Columbus HUD Homes

HUD added 22 new listings this week. Together with last week’s 38 HUD listings, a total of 60 new HUD homes hit the market since last Friday!
 
What does this mean for you? As an owner occupant buyer you have a great variety of Columbus houses to choose from. At the same time the median list price of Columbus HUD homes went up to $80,000. This indicates that your selection of newer, suburban HUD homes is better than ever.
 
It’s good news for investors, too. A large number of new listings will result in an equally large number or relistings in the coming weeks. And that’s when you have the best chance to get a lower bid accepted.
 
Just recently we saw HUD accept offers as low as 75% of list price on really nice Columbus houses.
 
Where are the best deals for this weekend?
 
We will focus our attention on the southwest of Columbus. There are at least 4 new homes in Grove City. Watch for previews in the next couple of days.
 
     

For the bargain hunters I suggest Blacklick and New Albany. Our featured listings on 787 Twin Acorn Ct and 1293 Hickory Valley Dr are back on the market in Blacklick, and so is the New Albany HUD home on 5248 Mardela Drive.

Listing Statistics

Total homes available: 92 (last week: 83)

Owner occupants: 75
All bidders: 17
New listings: 22
Sunday deadline: 38
Relisted/Price reduced: 15
 
Median Price: $80,000 (last week: $70,000)
Average Price: $82,874 (last week: $78,225)
Highest: $185,000
Lowest: $10,000
 
Homes less than $50,001: 27 (last week: 30)
Between $50,001 & $100,000: 34 (last week: 28)
More than $100,000: 31 (last week: 25)
 
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

Technorati Tags: Columbus Houses, Columbus HUD Homes, Columbus Realtors, hud listings, statistics

I like to watch the offers our featured Columbus HUD homes fetch every Monday. There are 2 reasons why I am interested in the weekly bidding results. As a HUD homes buyer you should be very interested in these statistics, too.

1. When I create the property website for one of our featured homes, I have a feeling what this home should sell for. So when the bid results are announced, I can verify my guess and see, if I was right or not. Using the information on our blog and in our email newsletter you can learn to estimate HUD home prices. The more Columbus houses you study, the better your guess will be. .
2. I am always looking for good deals for my customers. When a house receives a bid that’s far above its value there’s a good chance it will fall out of contract and come back on the market. Relisted properties offer the best opportunities to buy HUD homes at a discount. If you work with me, you will know where the best HUD homes deals are.

Now let’s see how last week’s featured Columbus HUD homes fared in this round of bidding. All of them are in contract, 2 above and 2 below asking price. Here’s a summary:
 
5248 Mardela Dr, Westerville, OH: listed: $125,000
OFFER ACCEPTED on 10/26/09 for $108,506 – 13% below list price

3470 Steiner St, Columbus, OH: listed: $85,000
OFFER ACCEPTED on 10/26/09 for $89,000 – 5% above list price
 
904 Sandrock Ave, Reynoldsburg, OH: listed: $155,000
OFFER ACCEPTED on 10/27/09 for $140,100 – 10% below list price

3277 Ventura Blvd, Grove City, OH: listed: $47,000
OFFER ACCEPTED on 10/26/09 for $54,000 – 15% above list price
 
We have 10 boomerang homes today. If you get our bargain hunters list, you can find them at the top of the spreadsheet – list date 10/23/09. Most of them are in a lower price range or outside of Columbus.

If you don’t subscribe to our newsletter you should opt-in immediately. Otherwise, you will miss crucial market intelligence to write a winning offer for you new HUD house.
 
Due to the large number of new listings from last Friday, there is an excellent selection of homes available right now – at least for owner occupants.

38 new HUD listings from last Friday are still waiting for buyers!
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

Technorati Tags: bid results, Columbus Houses, Columbus HUD Homes, Columbus Realtors, hud listings, statistics

With the exceptional selection and variety of Columbus HUD Homes available this week, I decided to preview a total of 6 suburban HUD Homes instead of the usual 3. 

For each featured home I created a property website, took 18 pictures and created a video. No other Columbus realtor is providing you with this information. If you read my blog, you don’t worry about the rainy weather. You can enjoy the best Columbus HUD homes from the convenience of your home.

Three of today’s featured HUD homes are in Pickerington. Althought this beautiful suburb had its share of HUD listing over the past year, today’s homes are special. They are located in newer subdivisions and priced between $125K and $155K.

I also included the New Albany HUD home we mentioned on Friday. There are not too many HUD homes in this upscale, north eastern suburb.

We round off today’s previews with a relisted Galloway ranch and a split-level home in the Westerville school district for only $80,000.

Here they are our 6 unique Columbus HUD Homes:

441 Carver St, Pickerington, OH
3BR/2.5BA 1,892 sqft Asking $155,000

776 N Starr Dr, Pickerington, OH
3BR/2.5BA 1,932 sqft Asking $125,000

998 Gray Dr, Pickerington, OH
3BR/2.5BA 1,981 sqft Asking $155,000

5981 Twin Pine Dr, New Albany, OH
3BR/2.5BA 1,862 sqft Asking $185,000

5828 Westbank Dr, Galloway, OH
3BR/2.5BA 1,813 sqft Asking $130,000

4505 Wrangell Pl, Columbus, OH
Westerville Schools
3BR/1.5BA 1,260 sqft Asking $80,000

Don’t miss out on these wonderful HUD homes.

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

Technorati Tags: Columbus Houses, Columbus HUD Homes, Columbus Realtors, HUD, hud listings, New Albany, Pickerington

In a push to sell more homes before the end of the year HUD has added 38 new listings to the market. We never saw that many new HUD listings since we began publishing this blog.
 
If you received our Columbus HUD homes map, you saw mostly red markers all over Central Ohio (new listings reserved for owner occupants). Many of the new HUD listings are on the east and south side of Columbus, including many suburban homes.
 
Among the higher priced properties ($100,000 and above) are 3 new HUD homes in Pickerington,  3 in Galloway, and many more in Reynoldsburg, Delaware, Canal Winchester, and Groveport. There’s also a wonderful HUD home in New Albany at 5981 Twin Pine Drive. You certainly don’t want to miss to see this house, if you are looking for an upscale suburban residence!

In addition, there are 18 relisted Columbus houses and price reductions (yellow markers). In the past HUD has accepted lower offers on relists, especially, if they become available to all bidders next Wednesday!

Listing Statistics

Total homes available: 83 (last week: 54)

Owner occupants: 69
All bidders: 14
New listings: 38
Sunday deadline: 13
Relisted/Price reduced: 18
 
Median Price: $70,000 (last week: $61,500)
Average Price: $78,225 (last week: $75,457)
Highest: $185,000
Lowest: $6,000
 
Homes less than $50,001: 30 (last week: 24)
Between $50,001 & $100,000: 28 (last week: 15)
More than $100,000: 25 (last week: 15)
 
Call me TODAY at 975-9650 to see the newest HUD Homes this weekend!
 
P.S. You probably missed the deadline for closing before the Tax Credit expires, if you need bank financing! However, you could pursue these Last Minute Strategies to Claim Your Tax Credit …

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, hud listings, statistics

Only 3 boomerang Columbus HUD homes are available to all bidders today (list date 10/16/09) with asking prices of $50,000 or below. If you are looking for newer, suburban Columbus houses you will have to go further away from the city. The 3 HUD homes above $100K are in Newark, Ashley and Circleville.
 
It appears that the looming expiration of the first time buyers tax credit on November 30, 2009 caused a bidding war on HUD homes. Many Columbus houses went in contract for way above asking price. Owner occupants are eager to close on HUD deals and pocket the $8,000 from the government to repair or furnish their new homes.
 
Here are just 3 examples of offers accepted by HUD earlier this week. The bid results are stunning:
 
4623 Gillenbury Loop W, Grove City, OH: listed: $131,000
Offer accepted on 10/19/09 for $151,000 – 15% above list
 
3269 Bellowind Dr, Reynoldsburg, OH: listed: $80,000
Offer accepted on 10/19/09 for $107,150 – 34% above list
 
2385 Chateau St, Grove City, OH: listed: $58,000
Offer accepted on 10/21/09 for $72,000  - 24% above list
 
Here’s an exception that proves that great deals are out there. Remember the house on 3280 Andrew James Drive in Hilliard? It became available to all bidders a week ago. Now HUD accepted a contract for $145,000, that’s 19% BELOW list price ($179,000). Congratulations to the buyer!

This may be a frustrating time for buyers, as they see their opportunities vanish. Don’t dispair! Some of these homes will come back at a reduced price. There will also be a continuous flow of new Columbus HUD homes for weeks and months to come. Once the tax credit is gone the market will cool off, and you will see lower prices for HUD homes over the winter months.

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 war, Columbus Houses, Columbus HUD Homes, Columbus Realtors, hud listings

The four Columbus HUD Homes I feature today are all in suburban school districts.  Two of these homes are serviced by Westerville Schools and are very affordable for the area, albeit they are older homes. The Reynoldsburg house on the other hand is only a few years old and very spacious.

As a bonus I added the Grove City ranch I mentioned on Friday. It’s listed for less than $50K in an area where the typical home sells for $95,000. You really need to take a look at our exclusive pictures – the paint job in the bedrooms and bathrooms is unique.

All featured Columbus houses come with 18 interior and exterior pictures and a video.

Here are the 4 featured Columbus HUD Homes:

5248 Mardela Dr, Westerville, OH
3BR/1.5BA 1,312 sqft Asking $125,000

3470 Steiner St, Columbus, OH
3BR/2.5BA 1,278 sqft Asking $85,000

904 Sandrock Ave, Reynoldsburg, OH
3BR/2.5BA 1,940 sqft Asking $155,000

BONUS Feature: Cheap Ranch in Grove City:

3277 Ventura Blvd, Grove City, OH
3BR/1.0BA 960 sqft Asking $47,000

Call me at (614) 975-9650 or email with your questions.

Hurry! There’s still a slim chance to get a HUD offer accepted and close before December 1, 2009 to secure the $8,000 first time buyers tax credit!

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, featured homes, Grove City, hud listings, preview, Reynoldsburg, Westerville

Time is running out for those of of you that wanted to claim the $8,000 first time home buyer tax credit. Due to the time it takes to get a contract accepted and the financing for your loan approved, this will probably be the last weekend to submit an offer on Columbus HUD homes. There is a slim chance that you can still close before the end of November, if you get an offer accepted on Monday. But there are no guarantees!
 
Although the number of HUD listings went down to 54 this week, there are some remarkable properties on this week’s Columbus HUD homes map.
 
First off, I found a 5 bedroom, 2,156 sqft home in Plain City for only $55,000.  It’s probably the first HUD home listed in Plain City for 3 months.

Then I detected a 3 bedroom ranch in Grove City for only $47,000. Sounds like a pretty good deal considering that most Columbus houses in Grove City sell for around $100K.

Finally, if you want to go really cheap there’s a 3 bedroom home on Terrace Ave on the Hilltop for only $6,000. It is uninsured, so you can’t buy it with a regular FHA loan. I would assume that you can buy this type of property with cash anyway.

Listing Statistics

Total homes available: 54 (last week: 61)

Owner occupants: 37
All bidders: 17
New listings: 13
Sunday deadline: 16
Relisted/Price reduced: 8
 
Median Price: $61,500 (last week: $70,000)
Average Price: $75,457 (last week: $79,544)
Highest: $180,000
Lowest: $6,000
 
Homes less than $50,001: 24 (last week: 24)
Between $50,001 & $100,000: 15 (last week: 20)
More than $100,000: 15 (last week: 17)
 
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

Technorati Tags: Columbus Houses, Columbus HUD Homes, Columbus Realtors, hud listings, statistics

Getting financing for HUD homes is a big concern for many buyers. I get the following question quite frequently: “We need to know how to go about getting financed for this HUD program. Could you possibly help us out?”   So, let me try to clarify what’s actually involved in financing your Columbus HUD Homes purchase. You will be suprised that it’s much easier than you thought!
 
First, I need to clarify that HUD owned properties are offered for sale only, not for rent or lease. Many people confuse the HUD resale program which deals with foreclosed homes owned by the Federal Government with Section 8 Housing, which is designed to provide rental housing or rental assistance for low income families.
 
HUD does not finance the purchase of a HUD owned property. Just like with any other home purchase, you either have to be pre-approved for a mortgage by a bank or lender, or you need to have cash on hand.
 
Per HUD guidelines, the pre-approval has to come from a “direct lender”, which is a bank or mortgage banker that writes their own loans, not a broker that refers loans. HUD accepts all types of loans for financing your purchase: FHA, VA, USDA, conventional or construction loans. As you can see this includes loans that are backed by the Feds, such as FHA loans, VA (Veterans Administration) and USDA (Dept of Agriculture) loans.

Feel free to contact me for a list of experienced lenders.
 
For a cash purchase, you need a proof of funds in your name. A copy of your savings or checking account statement will do. Other options are CDs or a letter from your banking institution on business letterhead. Personal letters from family members promising to loan you the money for the purchase are not acceptable. If your parents plan to loan you money, they have to transfer the funds into your account.
 
Once we have the financing squared away, you will need an earnest money deposit of $500, $1,000 or $1,500 depending on the amount of your purchase. Now you are ready to start looking at Columbus houses. You will get the earnest money deposit back, if we don’t find a house. If you go into contract, you’ll get the earnest money deposit refunded at closing.

HUD offers special incentives for owner occupants, if you use FHA financing. This includes a down payment of only $100 and $2,500 for closing costs. 
 
It’s really simple to finance your HUD Homes purchase, if you have all your ducks in a row. I can help you with every aspect of the transaction!

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

For the Columbus Day weekend I selected four wonderful, suburban Columbus HUD Homes in exceptional subdivisions.  We have an older ranch in the middle of Gahanna, a large 4 bedroom home in Blacklick with Gahanna schools and an equally huge home in Grove City.  These 3 properties are listed at a significant discount relative to comparable sales in the area. Don’t miss out!

The fourth featured home is unique, too. It is located in Lewis Center close to the Polaris Fashion Mall.

All featured Columbus houses come with 18 interior and exterior pictures and a video.

Here are the 4 featured Columbus HUD Homes:

130 Empire Dr, Gahanna, OH
3BR/2.0BA 1,421 sqft Asking $92,000

7630 Blacklick Ridge Dr, Blacklick, OH
4BR/2.5BA 1,884 sqft Asking $135,000

8607 Portwood Ln, Lewis Center, OH
4BR/2.5BA 1,520 sqft Asking $174,000

BONUS Feature: New HUD Home in Grove City:

4623 Gillenbury Loop W, Grove City, OH
4BR/2.5BA 1,988 sqft Asking $131,000

Call me at (614) 975-9650 or email with your questions.

Hurry! This is probably the last weekend to submit a HUD offer and close before December 1, 2009 to secure the $8,000 first time buyers tax credit!

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, hud listings, preview

This rainy Friday starts a very important weekend. Not only is it a holiday weekend – Monday is Columbus Day, which means that banks and government agencies are closed. It is also the last weekend to go house hunting if you want to submit an offer on a HUD home and close before the November 30, 2009 deadline to claim your $8,000 tax credit. 

Due to the time it takes to get the necessary paperwork from HUD and the purchase loan approved by your lender (not to talk about the uncertainties of the loan approval process), I strongly recommend that you submit your HUD offer this weekend. Call me today to schedule a few showings, and let’s get a bid in by Monday midnight!

This week we see a jump in the median list price of Columbus HUD homes from $59,500 to to $70,000. It is mostly due to a lower number of cheap properties below $50K. You will find a few of our featured Columbus houses relisted on today’s map (yellow markers).  They include the home at 3280 Andrew James Drive in Hilliard (listed for $179K) and 1180 Nathan Drive (listed for $102K, also on the west side).
 
I have bidding stats for these HUD homes, so we can see what they sold for previously. If you work with me you will know how much HUD accepted in the previous go around.

Listing Statistics

Total homes available: 61 (last week: 70)

Owner occupants: 49
All bidders: 12
New listings: 16
Sunday deadline: 21
Relisted/Price reduced: 12
 
Median Price: $70,000 (last week: $59,500)
Average Price: $79,544 (last week: $77,777)
Highest: $180,000
Lowest: $14,000
 
Homes less than $50,001: 24 (last week: 31)
Between $50,001 & $100,000: 20 (last week: 19)
More than $100,000: 17 (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

Technorati Tags: Columbus Houses, Columbus HUD Homes, Columbus Realtors, hud listings, statistics