Columbus HUD Homes

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