There’s a lot of buzz about short sales these days. It seems that a third of all Columbus listings are classified as short sales by the listing realtor, because the seller owes more than the property is worth.
 
When a bank accepts a short sale you can buy the property for less than what the seller owes to the lender. Sounds like a good deal. You may be able to buy great Columbus houses significantly below market value …
 
However, you should be careful before you make an offer on a short sale listing. There are numerous hurdles you have to clear before closing.
 
USA Today covers the problems of short sales on its cover page and found that “home sellers are frustrated as short sale deals collapse.” Although I completed more than 200 short sale transactions, I strongly recommend that you consider buying a HUD Home over a short sale. Here is why:

• bank approval for a short payoff may take weeks or even months; banks are in over their heads with short sale offers, which leads to closing delays of 3 to 4 months; in some cases they never approve an offer. 
• you have to take the property “as-is, where-is”; in a short sale situation the seller does not have any money for repairs and the lender won’t allow any remedies. 
• you may run into title issues, such as tax liens or judgments that may be very difficult to clear.

The HUD home buying process is very predictable. You know within days, if you are the winning bidder. The quality and condition of Columbus HUD Homes is often superior to short sale homes. HUD homes are vacant, free of liens, have been inspected and appraised. Best of all, you don’t have to deal with a seller who does not want to move out. 

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

It’s hard to believe that NHMSI was sitting on this Columbus HUD Home since late 2008. It’s a rehab deal, however, at roughly $1,000 per bedroom it is a super bargain. Once remodeled, you can rent each unit for $375 per month, which could result in a $1,500 cash flow. 
 
If you are into rehabbing and landlording this deal is perfect for you. Take a closer look! Columbus houses like this one are hard to find. The address is 2903 E 9th Ave and it is now in contract for $10,120.

Other notable relists Columbus HUD Homes include 4190 Woodville Drive in Westerville Schools and 6360 W. Mohican Dr in Powell; last accepted offer was $130K, HUD may take even less!

Featured Homes of the Week

Here are 4 new HUD Home listings. Click on the pictures below to get to the specific property websites and see interior and exterior images, maps, school information, and more.

5538 CRENTON DR, WESTERVILLE, OH
List Price: $115,000  1,594 sqft  3 BR 2.5 BA 

3315 CROSSING HILL WAY, COLUMBUS, OH
List Price: $115,000  1,440 sqft  3 BR 2.5 BA

 
772 SICARAS LN, BLACKLICK, OH
List Price: $100,000  1,278 sqft  3 BR 2.0 BA

105 READER CT, PATASKALA, OH
List Price: $150,000  1,966 sqft  4 BR 2.5 BA

You can see more previewed HUD homes at our website: http://columbushudhomes.postlets.com
 
Here you will also find a complete and up to date list of all featured HUD homes that are still open for offers, including relisted properties.
 
Call me at (614) 975-9650 – I can help you find a great deal on a HUD home, bank owned or short sale listing! 

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

Only 46 Columbus HUD Homes are available in Central Ohio. This is an all time low for this year. It appears that the number of HUD homes listing has slowly decreased from around 110 at the beginning of this year to less than half of that number now. In the graphic below you can see the dramatic drop of HUD Listings since the beginning of 2009.

 
What’s the reason for this dramatic drop?
 
It can’t be the number of HUD homes that should hit the market. Based on our information HUD should have a backlog of hundreds Columbus houses.
 
It also can’t be the number of buyers. Newer homes are selling very well and I am sure that Columbus could handle a higher inventory of HUD homes without a significant reduction of the final purchase price.
 
I believe the following 3 reasons contribute significantly to the low number of HUD listings:

1. HUD is trying to keep their cost at a minimum, which means they just can’t inspect and appraise homes fast enough to bring them to market.
2. The number of properties falling out of contract is very large. More than half of all available HUD homes are relists, which means they have been in contract before, but did not close for one reason or another.
3. FHA financing for HUD homes has become very difficult. Lenders are scrutinizing HUD’s FHA appraisals and refuse to write loans even if small repairs are needed.

Listing Statistics

Total homes available: 46 (last week: 56)

Owner occupants: 33
All bidders: 13
New listings: 8
Relisted/Price reduced: 25
 
Median Price: $74,000 (last week: $66,500)
Average Price: $80,415 (last week: $75,395)
Highest Price: $196,000
Lowest Price: $9,600
 
Homes less than $50,001: 15 (last week: 19)
Between $50,001 & $100,000: 17 (last week: 25)
More than $100,000: 14 (last week: 12)
 
Call me TODAY at 975-9650 to see one of the remaining HUD Home 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

Only 19 Columbus HUD homes are available to all buyers this week. Two of them are relists from last Friday. We call these homes boomerangs, because they came back after they were in contract previously. 
 
One of the 2 Columbus houses relisted on Friday is in Mt. Sterling, the other one at 191 W. Hiawatha Dr in Powell. At a list price of $196,000 it is one of the most expensive HUD homes around, and most certainly over-priced. The previous offer accepted was for $145,000 or 70% of list price. Consider this a good starting point for your offer consideration.
 
Here are two more interesting Columbus HUD Homes. The property at 101 Brooksedge in Pataskala has a strange floor plan layout. I believe HUD may accept as low as 75% of list price.
 
The house at 7200 Springdale Dr in Reynoldsburg is a 2 bedroom condo listed for $68,000. This may appear like a good deal, however, it has water damage in the kitchen and mold in the finished basement, so HUD will probably have to accept much less. Try at 70% of list price.
 
Finally, here’s an update on a property we featured a few weeks ago. The HUD home at 726 Scioto Meadows Blvd in Grove City went in contract for $115,000 which is only 2/3 of the list price of $162,000. This is a remarkable price drop for a house in pretty good condition. An owner occupant won this bid.   
 
You can see that great deals are out there. Let me help you find them and develop a good bidding strategy.

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

 
Call me at (614) 975-9650 to schedule a showing!

It seems there is a never ending supply of HUD homes in some of the most desirable suburbs of Columbus.
 
This week I picked a huge, 2,600 sqft Pickerington home, a 2004 Lewis Center home near Polaris and another 2,000 sqft plus, 4 bedroom home in Canal Winchester. None of these Columbus houses is older than 7 years and they are all priced around $150K. Three remarkable deals in great suburban school districts – perfect for first time buyers and families with children.

Featured Homes of the Week

Click on the pictures below to get to the specific property websites and see inside and outside images, maps, school information, and more.

7857 IRIS CT, CANAL WINCHESTER, OH
List Price: $155,000  2,047 sqft  4 BR 2.5 BA

164 KNIGHTS BRIDGE DR E, PICKERINGTON, OH
List Price: $145,000  2,598 sqft  4 BR 2.5 BA

111 KASTLEKOVE DR, LEWIS CENTER, OH
List Price: $153,000  1,582 sqft  3 BR 2.5 BA

You can see more previewed HUD homes at our website: http://columbushudhomes.postlets.com
 
Here you will also find a complete and up to date list of all featured HUD homes that are still open for offers, including relisted properties.
 
Call me at (614) 975-9650!  

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

In recent weeks we encountered an issue with the Insurability Status of HUD Homes. It appears that homes listed as insurable (IN) by HUD may still not meet all FHA requirements of the lenders and their underwriters. If you buy your HUD home with an FHA loan, you need to use the appraisal provided by HUD. However, in some of these appraisals the property condition is specified as “below average”. Banks are not willing to write standard FHA loans, if the property condition is “below average”, even if HUD lists the property as insurable.
 
Here is what you need to do: instead of using a standard FHA loan you may have to use one with a repair escrow or even use the FHA 203(k) Streamline program. We recommend that your lender immediately asks for a copy of the appraisal when an offer has been accepted – we will make sure to remind them – so that we can work together to remedy any potential underwriting issues and get loans closed without any delays.
 
We believe that HUD and NHMSI may not be aware of this inconsistency. We have notified them and asked for clarification. You’ll be the first to know when we hear from them!
 
We are once again near a record low when it comes to HUD Home listings in Central Ohio – only 56 this week. HUD added only 11 new homes this week, however, there are plenty of relists. Some of them you will probably recognize.

Listing Statistics

Total homes available: 56 (last week: 71)

Owner occupants: 34
All bidders: 22
New listings: 11
Relisted/Price reduced: 23
 
Median Price: $66,500 (last week: $74,000)
Average Price: $75,395 (last week: $78,740)
Highest Price: $196,000
Lowest Price: $3,600
 
Homes less than $50,001: 19 (last week: 23)
Between $50,001 & $100,000: 25 (last week: 30)
More than $100,000: 12 (last week: 18)
 
Call me TODAY at 975-9650 and check out a HUD Home 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

Many Columbus HUD Homes sell above list price. Specifically Columbus houses located in the suburbs that are in move in condition or need only minor repairs are very popular with owner occupant buyers. Truth be said, they usually get great deals on these homes.

HUD Homes that fell out of contract and have been relisted offer great opportunities for deeper discounts. Take a look at the most recent Columbus HUD Homes deals.

I have seen the house on 7855 Fairfax Loop in Blacklick.  It is huge, with a good floor plan, and features a large deck backing to the woods. It was one of the relists from last Friday, but now it’s in contract for $144,500, that’s $15,500 above list price.
 
The White House of Pickerington went in contract again for $110,000. Maybe the 6th time is the charm? And the Long Street Double found a taker for $34,000, which is $13,000 more than the last go around.

You will find great deals on today’s bargain list. For instance, there is a nice suburban, Pataskala HUD home at 101 Brooksedge Drive. It was relisted last Friday and is now available to all bidders at an asking price of $139,140.

Twenty Seven HUD homes are available to all bidders. If you subscribe to our list you receive a weekly bargain hunter’s spreadsheet with Columbus HUD Homes available to all bidders.  We mail it out every Wednesday, which is the day after the deadline for owner occupants and offers the best opportunites for investors to snag a deal. Enter your email in the box to the right to get your bargain hunter’s list!

Make an offer – HUD is ready to deal! 

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

What a nice and cool weekend! Perfect to work in your yard, go for a nice long walk or look at the exciting Columbus HUD Homes of this week.
 
First, I want to introduce a non-HUD property that may be a good fit for you. 
 
It is located in Dublin on a deep 1/2 acre lot, was completely remodeled and is tastefully decorated. Best of all, it does NOT have any stairs.
 
Why is this important? Many of our customers tell us that they hate dragging stuff up to the bedrooms or down into the basement. Many are simply looking for Columbus houses with first floor bedrooms.
 
Well, this is the perfect opportunity for you! This California ranch features an open design with vaulted ceilings, an abundance of windows and a great view from every room of the house.
 
This home is very affordable at only $180,000, which is less than the asking price of many suburban HUD or bank owned homes.   

Featured Homes of the Week

Two of our featured HUD homes are in Westerville, one is located in Hilliard. Here they are – excellent, suburban residences ideal for first time buyers.

5347 Covington Meadows Dr, Westerville, OH
List Price: $174,000  1,728 sqft  3 BR 2.5 BA

5067 Beckenham Ct, Westerville Schools
List Price: $75,000  1,200 sqft  2 BR 1.5 BA

5144 Frisco Dr, Hilliard, OH
List Price: $108,000  1,252 sqft  3 BR 1.5 BA

You can see more previewed HUD homes at our website: http://columbushudhomes.postlets.com
 
Here you will also find a complete and up to date list of all featured Columbus HUD homes that are still open for offers, including relisted properties.
 
Call me at (614) 975-9650!  
Don’t forget to look at the Dublin Ranch before it’s gone!

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

You will find 13 new HUD listings this week. There’s a very nice home at the northern end of Westerville, just beside the Medallion Golf Club. It’s listed for $174,000, which is probably close to its retail value.
 
Another suburban home to consider is the HUD house on Frisco Court in Hilliard, which is available for $108,000.
 
Among the relisted or boomerang Columbus HUD Homes you will find quite a few familiar homes. The Long Street Double is back on the market for $36,000. Remember, this brick building was in contract for $21,000. I am pretty sure HUD will accept a similar deal this time around, since the price has been reduced again.
 
Another familiar home is the “White House” in Pickerington. This one must have been in contract at least 5 times, so it has been around for a while. Not only is the house white, but the photo on the HUD website is full of snow, as well. The latest list price is $127,440 – reduced by 10%. The house has foundation issues and big holes in the driveway. Why not try a low-ball offer, preferably with 203 (k) Streamline financing?

Listing Statistics

Total homes available: 71 (last week: 69)

Owner occupants: 49
All bidders: 22
New listings: 13
Relisted/Price reduced: 36
 
Median Price: $74,000 (last week: $60,000)
Average Price: $78,740 (last week: $72,299)
Highest Price: $180,000
Lowest Price: $10,000
 
Homes less than $50,001: 23 (last week: 27)
Between $50,001 & $100,000: 30 (last week: 26)
More than $100,000: 18 (last week: 16)

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

On Tuesday we visited the BIA Parade of Homes at Tartan Fields in Dublin. That’s at the far North West side of Columbus, in Jerome township across the street from Glacier Ridge Metro Park. At the Parade you can view 11 fully staged Columbus houses from different Central Ohio builders. The homes are beautiful and give you a good idea of the latest and greatest in home technology, style and design.

I wrote a short article capturing my impressions of the Columbus Parade of Homes. I discovered 5 new trends in home design you may find interesting. You can read it here …

Parade homes may be too expensive for some of you – most of them are priced at $800K to $900K. If you are looking for a gorgeous Dublin home on a 1/2 acre lot for only $180,000, then check out our new listing at 5400 Harvest Street. It has been completely remodeled and it is fully staged!

Columbus HUD Homes for Bargain Hunters

This week’s bargain hunter’s list is not very exciting, if you are looking for a nice suburban home. There is a condo near Bexley and a nice 4 BR home in Reynoldsburg on Bellow Park.

However, there is a number of bargain investment properties. Our 8 boomerang homes are priced at $60,000 or below. You can even get a 4 bedroom Linden double on 2490 Osceola Ave for a mere $18,000. For purposes of FHA financing it is listed as insurable with repair escrow

To download today’s Spreadsheet you need to subscribe to our newsletter – simply enter your email in the box to the right and click the submit button.

Currently, twenty one Columbus HUD homes are reserved for owner occupants. Do you want to make an offer on one of them? The bidding deadline is Sunday 7/19/09. 
 
Call me TODAY at (614) 975-9650, to schedule a showing!

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