Columbus HUD Homes

The trend continues! More and more upscale Columbus HUD homes are becoming available for owner occupants, while the number of properties for investors dropped to only 39. HUD added 26 new Columbus houses this week. The average listing price jumped to $83,449.

There are great deals to be had, if you are a little patient! Let me tell you about a ridiculously low offer HUD accepted on a Hilliard Home. We personally looked at this home - it’s at 5805 Thorngate Dr - Galloway address, but Hilliard schools.

Here’s the story. This Columbus HUD Home was appraised and listed by HUD for $164,000 starting early January 2009. Retail property values in this subdivision are $175,000, so it was a good offer for an owner occupant. The house did not need much work and was basically in move in condition. HUD accepted an offer on Jan 26, 2009 for a little over asking price. HUD would net 95% of appraised value.

The new buyer scheduled a property inspection, and for that purpose, utilities had to be turned on. As soon as the main switch was on, water came down through the dining room ceiling. Some of the bathroom pipes and seals must have broken, which would require a couple thousand dollars in repairs.

Next a 60 mph storm swept through Columbus and some patches of shingles flew off the roof. The buyer requested a higher repair escrow which HUD did not approve. So the buyer cancelled the contract.

HUD relisted the property immediately. Within one week they accepted $125,000 from another buyer. That is $40,000 less than the previous offer! Wow!

Congratulations to the new buyer! This is a wonderful deal. You go this house for 77% of HUD’s appraised value.

Just shows you – it’s worth being patient. We see it every week. When a house is relisted, and if there is some indication of water damage, HUD is giving it away!

While many suburban homes sell for more than asking price during the first 10 days, it is better to wait and see if a property falls out of contract. That’s when you get the really great deals.

Listing Statistics

Total homes available: 117 (last week: 120)

Owner occupants: 78
All bidders: 39
New listings: 26
Price reduced: 52
 
Median Price: $79,000 (last week: $70,000)
Average Price: $83,449 (last week: $78,588)
Highest Price: $209,000
Lowest Price: $4,500
 
Homes less than $50,001: 35 (last week: 41)
Between $50,001 & $100,000: 46 (last week: 48)
More than $100,000: 36 (last week: 31)
 
 
The new $8,000 tax credit is a great incentive to buy a home this year. Owner occupants also get a $2,500 closing cost credit from HUD, and may qualify for $100 down FHA financing.
 

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