I have good news for you: HUD just listed 22 new Columbus houses. You will have a great selection of homes, if you plan to go house hunting over the Labor Day weekend.
The other good news is that the bidding deadline for Columbus HUD Homes listed last week is Monday at midnight, not Sunday, because of the holiday. That gives you one more day to make up your mind.
Here’s a quick HUD home buyer tip, that will be helpful for those of you who want to get FHA financing. Many HUD homes are listed as insured with a repair escrow. This means that the home needs some minor repairs, typically less than $5,000, to bring it up to FHA standards.
We noticed that the bank’s underwriters are very picky when it comes to these repairs. Often they will require more repairs than noted in the HUD property condition report.
Here’s an example of a new listing that may cause some financing problems. This Grove City home at 1473 Lewes Castle Drive looks very nice from the outside. It was only built in 2007. However, if you read the property condition report you will find that it comes without a kitchen (page 6). This certainly will not meet FHA requirements and may not qualify for a simple repair allowance.
If you have any doubts or questions about HUD listings and whether it would qualify for FHA financing, simply give me a call at (614) 975-9650. I am glad to help you read the property condition report and find out any deficiencies the property may have.
Listing Statistics
Total homes available: 50 (last week: 43)
Owner occupants: 40
All bidders: 6
New listings: 22
Monday deadline: 12
Relisted/Price reduced: 6
Median Price: $67,500 (last week: $55,000)
Average Price: $69,206 (last week: $67,742)
Highest: $187,000
Lowest: $14,000
Homes less than $50,001: 20 (last week: 20)
Between $50,001 & $100,000: 20 (last week: 16)
More than $100,000: 10 (last week: 7)
Call me TODAY at 975-9650 to see the newest HUD Homes this weekend!
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
