Columbus HUD Homes

This week I previewed 3 Columbus HUD homes. Last Friday only 6 new HUD listings were published, so we are actually featuring 50% of the new inventory. I always try to strive for quality and I feel that the 3 HUD homes I picked are the best this week has to offer.

Two of our featured HUD homes have 4 bedrooms, and all of them are in suburban school districts. One of our previewed Columbus houses is even priced below $50 per sqft – that’s definitely a great value anywhere in the Columbus area.

Here are our 3 HUD homes for this week!

6034 Woodsboro Dr, Hilliard, OH
4BR/2.5BA 1,600 sqft Asking $120,000

5300 Osgood Rd S, Columbus, OH
4BR/2.5 BA 1,634 sqft Asking $80,000

6659 Rocky Den Rd, Reynoldsburg, OH
3BR/2.0BA 1,241 sqft Asking $105,000

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, Homes for Sale, hud listings, Real estate agent

We have another snowy weekend ahead of us. There are many great Columbus HUD homes available, but most of them require an offer by Sunday midnight (if you are an owner occupant).

This week’s HUD homes map is dominated by relists (22) and by HUD houses available to all bidders (46). With only 6 new HUD listings – that’s a historic low – there’s nothing new in the suburbs. 
 
This is a clear sign that it is more difficult to get a loan on HUD homes these days. And FHA announced that lending guidelines will be even stricter this spring as the housing market recovers.
 
I recommend that you focus your attention on the relists. Not only will you find many nice, suburban homes in this group (yellow on the map), but you will also have the best chance of getting a lower offer accepted. 

Listing Statistics

Total homes available: 102 (last week: 114)

Owner occupants: 56
All bidders: 46
New listings: 6
Sunday deadline: 28
Relisted/Price reduced: 22
 
Median Price: $69,000 (last week: $71,325)
Average Price: $73,950 (last week: $75,564)
Highest: $185,000
Lowest: $8,800
 
Homes less than $50,001: 33 (last week: 36)
Between $50,001 & $100,000: 46 (last week: 48)
More than $100,000: 23 (last week: 30)

Call me TODAY at 975-9650, if you would like to check out a few 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

Technorati Tags: Columbus Houses, Columbus HUD Homes, Columbus Realtors, Homes for Sale, hud listings, Real estate agent

The number of Columbus HUD homes available to all bidders is surprisingly low this week. Most of them are in the city of Columbus and priced below $100,000. This certainly means that suburban HUD homes are selling extremely well.

It appears that HUD is very motivated right now. The article I wrote earlier this year, why you should buy Columbus OH homes for sale in January 2010, still applies to February and maybe even March, especially, if the weather stays cold and snowy.

Now let’s take a look at the list of previously featured Columbus HUD homes below. Most of them sold for less than asking 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

Technorati Tags: Columbus Houses, Columbus HUD Homes, Columbus Realtors, Homes for Sale, hud listings, Real estate agent

This selection of HUD listings shows why HUD homes are such a great value for first time home buyers. I picked the best homes in Blacklick, Groveport and Grove City. All of these homes are huge, more than 1,800 sqft each, they are located in nice, suburban neighborhoods, and best of all they are less than 8 years old.

Where else can you buy an almost new home for a 20% discount?

Here are 5 HUD homes you should definitely check out!

6931 Onyxbluff Ln, Blacklick, OH
4BR/2.5BA 1,808 sqft Asking $165,000

7834 Blacklick View Dr, Blacklick, OH
4BR/2.5 BA 1,846 sqft Asking $168,000

453 Crestmoore Dr, Groveport, OH
3BR/2.5BA 2,056 sqft Asking $145,000

1446 Carnoustie Cir, Grove City, OH
3BR/2.5B0 2,089 sqft Asking $175,000

1813 Brandigen Ln, Columbus, OH
3BR/2.5BA 1,884 sqft Asking $138,000

Give me a call at (614) 975-9650 for showings before the next 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, Homes for Sale, hud listings, Real estate agent

Just when I finished the HUD homes map for this week, I discovered that NHMS published another announcement. It says that they will no longer allow buyers to order a 2nd appraisal when they finance their HUD home purchase with an FHA loan.

Over the past 6 months it was common practice that buyers, who offered more than HUD’s as-is appraised value for a property, were allowed to order a new appraisal to finance the full purchase price.  By discontinuing this practice the buyer’s FHA lender will have to use HUD’s as-is appraisal. If you offer more than the as-is value, you will have to bring the difference in cash to the closing table.

Strange as it sounds, this rule change may actually be good for you as a buyer. I believe that fewer people will over-bid on HUD homes. From personal experience I know that many buyers (and their realtors) may not be aware of this rule. Once they find out that they need to bring more cash to closing than expected, they are more likely to cancel their contract.

So, if you work with me as your agent you will be a winner! You won’t get tangled up in a bidding war, nor will I let you pay too much for a HUD property.

There are 26 new HUD listings this week. A great selection of new homes were listed mostly in suburban school districts, such as Hilliard, Delaware, Canal Winchester and Gahanna. 

With the loss of incentives for owner occupants I certainly expected that more homes would become available to all bidders. This week the total number of HUD listings fell to 114, while the number of homes available to all bidders swelled to 50. That’s almost 50% of all HUD Homes.

Listing Statistics

Total homes available: 114 (last week: 132)

Owner occupants: 64
All bidders: 50
New listings: 27
Sunday deadline: 16
Relisted/Price reduced: 21
 
Median Price: $71,325 (last week: $80,100)
Average Price: $75,564 (last week: $80,543)
Highest: $175,000
Lowest: $8,800
 
Homes less than $50,001: 36 (last week: 34)
Between $50,001 & $100,000: 48 (last week: 57)
More than $100,000: 30 (last week: 41)  
 

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, FHA, FHA loans, Homes for Sale, hud listings, Real estate agent

Some of the benefits of buying Columbus HUD homes is the fact that HUD publishes a property condition report (PCR) and provides an FHA appraisal for their HUD listings. But, here’s the question: Should you trust these Reports?

Recently, I was really surprised about the poor quality of some of the PCR reports. Here are 2 examples:

The gigantic home I featured in my last post on 5090 Shellbark Ct in Groveport is listed as insurable (IN) by HUD. Per definition, insurable means that the property is in good enough condition to be a collateral for the “regular” FHA 203(b) loan. No repairs needed. However, if you take a closer look at the 18 pictures on our property website, you will see that there is no kitchen. It is missing. No FHA lender will approve a loan on this deal without a repair escrow.

Here’s an example of another home whose property condition report was completely wrong – until my buyer canceled the contract and HUD changed the report before it was relisted. The free standing condo on 4258 Shortleaf Ln in Grove City was originally listed as insurable with a repair escrow (IE) for plumbing repairs. However, the PCR stated in several places that the plumbing passed the pressure test and held air. The report also indicated that the electric panel was in the basement – which definitely can’t be the case, since the house is on a slab and does not have a basement.

You may wonder why I discovered that these property condition reports were wrong?

First of all, I preview many homes for you, the readers of this blog. I actually visit these HUD homes personally and try to see what’s wrong with them. I certainly understand that a house on a slab can’t have the breaker box in the basement?!

Secondly, I also represent many HUD home buyers. More than once did an underwriter request a repair escrow for homes that HUD rated as insurable (IN) with no repairs needed. I also know that a HUD home rated as insurable needs to have a space to prepare food.

So, here’s the bottom line: definitely read the reports provided by HUD, since they will give you an indication of the general condition of the property. Call me, especially if you are looking at a HUD home we featured on this blog. Even if it was not featured on this blog, I may have been inside it to show it to one of my customers.

Hire a professional property inspector. By watching an inspection you will not only learn a lot about the condition of the HUD house, but also get useful tips about how to maintain the different systems of your home.

By the way, I will attend your home inspection, too, if I represent you as a buyer. This gives us an extra edge when it comes to getting a final approval from the bank’s underwriter. I was able to save numerous contracts that would not have been approved otherwise by the lender.

Give me a call and learn more about the ins and outs of inspecting 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: Columbus Houses, Columbus HUD Homes, Columbus Realtors, condition report, Homes for Sale, hud listings, property inspection, Real estate agent

In today’s real estate market you can buy a lot of living space for $100,000. The average per square foot price of suburban homes for sale in Central Ohio used to be around $100. This means for around $100,000 you were able to buy a 1,000 sqft house.

Now take a look at the Columbus HUD homes I previewed for this article. Some of these HUD homes are really HUGE, most of them have 4 bedrooms. They are all less than 10 years old and located in nice, suburban settings. Yet, you can buy these Columbus houses for as little as $37 per sqft.

Here is the Valentine’s Day selection of 5 suburban HUD listings. 

Enjoy these snowed in HUD homes and call me to schedule a showing!

5090 Shellbark Ct, Groveport, OH
4BR/2.1BA 3,272 sqft Asking $120,000

4455 Rolling Ct, Grove City, OH
4BR/2.5 BA 2,314 sqft Asking $130,000

7557 Liddesdale Blvd, Blacklick, OH
4BR/3.5BA 1,940 sqft Asking $120,000

1478 Halfhill Way, Columbus, OH
3BR/2.5B0 1,544 sqft Asking $105,000

8346 Ashlynd Pl, Reynoldsburg, OH
4BR/2.5BA 1,594 sqft Asking $142,000

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

Technorati Tags: Columbus Houses, Columbus HUD Homes, Columbus Realtors, Homes for Sale, hud listings, Real estate agent

The bid deadline for 62 Columbus HUD homes is approaching. It will be Monday (2/15) at midnight, due to the President’s Day holiday. These Columbus houses were listed a week ago. Owner occupants will have one extra day to submit their offer.
 
If you still want to check out some of these homes, take a closer look at today’s HUD homes map. If you are not a subscriber simply enter your email in the box to the right or click on the blue button at the end of this post to join.

The blue markers on the map indicate HUD homes that were listed a week ago. New HUD listings are exclusively reserved for owner occupants for 10 days (11 days if monday is a holiday). I’d be glad to open a few doors for you over the weekend or on Monday. The selection is better than ever.
 
We only see 16 new HUD listings (red markers) this week. But there are 23 relisted HUD homes (yellow markers). You will probably recognize some of these homes, because we featured them on this blog. Here are just a few that stick out:

3445 Steiner St, Westerville, OH
3BR 2.5BA 1,428 sqft Asking $130,000
Offer accepted on 1/20/10 for $105,000

2607 Northwold Rd, Westerville, OH
3BR 1.5BA 1,314 sqft Asking $92,000
Offer accepted on 11/12/09 for $78,627

Listing Statistics

Total homes available: 132 (last week: 138)

Owner occupants: 101
All bidders: 31
New listings: 16
Sunday deadline: 62
Relisted/Price reduced: 23
 
Median Price: $80,100 (last week: $80,500)
Average Price: $80,543 (last week: $80,535)
Highest: $182,000
Lowest: $8,800
 
Homes less than $50,001: 34 (last week: 35)
Between $50,001 & $100,000: 57 (last week: 61)
More than $100,000: 41 (last week: 42)

Call me TODAY at 975-9650 and don’t miss out on this huge 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

Technorati Tags: Columbus Houses, Columbus HUD Homes, Columbus Realtors, Homes for Sale, hud listings, Real estate agent

The past couple of days were really tough for house hunting with 2 feet high snow drifts piling up at the front door of many Columbus HUD homes.
 
Nevertheless, I previewed 5 new suburban HUD listings in the north east – just for you: Westerville, Gahanna and Blacklick.

Enjoy these snowed in HUD homes and call me to schedule a showing!

843 Lakeway Ct W, Westerville, OH
4BR/2.1BA 2,311 sqft Asking $182,000

563 Dunoon Dr, Gahanna, OH
3BR/2.5 BA 1,848 sqft Asking $120,000

8263 Crete Ln, Blacklick, OH
3BR/2.1BA 2,104 sqft Asking $140,000

1540 Bent Maple Dr, Blacklick, OH
4BR/2.5BA 1,978 sqft Asking $142,000

5128 Cherryblossom Way, Gahanna, OH
3BR/1.5BA 1,560 sqft Asking $150,000

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

Technorati Tags: Columbus Houses, Columbus HUD Homes, Columbus Realtors, Homes for Sale, hud listings, Real estate agent

In an incredible boost of new listings, NHMS has added 62 Columbus HUD homes to its inventory. The total number of HUD homes available today is a whopping 138.
 
At the same time incentives for owner occupants will vanish in a week from today. NHMS has changed this announcement on their website repeatedly. Currently, it appears that contracts need to be ratified by Friday 2/12/2010 to be eligible for the $100 downpayment program.
 
This means that your offer must be submitted by Monday or you will miss this deadline. Therefore, you should focus on the blue and green markers on the map. That’s the HUD homes with a Sunday 2/7/10 deadline for owner occupants and the homes available to all bidders. The relists of this week may not be ratified before next Friday.

Here are 3 previously featured HUD homes that are currently in daily bidding:

3164 Arrowsmith Dr, Reynoldsburg, OH
LISTED FOR: $95,000
Offer accepted on 11/12/09 was $77,300

3187 El Greco Dr, Columbus, OH
Southwestern City Schools
LISTED FOR: $90,000
No previous offers!

3445 Steiner St, Columbus, OH
Westerville Schools
LISTED FOR: $130,000
Offer accepted on 1/20/10 was $105,000

Listing Statistics

Total homes available: 138 (last week: 104)

Owner occupants: 108
All bidders: 30
New listings: 62
Sunday deadline: 28
Relisted/Price reduced: 18
 
Median Price: $80,500 (last week: $69,500)
Average Price: $80,535 (last week: $71,103)
Highest: $182,000
Lowest: $12,600
 
Homes less than $50,001: 35 (last week: 34)
Between $50,001 & $100,000: 61 (last week: 48)
More than $100,000: 42 (last week: 22)
Call me TODAY at 975-9650 to secure one of the remaining $100 down 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

Technorati Tags: Columbus Houses, Columbus HUD Homes, Columbus Realtors, Homes for Sale, hud listings, Real estate agent