All 6 Columbus HUD homes I previewed a week ago are in contract (see the bid results at the end of this article).
The market is really booming right now. Many people try to submit last minute offers on HUD homes to grab their share of the Federal home buyer tax credit. This frenzy will be over on Friday, April 30, 2010. That’s the deadline for having a firm purchase contract signed and ratified.
The Bexley HUD home at Ardmore Road sold for more than $200K. Even the tiny, 1,200 sqft Blacklick HUD home at Lamesa Drive is now in contract for $112K that’s 7% above list price.
There is one notable exception to this deadline. If you are a military Veteran, this tax credit is still available for you until the end of 2010.
Will this be the end of the real estate recovery?
I don’t think so. People will continue to make offers on homes, get financing and close their purchases. With interest rates below 5% buying Columbus houses is very affordable.
Without the hype surrounding the home buyer tax credit lower offers will be accepted by sellers. If you missed the deadline for the tax credit, you may well lower your offer by $8,000. I believe you’ll have a good chance of getting it accepted. HUD has been very flexible with owner occupants.
The end of the tax credit could actually mean the beginning of even better HUD homes deals.
Now let’s take a look at the 6 featured Columbus HUD homes that went in contract earlier this week:
893 Military Dr, Galloway, OH
4BR/2.5BA 1,915 sqft Asking $150,000
Offer accepted on 04/26/10 for $153,112 - 2% above
2558 Harborridge Ct, Galloway, OH
3BR/2.5 BA 1,742 sqft Asking $120,000
Offer accepted on 04/27/10 for $99,999 - 17% below
4378 Knoll Crest Dr, Grove City, OH
4BR/2.5BA 2,196 sqft Asking $105,000
Offer accepted on 04/26/10 for $105,009 - asking price
173 N Ardmore Rd, Bexley, OH
4BR/2.5BA 1,939 sqft Asking $218,000
Offer accepted on 04/26/10 for $201,000 – 8% below
438 Lamesa Dr, Blacklick, OH
3BR/2.0BA 1,212 sqft Asking $105,000
Offer accepted on 04/26/10 for $112,000 – 7% above
8246 Creekstone Ln, Blacklick, OH
4BR/2.5BA 2,012 sqft Asking $160,000
Offer accepted on 04/26/10 for $143,515 – 10% below
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
