Columbus HUD Homes

If you are looking for variety, then continue reading this post.  Here are previews of 5 Columbus HUD homes. They are spread out over 5 different, suburban school districts around the Columbus Metro area starting in Westerville, to be followed by Gahanna, Dublin, Southwestern and Reynoldsburg.

Quick Tip: To find the boundaries of school districts throughout the State of Ohio go to PUCO’s Website at:
http://www.puc.state.oh.us/pucogis/sd2007_pdf/SD2007.HTML

You will find that these Columbus houses are very affordable. The asking price of each HUD home is $150,000 or less, which comes to an average per square foot price of $74. This is 25% below the typical sales price ($100 per sqft) of suburban real estate in Central Ohio.

Enjoy this great variety of HUD homes and school districts!

3522 Blendon Bend Way, Columbus, OH
4BR/2.1BA 1,884 sqft Asking $112,000

Westerville Schools

532 Stone Shadow Dr, Blacklick, OH
4BR/2.5 BA 1,590 sqft Asking $140,000

Gahanna Schools

2593 Starford Dr, Dublin, OH
4BR/3.0BA 2,066 sqft Asking $150,000

5962 Westbend Dr, Columbus, OH
3BR/2.5BA 1,748 sqft Asking $130,000

Southwestern City Schools

6512 Timbermill Way, Reynoldsburg, OH
4BR/2.0BA 1,970 sqft Asking $145,000

Reynoldsburg Schools

Give me a call at (614) 975-9650 to see these homes and write 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

More than 100 HUD homes are available in Central Ohio. The majority of these Columbus houses is in the $50K to $100K bracket.
 
The median list price has recently dropped to below $70,000. This means that half of all HUD homes are listed for less than $70,000 (median) the other half is more expensive. Below you can see how the median and average list prices of HUD homes has changed in 2009. It has been cyclical and varied between $55,000 and $80,000.

I also want to mention a few relists that may be good opportunities for investors (if they are still available on Wednesday morning). Steiner Street in Westerville is back on the market, but still listed for $130K. The 6 bedroom double on 4th Street (just south of Merion Village) is now available for $9,900. And there’s a multi-level home in the Riverbend Subdivision (southwest) relisted at a reduced price of $58,500.

Listing Statistics

Total homes available: 104 (last week: 101)

Owner occupants: 58
All bidders: 46
New listings: 28
Sunday deadline: 17
Relisted/Price reduced: 13
 
Median Price: $69,500 (last week: $69,000)
Average Price: $71,103 (last week: $71,021)
Highest: $165,000
Lowest: $6,000
 
Homes less than $50,001: 34 (last week: 32)
Between $50,001 & $100,000: 48 (last week: 47)
More than $100,000: 22 (last week: 22)

Call me TODAY at 975-9650 to take advantage of this great selection! 

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

Canal Winchester is a growing suburb on the South East side of Columbus. There you’ll find quite a few new subdivisions with attractive, single family residences that are perfect for young families and first time buyers. Canal Winchester always had a good selection of HUD Homes. I previewed 3 Columbus HUD homes for you. They are close to each other and very affordably priced.

As a bonus I added two more Columbus houses – a free standing condo near the airport and a rehab project in the OSU campus area. I hope you like my selection!

5807 Abraham Dr, Canal Winchester, OH
3BR/3.0BA 1,726 sqft Asking $118,000

7523 Canal Highlands Blvd, Canal Winchester, OH
3BR/2.5 BA 1,680 sqft Asking $95,000

6849 Trail Bend, Canal Winchester, OH
3BR/2.5BA 1,530 sqft Asking $115,000

2773 Sparrow Hill Dr #20, Columbus, OH
3BR/2.5BA 1,356 sqft Asking $75,000

488 Wyandotte Ave, Columbus, OH
3BR/2.0BA 1,252 sqft Asking $60,000

Give me a call at (614) 975-9650 and let’s do some house hunting together.

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 is the week of the investment property. The HUD homes map is overwhelmingly “green”. As an investor, you know what that means: a large selection and great buying opportunities on Columbus HUD homes.
 
A total of 40 properties are open to all bidders. We did not have that many since February 2009.  If you did not get your map, you are probably not a subscriber. Enter your email in the orange box to the right and hit Send to join
 
Now let’s take a look at a few new HUD listings that offered at bargain prices. There’s a pretty nice home on Hinman Ave – at the southern end of Merion Village – for only $7,000. A couple of years ago homes sold for up to $150,000 on this street!

Just 3 blocks north of it you will find another HUD house at 319 Southwood Ave. It is listed for $64,800, however, this one’s already open to all bidders. I believe that HUD should accept offers in the low $50K range.
 
Another one to point out is located at Wyandotte Ave in the 43202 ZIP code. Yes, this is part of the University District. HUD is asking $60,000 for this property. Most houses in the OSU Campus area sell for much more.

Listing Statistics

Total homes available: 101 (last week: 129)

Owner occupants: 61
All bidders: 40
New listings: 17
Sunday deadline: 29
Relisted/Price reduced: 15
 
Median Price: $69,000 (last week: $78,500)
Average Price: $71,021 (last week: $79,922)
Highest: $168,000
Lowest: $6,000
 
Homes less than $50,001: 32 (last week: 32)
Between $50,001 & $100,000: 47 (last week: 59)
More than $100,000: 22 (last week: 38)

Call me TODAY at 975-9650 to take advantage of this great selection! 

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

Did you ever wonder how many HUD contracts never close?
Do you know why HUD homes fall out of contract?

These are two common questions many of my customers ask. So I did a little bit of research, compiled some numbers and found an explanation for you.

Let’s first look at new HUD listings – that’s the new listings we present every Friday on our HUD homes map in red. Last year (2009) HUD listed a total of 1,049 homes in Central Ohio – approximately 20 new HUD homes per week. These homes were never listed as HUD homes before. They represent the total inventory of HUD houses in the Columbus area.

Over the same time period 910 HUD homes got relisted. That comes to around 18 per week. This number includes homes that were relisted 2 or 3 times. Basically, this means that for 90% of all homes HUD has to either lower the price or put them back on the market before a home gets sold.

There are the 3 reasons why HUD contracts fail.

1. Missed Deadline: If a HUD home is out of contract 2 or 3 days after the offer was accepted, it usually indicates that the paper work was not submitted correctly within the 48 hour deadline. Either the buyer did not sign the contract and deposit an earnest money check with the brokerage, or the real estate agent did not submit the contract in the alloted time period.
   Tip: Your agent needs to overnight the contract within 24 hours of contract acceptance and all documents must be signed in blue ink.
   
2. Property Condition: When a HUD home is relisted 2 to 3 weeks after the offer was accepted, it indicates that the buyer completed a home inspection and was not satisfied with the result. The home inspector may have detected problems that were not disclosed in HUD’s property condition report or the appraisal.
   Tip: If this happens, HUD will often relist the property as uninsured and accept lower offers.
   
3. No Financing: If a HUD home falls out of contract after 4 to 8 weeks, most likely the buyers did not get their financing approved. There could be different reasons for this: maybe the underwriter required certain repairs before final approval or the borrower could not provide all documentation requested by the lender. Lenders are very picky these days and sometimes minor damage to the house may result in a loan denial.
   Tip: Only work with lenders that are experienced with closing HUD properties. Call me for a list!

How do you avoid these problems? Work with me. I am closing on numerous HUD homes every month, so I will help you anticipate potential problems, resolve them for you, or avoid them altogether. 

If I notice that a property fell out of contract, I will let you know immediately, because it gives you an opportunity to get an even bigger discount once it gets relisted.

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

Once again all five Columbus HUD homes we featured a week ago are in contract. The real estate market is heating up and buyers are flocking to these HUD homes to make offers.

I strongly recommend that you don’t delay your home purchase any more. Now is the time to buy, before the weather turns nice and warm, and everyone else will compete for the small number of HUD listings.

Here’s a compilation of the bid results. These results are remarkable, if you consider that 50 new homes were listed when these properties hit the market.

8063 Beardsley Ave, Blacklick, OH
4BR/2.5BA 2,312 sqft Asking $120,000
Offer accepted on 1/19/10 for $126,111
5% above list price

3555 Cove Lake Ln, Grove City, OH
3BR/2.5 BA 1,438 sqft Asking $112,000
Offer accepted on 1/19/10 for $121,523
8.5% above list price

2801 Oak Forest Dr, Grove City, OH
3BR/2.5BA 1,676 sqft Asking $103,000
Offer accepted on 1/19/10 for $120,559
17% above list price

2680 Lynnmore Dr, Columbus, OH
4BR/2.5BA 1,878 sqft Asking $153,000 Dublin Schools
Offer accepted on 1/19/10 for $143,000
6.5% below list price

7710 Rippingale St, Columbus, OH
3BR/2.5BA 2,225 sqft Asking $118,000
Offer accepted on 1/19/10 for $125,000
6% above list price

Call me at (614) 975-9650! This will be a great week to look at HUD homes.

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 picked five Columbus HUD homes you can visit by simply driving along I-270.  We begin our tour with 2 homes in Hilliard. From there we continue to the southwestern suburbs, then to Groveport and we complete our journey in Worthington. What a way to see Columbus!

You will find wonderful Columbus houses on today’s tour. But don’t delay, because the competition is picking up and most of these homes will be in contract on Sunday at midnight.  

3860 Maidens Larne Dr, Columbus, OH
3BR/1.5BA 1,466 sqft Asking $148,000

5650 Rosecliff Dr, Hilliard, OH
4BR/2.5 BA 2,136 sqft Asking $168,000

3187 El Greco Dr, Columbus, OH
3BR/1.5BA 1,360 sqft Asking $90,000

2555 Winningwillow Dr, Columbus, OH
4BR/2.5BA 1,518 sqft Asking $95,000

1095 Snohomish Ave, Worthington, OH
3BR/1.5BA 1,445 sqft Asking $136,000

Call me today at (614) 975-9650 – This is the best time of the year 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 HUD added an interesting mix of 30 new HUD listings. You will find them in places like Worthington, Hilliard, Gahanna, Obetz and, of course, throughout Columbus.
 
I will preview some of these Columbus houses for you on Monday. I am still testing cameras and did not find one I really like. I had a Sony Cybershot which took excellent pictures. Unfortunately, the newer version’s flash light is just not good enough for taking pictures in dark rooms and basements.
 
Please remember that Monday is a holiday, which means that the bid deadline has been extended till Monday midnight (instead of Sunday). This gives you another day to choose one of the 57 new listings from last Friday (blue on the map).

Listing Statistics

Total homes available: 129 (last week: 115)

Owner occupants: 102
All bidders: 27
New listings: 30
Sunday deadline: 57
Relisted/Price reduced: 15
 
Median Price: $78,500 (last week: $80,000)
Average Price: $79,922 (last week: $82,310)
Highest: $168,000
Lowest: $10,000
 
Homes less than $50,001: 32 (last week: 24)
Between $50,001 & $100,000: 59 (last week: 55)
More than $100,000: 38 (last week: 36)

Call me TODAY at 975-9650 to take advantage of this great selection!
 

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

Here are the listings statistics for all Columbus HUD homes in 2009. Each of these charts shows the HUD listings available on each Friday of the year. There’s one bar for each week of the year (1 to 52).

The first chart represents the absolute numbers of listings. You can clearly see that at the beginning of the year up to 140 HUD listings were available. Since spring of 2009 this number dropped way below 100 and did not recover until January 2010.

The columns of the charts are color coded in a similar way like the markers on the HUD homes map. Red indicates new listings, yellow relists, blue means Sunday deadline and green are properties available to all bidders.

The second chart shows percentages of the different listing categories for each week. Let me explain what it means: the total number of listings every Friday is 100%. The colors indicate the percentages of the 4 different categories. You can see that in January 2009 50% of all listings were available to investors (green), while that number dwindled to only 15% in summer and fall of 2009.

If you have any questions about these charts, please call me and I will try to explain them to you!

Here are the bidding results of the HUD homes we featured on New Years Day:

3181 Andy Terrace, Columbus, OH
4BR/2.5BA 1,705 sqft Asking $105,000
Offer accepted on 1/11/10 for $105,000
exactly at list price

1966 Bay Port Dr, Grove City, OH
3BR/2.5 BA 1,840 sqft Asking $101,000
Offer accepted on 1/11/10 for $117,000
16% above list price

2638 Imperial Way Dr, Grove City, OH
4BR/2.5BA 1,743 sqft Asking $108,000
Offer accepted on 1/11/10 for $102,350
5% below list price

3375 Omega Dr, Columbus, OH
3BR/2.5BA 1,336 sqft Asking $100,000
Offer accepted on 1/11/10 for $100,582
just above list 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

It  may be hard to believe, but the interest in Columbus HUD homes has been overwhelming this week. Many people realize that the economy is turning around. This means that the average price of Columbus houses will go up this year, loans will become more expensive as interest rates rise and most of the government incentives to buy new homes will disappear forever.

Learn the five reasons why you should buy Columbus OH homes for sale in January and Februrary 2010, especially, if you are a first time buyer. Those of you who brave the snow and frosty temperaturs will realize huge savings and get first choice on the best Columbus HUD homes deals of the year.

I know, it’s cold out there, and HUD homes are not heated, either! So take your time and preview our 5 featured Columbus HUD homes on your computer before you head out.

8063 Beardsley Ave, Blacklick, OH
4BR/2.5BA 2,312 sqft Asking $120,000

3555 Cove Lake Ln, Grove City, OH
3BR/2.5 BA 1,438 sqft Asking $112,000

2801 Oak Forest Dr, Grove City, OH
3BR/2.5BA 1,676 sqft Asking $103,000

2680 Lynnmore Dr, Columbus, OH
4BR/2.5BA 1,878 sqft Asking $153,000 Dublin Schools

7710 Rippingale St, Columbus, OH
3BR/2.5BA 2,225 sqft Asking $118,000

Call me today at (614) 975-9650 – This is the best time of the year 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