best time to buy a HUD home.

Here are my 5 featured Columbus HUD Homes:

863 Fortunegate Dr, Westerville, OH
3BR/2.5BA 1,576 sqft Asking $112,000

7800 Jefferson Run, Blacklick, OH
2BR/2.5BA 1,211 sqft Asking $90,000

1293 Hickory Valley Dr, Blacklick, OH
4BR/2.5BA 2,031 sqft Asking $150,000

7844 Katies Way Ln, Worthington, OH
4BR/2.5BA 2,031 sqft Asking $150,000

2972 Splitrock Rd, Hilliard, OH
4BR/2.5BA 2,031 sqft Asking $150,000

As of now, we don’t know if the first time buyer’s income tax credit of up to $8,000 will be extended past the 11/30/09 deadline. There is still time to close before this deadline on any of this week’s listings!

Call or email me, I’d love to help you get a house and $8,000 on top of it!

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

What a great selection of new HUD listings! We did not see such a diverse set of Columbus HUD homes for quite a while. This week there are multiple new listings in Westerville, Hilliard, Marysville, Delaware and many other suburban locations. There’s even one in Worthington – I believe this is a first.

The 2 most expensive HUD homes are in Westerville on 5653 Covington Meadows Dr (listed for $188K) and in Worthington at 7844 Katies Way Ln (listed for $185K).

Then there is the Hilliard HUD Home at 2972 Splitrock Road listed for $180K. All together there are 3 new Columbus houses in the Hilliard school district, as well as 2 new listings in Marysville, 2 in the City of Delaware, one in Sunbury and more on the east and south end of Columbus. There is truly a HUD home for every taste.

On the low end you can find six homes for less than $20,000. All of them are clustered in Linden, on the Hilltop and the South Side of Columbus. If you are looking for rock bottom pricing I suggest the HUD house at 1482 Kingry Street in Linden. It’s a 3 bedroom, 800 sqft shack which was relisted for just $5,400. You could charge this one to your credit card!
 

Listing Statistics

Total homes available: 63 (last week: 49)

Owner occupants: 52
All bidders: 10
New listings: 25
Sunday deadline: 17
Relisted/Price reduced: 10
 
Median Price: $63,000 (last week: $61,200)
Average Price: $76,159 (last week: $68,622)
Highest: $188,000
Lowest: $5,400
 
Homes less than $50,001: 28 (last week: 21)
Between $50,001 & $100,000: 17 (last week: 17)
More than $100,000: 18 (last week: 11)
 
Grab your HUD Homes Map and plan your house hunting weekend! 
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

Investors don’t have much choice when it comes to buying Columbus HUD homes. I appears that any halfway decent house is picked up by owner occupants in the first go around, i.e. during the initial 10 days reserved for home owners. And what’s left, is usually overpriced or uninsured.
 
You may wonder why this is the case. Why are HUD Homes selling out to owner occupants every week? And why are hardly any Columbus houses left for investors?  Read on, here’s my explanation:

First of all, HUD’s mission is to sell to Owner Occupants. Their policies and procedures clearly favor someone who moves into the house. Owner occupants get extremely favorable financing terms ($100 down FHA loans and $2,500 toward closing costs or repairs) and an exlusive 10 day period, so they don’t have to compete with investors.

Second, there is a rush to take advantage of the $8,000 first time home buyers tax credit. This means that owner occupants can get an additional 10% discount (up to $8,000), if they close before December 1, 2009. That’s real cash in your pocket, which buyers can use to remodel or furnish their new house or pay other bills.

Finally, HUD homes are good qualitiy residences that you can buy at a discount. Most HUD homes are insured or insured with a repair escrow and need only cosmetic repairs. Many of these Columbus houses are in the suburbs, and only a few years old.

As an investor you may ask yourself what’s your alternative? Based on my most recent experience, I can tell you that REOs (bank owned homes) are not a good choice either. Currently, it takes between 5 and 6 months for a Sheriff’s deed to get recorded after the foreclosure sale. If you make an offer on a REO, you have to make sure that the deed has already been recorded. Otherwise, your patience will be put to the test and nobody will and can give you a firm date on when you can close.

If you have any questions or thoughts on this topic, please leave a comment or send me an email. I can help you find an investment property or a residence for yourself, and I will make sure you don’t run into major delays.

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 quality and variety of Columbus HUD Homes is truly stunning. The featured HUD homes of this week prove this point. Today we take a round-trip along the Columbus Outerbelt (I-270) on the south side of the city.

On this tour you will find a 5 leve split home in Galloway, where the master bedroom has its own level. Its asking price is 25% below market value – so you better hurry up to grab this excellent deal. The home is only 5 years old and boasts more than 2,200 sqft of living space.

As we drive along I-270 to the East we pass Grove City and take a stop in Groveport to see a 3 bedroom home that comes with a first floor master. Finally, we proceed to Reynoldsburg to find a large brick ranch with a one car garage, a paved patio and shed in the fenced back yard.

All three Columbus houses are offered below market value, the Groveport home is listed as Insured which means it does not need any repairs to qualify for FHA financing.

When you are done with your Columbus roundtrip and are ready to take a break, go to downtown and relax at the Oktoberfest for great food, traditional music, and, of course, German Beer. Cheers! 

Here are my 3 featured Columbus HUD Homes:

5877 Westbank Dr, Galloway, OH
4BR/1.5BA 2,253 sqft Asking $135,000

3936 Highland Bluff Dr, Groveport, OH
3BR/2.5BA 1,392 sqft Asking $110,000

1543 Stouder Dr, Reynoldsburg, OH
3BR/1.0BA 1,098 sqft Asking $72,000

Call me at (614) 975-9650 to schedule a showing TODAY!

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 I noticed that there are more cheap HUD listings than usual.  Most of these homes are on the Hilltop (west side), in Linden (north side)  and on the near South Side of Columubs. A price range between $15,000 and $20,000 is typical for these parts of town. Relists sell for even less, depending on the condition of the property.

These Columbus houses will need to be fixed-up. If you are lucky, you can find one where most of the rehab has already been completed by the previous owner. Bank financing is difficult to get for these properties, especially, if you need an FHA loan. You probably need to apply for a rehab loan, such as the FHA 203k, or use a private rehab lender to fund your deal.

The property at 287 S Eureka Ave (Hilltop) looks like a good deal. It is listed for only $23K. It is insured with a repair escrow, and comes with a new, 2-car garage. Homes on the Hilltop sold for around $80K only 2 years ago.

These Columbus HUD homes are good cash buys for investors and landlords. They make great rentals. Tenants will pay between $500 and $700 a month for the typical 3 bedroom home in these areas. There is strong demand for quality rental properties, as fewer people qualify for loans.

As an owner occupant you may still qualify for the first time buyer’s tax credit. For properties less than $80K you only get 10% of the purchase price. So don’t count on the full $8K from the IRS to fix up your new home.
  

Listing Statistics

Total homes available: 49 (last week: 58)

Owner occupants: 42
All bidders: 7
New listings: 17
Sunday deadline: 15
Relisted/Price reduced: 10
 
Median Price: $61,200 (last week: $72,500)
Average Price: $68,622 (last week: $71,572)
Highest: $179,000
Lowest: $14,000
 
Homes less than $50,001: 21 (last week: 22)
Between $50,001 & $100,000: 17 (last week: 22)
More than $100,000: 11 (last week: 14)
 
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

You’ve got to see it to believe it! A Single Family HUD home in Bexley sold for only 62% of asking price, which is about 50% of fair market value for this property, and a Duplex in Olde Towne East sold for over 500% of asking price, which is also about 50% of fair market value.

Let’s take a closer look at these two Columbus HUD homes:

956 College Ave, Bexley OH 43209 is a 4 BR home in a nice Bexley neighborhood where property values are around $185,000. It was listed for $143,000 on 8/14/09 and has not found a buyer till almost 4 weeks later. Why? The property has problems: the foundation is damaged, there is standing water on the basement floor, the plumbing leaks and more. Well, whoever got the offer accepted essentially got it for ½ price. Way to go!

931-933 Oak St, Columbus OH 43205.  Now, this one baffles me. The property is a smallish double in Olde Towne East. The street is quiet, with many remodeled brick homes and mature trees. Value of this double, once fixed up, could be around $185,000 as well. So far so good.

What I don’t understand is this: why would somebody bid $80,000 on this property if it has been in contract twice before for $49,999? Doesn’t this seem like overkill? The owner occupant buyer potentially could have saved $30,000 for repairs if he/she had researched this house on our blog!

Don’t get carried away with the bidding frenzy. Call me before you make an offer! I can give you my best guess on what any given property might sell for based on previous bids! I keep an archive of bidding histories of relisted Columbus HUD homes in our private database. You can’t find this information anywhere else, because NHMS removes this information from their website for all active listings. 

I love nothing more than helping one of my buyers snag a terrific deal!

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’s not easy to find Columbus HUD Homes in the North Western suburbs. Just take a look at our HUD Homes maps and you will see an empty space in the left upper half of the screen.

This week some markers started to appear on the vacant areas. I selected 3 Columbus houses in Hilliard, Galloway and Worthington you may want to look at. All of them are nice residences and good values, although the Hilliard house, close to Heritage golf course, is a little more expensive than the other two.

If you plan to buy a home in 2009 you have to make a decision in September. Why? Because the $8,000 first time buyers tax credit will expire at the end of November. I predict that lenders will be extremely busy in November, and you may miss your closing deadline of November 30. There are always delays when it comes to getting a loan approved.

Also keep in mind that it will take a few weeks to get your home inspected. Lenders are very picky even with minor repairs. So, if your HUD home is listed as Insured with Repair Escrow, the bank may require repair quotes from different contractors, and maybe even a structural inspection, before they agree to finance your purchase. Make an offer in September and you will be safe!

Here are the 3 north west Columbus HUD Homes:

2041 Queensbridge Dr, Worthington, OH
3BR/1.5BA 1,343 sqft Asking $115,000

3280 Andrew James Dr, Hilliard, OH
3BR/3.5BA 1,825 sqft Asking $179,000

1074 Crossbrook Blvd, Galloway, OH
4BR/2.5BA 1,702 sqft Asking $120,000

Call me at (614) 975-9650 to schedule a showing TODAY!

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

With 15 new HUD listings this is a good week for new Columbus HUD homes. NHMS added a few nice suburban homes, including three in the North-West (Hilliard, Dublin/Worthington areas). 
 
The Hilliard home at 3280 Andrew James Drive tops the new listings at $179,000. You also may like a new suburban HUD home at 2041 Queensbridge Drive near Smokey Row at the north end of Columbus. It’s listed for only $115,000 and serviced by Worthington Schools.

Here’s another great value in Galloway at 1074 Crossbrook Blvd – 4 bedrooms, 2.5 bathrooms listed for only $120,000.

There are plenty of less expensive Columbus houses on the market, including new listings in Linden, Whitehall and at Buckeye Lake.

Finally, the HUD home at 931 Oak Street is back on the market. I don’t want to beat a dead horse, but it seems people have been over-bidding on this home and probably could not secure the proper the financing. The most recent offers were in the mid $40Ks. This home needs a lot of work, if you want to bring it up to Olde Towne East standard. Therefore, you probably have to buy it with cash. It’s listed for only $15,000.

If you did not get a HUD Homes Map you are probably not on our email list. There’s a simple solution.  Just enter your email in the box to the right and click SEND.

Listing Statistics

Total homes available: 58 (last week: 50)

Owner occupants: 47
All bidders: 11
New listings: 12
Monday deadline: 22
Relisted/Price reduced: 10
 
Median Price: $72,500 (last week: $67,500)
Average Price: $71,572 (last week: $69,206)
Highest: $179,000
Lowest: $8,500
 
Homes less than $50,001: 22 (last week: 20)
Between $50,001 & $100,000: 22 (last week: 20)
More than $100,000: 14 (last week: 10)
 
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

I am just putting the final touches on the August HUD Homes Report. I included even more charts and statistics than in previous months. This report is free to all our subscribers. It contains exclusive information and original analysis you won’t find anywhere else! So, enter your email in the box to the right!

Here are some of the surprising results we found:

• Grove City is leading with the number of Columbus HUD Homes sold (9). That’s not really new, but would you have guessed that Reynoldsburg comes in as a close second with 8 homes?
• HUD homes in Marysville and Westerville are tied for the highest average purchase price of around $155K. This is double the average sales price of Columbus houses in Delaware, Galloway and Newark.
• The average purchase price of FHA Insurable HUD Homes is three (3) times that of Uninsured properties.

Finally, here’s a sample of the types of graphics you’ll find in the report: It shows that relisted homes that just became available to all bidders after 5 days (days on market DOM 6-9) sell for 25% above their appraised value, while properties listed for more than 10 days (DOM > 10) sell for 20% below appraised value.

This is surprising, but it’s true. I am sure you will understand these numbers better, if you see all related details. You can read these details and more in our Special HUD Homes Report!

Subscribers to our email newsletter will automatically receive this report. Anybody can join our list for free! Just click on the blue button below each post or enter your email in the box to the right!

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 fall home buying season officially started.  The Buckeye’s won their first game at the Horseshoe, so we know that this will be an exciting fall. This is also a great time to buy Columbus HUD Homes. Interest rates are still around 5% and the $8,000 federal tax credit is available till the end of November. 

Don’t wait for the last minute, i.e. the end of October to sign a contract, because you may not be able to close by the deadline, which is November 30, 2009. We know how slow and picky banks are these days. Make your buying decision in September, which will give you plenty of time to cover all contingencies.

Now let’s see what types of Columbus houses you can buy for around $100,000. The 3 featured HUD homes you see below are perfect examples of what you get. We are talking nice suburban homes, typically less than 10 years old, with 3 or 4 bedrooms, around 2,000 sqft of living space and attached garages.

Keep in mind that your “Net Purchase Price” will likely be lower. Here are 3 reasons:

1. There is a good chance that HUD will accept 5% to 10% less than list price.
2. The first time buyers tax credit gives you an extra discount of roughly 8% of the purchase price.
3. With property tax proration and the $2,500 HUD incentive for closing costs, you may actually get cash back at closing.

Now let’s take a look at the three $100,000 homes I previewed for you:

3165 LEGION LN, Columbus, OH
4BR/2.5BA 2,134 sqft Asking $100,000

1358 TELHAM CT, Columbus, OH
4BR/2.5BA 2,952 sqft Asking $113,000

1583 KERRYGLEN DR, Galloway, OH
3BR/2.0BA 1,125 sqft Asking $92,000

You are really at a unique time in the history of this country. Most likely the best time ever to buy a home. So don’t delay, just give me a call and I will help you find the home of your dreams at an incredible price.

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