Columbus HUD Homes

There’s a lot of buzz about short sales these days. It seems that a third of all Columbus listings are classified as short sales by the listing realtor, because the seller owes more than the property is worth.
 
When a bank accepts a short sale you can buy the property for less than what the seller owes to the lender. Sounds like a good deal. You may be able to buy great Columbus houses significantly below market value …
 
However, you should be careful before you make an offer on a short sale listing. There are numerous hurdles you have to clear before closing.
 
USA Today covers the problems of short sales on its cover page and found that “home sellers are frustrated as short sale deals collapse.” Although I completed more than 200 short sale transactions, I strongly recommend that you consider buying a HUD Home over a short sale. Here is why:

• bank approval for a short payoff may take weeks or even months; banks are in over their heads with short sale offers, which leads to closing delays of 3 to 4 months; in some cases they never approve an offer. 
• you have to take the property “as-is, where-is”; in a short sale situation the seller does not have any money for repairs and the lender won’t allow any remedies. 
• you may run into title issues, such as tax liens or judgments that may be very difficult to clear.

The HUD home buying process is very predictable. You know within days, if you are the winning bidder. The quality and condition of Columbus HUD Homes is often superior to short sale homes. HUD homes are vacant, free of liens, have been inspected and appraised. Best of all, you don’t have to deal with a seller who does not want to move out. 

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

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