With an ever growing inventory of Columbus HUD homes available to all bidders, HUD had to become more “creative”.
A couple of days ago they announced a new sales method called “First Look”. Here is how it works.
Non-profit organizations who participate in the Neighborhood Stabilization Program (NSP) will be able to buy HUD homes for a 10% discount during a 14 day exclusive period before the homes are marketed to the general public. They get a “First Look” at these homes which must be in a designated NSP area.
How will this affect you?
Probably it won’t.
The NSP designated focus areas are mostly in the inner city. They are not desirable for most owner occupants.
A 10% discount is not too exciting for most investors, especially if a HUD home needs work. The non-profits may snap away some Columbus houses. The HUD homes that don’t sell to owner occupants or non-profits will still be available to investors. And most likely you can get them for less than 90% of the list price.
In Columbus the number of HUD homes for investors is still growing. However, you need to be aware of the upcoming change in management firms. We don’t know the exact date, but rumor has it that it will happen in August. This probably means no new HUD listings for 30 days or more.
Submit your offer NOW before it is too late!
Summary of Bargains
HUD Homes available to all bidders: 130 (last week: 120)
Boomerang homes (relists from Fri): 22 (last week: 35)
Bidding Results of Featured HUD Homes
Three of the five HUD homes I featured on Independence Day are now in contract. HUD is literally giving them away. 2 sold for 75% off their asking price. See details below.
4315 Grays Market Dr, Westerville, OH
4BR/2.5 BA 1,771 sqft Asking $145,000
Offer accepted on 07/12/10 for $110,000 – 24% below asking price
6928 Granite Falls, Blacklick, OH
4BR/2.5BA 1,456 sqft Asking $142,000
Offer accepted on 07/12/10 for $125,000 – 12% below asking price
1889 Daisyfield Dr, Columbus, OH
2BR/2.5BA 1,356 sqft Asking $75,000
Offer accepted on 07/12/10 for $56,500 – 24% below asking price
Call me at (614) 975-9650 to schedule showings!
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
