Although we never featured the HUD Home at 4563 Edgarton Rd in Grove City on our blog, I still want to point it out to you. I have seen the inside and know that it is a good deal for a buyer. Yesterday (Wed) it was still listed for $140,000, and I predicted in my email to our readers that “HUD will probably accept $120,000 or less.”
Here we go! HUD accepted an offer of $115,000.
This home fell out of contract 2 times in a row. On top of it, HUD changed the status to FHA uninsured, which means that you can’t buy it with a regular FHA loan or VA loan any longer. This eliminates 90% of the buyers. Less competition for you as a buyer and fewer offers for HUD.
The graph below shows what happened. With each offer the price went down and HUD got more eager to get rid of the home.
The most recent (third) bidder got it for 82% of asking price. This may not sound like the greatest deal in the world until you check comparable sales. Based on my analysis the retail value of similar Columbus houses is $160,000, so the real discount is 28%, which makes it an excellent deal.
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
