Columbus HUD Homes

What is a HUD Home?

A HUD home is a 1 to 4 unit residential property acquired by HUD. On a foreclosed home that was originally financed with a loan insured by the FHA, the lender can file a claim for the balance due on the mortgage. FHA pays the lender’s claim, transfers ownership of the property to HUD, which then sells the home to recover the loss on the foreclosure claim.

Who can buy a HUD Home?
Almost anyone! If you have the CASH or can QUALIFY for a LOAN (subject to certain restrictions) you may buy a HUD Home. HUD Homes are initially offered to owner-occupant purchasers (people who are buying the home as their primary residence). Following the priority period for owner occupants, unsold properties are available to all buyers, including investors.

How are Columbus HUD Homes sold?
All properties available for purchase by the public are offered for sale at Internet listing sites maintained by management companies under contract to HUD. The management company for Ohio HUD Homes is NHMSI.

Can I Buy a Columbus HUD Home Directly from HUD?
No, you have to use a HUD registered real estate agent. HUD employees do not work with buyers. I am a HUD registered bidding agent with an excellent track record and can guide you through the whole process!

Do I simply make an offer to purchase a home?
HUD owned properties are sold using an internet bidding process. ONLY HUD REGISTERED AGENTS like myself CAN BID. New listings are published on Fridays and offered for owner-occupants only during the first 10 days, which means the priority bidding deadline falls on a Sunday.

HUD will review all the offers received and if at least one of the offers is “good enough” then HUD will publish the amount of the winning bid and the name of the brokerage company online. It is your agent’s responsibility to check the website Monday morning to see if your bid was the winning bid!

Once a bid has been accepted, you have 48 hrs to submit your contract and all other paperwork to HUD. More on that to follow …

Thanks for reading our Columbus HUD Homes Blog
Posted by: Susanne Novak, ABR, FIS 
Specializing in HUD Homes, Shortsales, Investment Real Estate
(614) 975-9650