Columbus HUD Homes

I have good news for you! HUD is catching up and listed 27 new homes for sale this week. Many of these homes are in the suburbs: Powell, Hilliard, Grove City, Canal Winchester, Reynoldsburg, Blacklick, Delaware, Marysville, …
 
Check out the Columbus HUD homes map! You’ll find a really good selection of wonderful Columbus houses this week. Pay attention to the relists (yellow markers on the map). Nike Drive in Hilliard and Retton Road in Reynoldsburg are back.

The other highlight of this week is the large number of bargain properties. 25 homes are listed for less than $50,000. Most of them will need repairs and may be un-insured. But you will find a great deal, if you don’t shy away from a little work.
 
The property on 1750 Bluhm Rd is a perfect example. We featured this home on our blog earlier this week. It’s listed for $45,000 and insured with a repair escrow. Owner occupants need to submit their offer before Sunday midnight. 

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Listing Statistics

Total homes available: 65 (last week: 60)

Owner occupants: 50
All bidders: 15
New listings: 27
Relisted/Price reduced: 23
 
Median Price: $60,000 (last week: $65,100)
Average Price: $71,843 (last week: $76,433)
Highest Price: $196,000
Lowest Price: $15,000
 
Homes less than $50,001: 25 (last week: 21)
Between $50,001 & $100,000: 25 (last week: 22)
More than $100,000: 15 (last week: 17)
 
Call me TODAY at 975-9650. Don’t miss out on the new suburban HUD listings! 

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

This is also true for bidding on a Columbus HUD home. Sometimes you will get a 2nd chance, even if you missed out on your original bid. Here’s how:

Say your realtor submitted an online offer on one of the Columbus houses listed by NHMSI, and you end up the winning bidder. Until the Contract Package is received, reviewed, and ratified, there is no “Contract Pending” and the property is not “Sold.” Remember, HUD requires original documents to be received within 48 hrs after announcing the winning bidder.

Any late or incomplete Contract Package may be rejected and the back-up bidder gets an opportunity to produce an accurate and complete Contract Package. Or, the property may be placed back on the website for other bidders to make offers. NHMS follows HUD directives regarding the sales of all HUD homes. They try to always act in HUD’s best interests.

Can anybody get this Second Chance?  Yes, as long as your Columbus realtor indicates on the bidding screen that you want to be considered as a “back-up” in the event the highest bidder cannot perform.

When do I know? Back-up bids are only valid for 48 hrs and not binding, meaning that you don’t have to accept the offer, if you are no longer interested in the property, or if you have found something else in the meantime.

How do I find out if I got a 2nd chance? Your Columbus realtor will receive a fax from NHMS if your bid is considered for a back-up. There are usually no phone calls or emails. NHMS will give you 24 hrs to make up your mind and decide if you want to accept or decline the back-up offer.

What happens if I decline the back-up offer? By now 48 hrs have passed, so no other back-up bids are valid any longer, and the property will be re-listed for sale at a later time.

What do I do if I want to accept the back-up offer? Your realtor has to sign the form he/she received from NHMS and fax it back within the 24 hr time period. Then the same rules apply, as always: NHMS has to receive an accurate and complete contract package within 48 hrs.  Your Columbus realtor has to indicate on the paper contract again that you want to be considered as a back-up bidder (line 10 on form HUD-9548). 

Wait 3-10 days for a ratified (accepted and signed) contract from HUD and pat yourself on the back. Congratulations, you are the winner now!

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

Columbus HUD homes listings are cyclical. Remember that we had an all time record of new HUD listings last week. This week more than half are either relists or price reductions.
 
Investors watch out! Only 32 homes are available to all bidders, everything else is reserved for owner occupants. Get the scoop on investor eligible properties first thing Wednesday morning on our Bargain Hunters List!
 
It appears that owner occupants write quite a few offers on Columbus houses. This must be due to the low interest rates and very favorable financing terms with FHA loans ($100 down) and the $8000 tax credit for first time buyers. Unfortunately, many of these offers fall through and properties are relisted. Coming out of a very harsh winter, water line breaks are common and many buyers are backing out of their contract after the inspection.

On the other hand investors are buying homes as soon as they are available to them, thereby keeping the inventory of HUD homes for all bidders very low.
 
This Week’s Listing Statistics

Total homes available: 104 (last week: 94)

Owner occupants: 72
All bidders: 32
New listings: 18
Price reduced: 54
 
Median Price: $77,250 (last week: $79,750)
Average Price: $80,281 (last week: $80,708)
Highest Price: $192,000
Lowest Price: $4,050
 
Homes less than $50,001: 33 (last week: 29)
Between $50,001 & $100,000: 40 (last week: 37)
More than $100,000: 31 (last week: 28)
 
 
Call me at 975-9650 to check out the new HUD homes over the 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

The answers will be different for owner occupants, buyers who are going to LIVE in the property, versus Investors, who will RENT or re-SELL the property.

Owner Occupants

You are bidding on a Columbus HUD home with the intent to make this your primary residence. Obviously, you can only live in ONE house at any given time; therefore, you can only purchase one property. However, you ARE ALLOWED TO BID ON MULTIPLE HUD HOUSES SIMULTANEOUSLY, and you only need to provide your HUD registered Columbus realtor with one earnest money deposit check. In the event that you offered the highest net acceptable bid on two or more properties, NHMS will select which property you will be given the opportunity to purchase. You will NOT be given an opportunity to choose, HUD is assuming that you’d be happy with either one house you placed a bid on.

As an Owner Occupant you are required to live in the property for ONE year, before you can rent or sell it. You may purchase another HUD house 2 years after you bought the previous one.

Investors

As an Investor you are allowed to purchase two or more HUD homes at any given time. You must supply your HUD registered bidding agent with a separate Contract Package and a separate earnest money deposit for each bid. If an Investor offers the highest net acceptable bid on two or more properties, National Home Management Solutions will expect him or her to purchase all of them, or forfeit to HUD the earnest money deposits on the ones not purchased. There is no limit on how many Columbus houses an investor is allowed to purchase from HUD.

Please contact me if you have any questions or want to place a bid on a HUD property!

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