HUD’s new Asset Managers will begin taking over listings next week. By the middle of October the transition should be completed.

The new federal listing website will be HUDHomestore.com. They already started uploading HUD listings. It’s still early and you won’t find complete information there, yet. This website will replace the NHMSI listing portal.

Many changes are coming your way. Therefore, I plan to publish a HUD Home Buying Workbook next week for you to download. I will email you as soon as it is available.

There is one significant change for investors I need to mention today. In the future new HUD listings that are insurable (IN) or insurable with repair escrow (IE) will be exclusively available to owner occupants for the first 30 days.

Uninsurable HUD homes will only have a 5 day exclusive period for owner occupants.

This means that investors will be locked out of the newer, suburban HUD homes for a full month!

Investors can still bid on the HUD homes in today’s Bargain Hunter List. The new rules will probably take effect next week. Do not delay and grab one of the 119 bargain homes today.

Summary of Bargains

HUD Homes available to all bidders: 119 (last week: 120)
Boomerang homes (relists from Fri): 19 (last week: 17)

How Much Did Featured HUD Homes Sell For?

3348 Yozuri Dr, Columbus OH
4BR/3.0 BA 1,948 sqft Asking $77,000
Offer accepted on 09/07/10 for $77,025

6141 Braet Rd, Westerville OH
3BR/3.0BA 1,892 sqft Asking $150,000
Offer accepted on 09/07/10 for $117,000

3089 Bembridge Rd, Upper Arlington OH
3BR/2.5BA 1,623 sqft Asking $157,500
Offer accepted on 09/08/10 for $161,312

Call me at (614) 975-9650 to submit your offers!

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 Friday I picked 6 suburban Columbus HUD Homes to preview. I don’t always go for the most expensive or largest homes. I rather look for HUD homes that you, our readers, may like.

The six HUD houses you see below are all in the suburbs – in Hilliard, Galloway, Grove City and Reynoldsburg. These Columbus houses are 10 years old or less and 3 of them are larger than 2,000 sqft.

It’s always a surprise when you walk into a new HUD home. It may look perfect from the outside, it may even be listed as “insured” (for FHA financing), but the inside may tell another story.

That’s the case with the Hilliard HUD listing. It looks top-of-the-line based on its description and exterior appearance, but I found a lot of mold in the house.

Mold can be dealt with! It’s not the end of the world.

However, it will cost extra money. I believe that the Hilliard HUD house cannot be purchased with an FHA loan with repair escrow, as repairs will probably exceed $5,000. You may need a 203k rehab loan and it will take longer to get it closed. One of my preferred lenders can close 203k loans in 30 days, as long as contractor quotes are ready and all the other paperwork is submitted in time.

HUD is still eager to sell homes! The list price is not the price you have to offer for the house. Call me for a free consultation, and I will tell you how low you can go with your bid and still have an excellent chance to get your contract accepted.

Here are my 6 HUD picks of this Week!

5930 Heritage Farms Ct, Hilliard OH
4BR/2.5BA 2,347 sqft Asking $185,000

5866 Katara Dr, Galloway OH
3BR/2.5 BA 1,684 sqft Asking $130,000

5931 Westbank Dr, Galloway OH
4BR/2.5BA 1,648 sqft Asking $132,000

4524 Dungannon Dr, Grove City OH
3BR/2.5BA 1,594sqft Asking $115,000

7946 Windrift Pl, Reynoldsburg OH
4BR/2.5BA 2,455 sqft Asking $144,000

7138 Havencroft Dr, Reynoldsburg OH
4BR/2.5BA 2,229 sqft Asking $142,000

Call me at (614) 975-9650 to see the interior!

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

Nobody knows the details, yet. It appears that owner occupants will get more time to select a home. Investors on the other hand may be shut out of the nicer HUD listings.

To be safe, you should submit your offer before the end of September. This will insure that you can go by the current guidelines.

There are many excellent HUD homes on the market, right now. Today’s new listings include another home near Heritage Lake in Hilliard, a spectacular residence at Bloxom Drive in Grove City as well as a large house at Upper Albany Court in New Albany.

The HUD house at Bembridge Drive in Upper Arlington is back on the market, too. Its price has been lowered by 10%.

Listing Statistics

Total homes available: 178 (last week: 193)

Owner occupants: 77
All bidders: 101
New listings: 22
Sunday deadline: 26
Relisted/Price reduced: 29

Median Price: $72,000 (last week: $70,000)
Average Price: $73,694 (last week: $71,712)
Highest: $188,000
Lowest: $5,000

Homes less than $50,001: 61 (last week: 71)
Between $50,001 & $100,000: 74 (last week: 75)
More than $100,000: 43 (last week: 47)

Call me at 975-9650!
Let me show you how I closed a 203K loan (FHA rehab loan) in just one month!

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

That’s when new asset management firms will take over the marketing of HUD properties. And rumor is: they will completely change the rules.

Here’s the good news!

As a reader of the Columbus HUD Homes Blog you will be weeks ahead of all other buyers. We already made contact with the new asset managers – yes, there are more than one – and we will explain the changes on our blog, as soon as this information becomes available.

This presents a tremendous opportunity for HUD home buyers right now!

While NHMSI is still in charge you may get super low offers accepted. They want to sell their existing inventory quickily, before the new guys take over. Submit your offer in September and you can play by the old rules, which are probably more favorable to investors.

Give me a call to check out HUD homes! The selection is better than ever.

Summary of Bargains

HUD Homes available to all bidders: 120 (last week: 117)
Boomerang homes (relists from Fri): 17 (last week: 33)

Call me at (614) 975-9650 for tips on finding the best deals.

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

For this weekend I picked 3 HUD Homes located in the South East of Columbus, just outside of  I-270 near Reynoldsburg. They are within 5 minutes of each other and none of them is listed for more than $77,000.

These 3 Columbus houses are really great values for first time buyers. They are all in good condition and ready to move in.

At today’s hyper-low interest rates you can live in either of these HUD homes for around $350 a month plus property taxes and insurance. Try to find a rental house for that price.

As a bonus I previewed an almost new, detached HUD condo in Westerville. It was built in 2006 and offers 3 bedrooms and 3 full bathrooms in a small subdivision near Hoover Reservoir.

Here are my 4 HUD picks of this Week!

5111 Fullerton Dr, Columbus OH
3BR/2.0BA 1,708 sqft Asking $75,000

3348 Yozuri Dr, Columbus OH
4BR/3.0 BA 1,948 sqft Asking $77,000

6584 Benjamin Dr, Reynoldsburg OH
3BR/1.0BA 1,260 sqft Asking $75,000

6141 Braet Rd, Westerville OH
3BR/3.0BA 1,892 sqft Asking $150,000

Call me at (614) 975-9650 to see the interior!

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

Is this bad for owner occupants?

Absolutely not! HUD actually prefers owner occupants. HUD’s objective is to increase home ownership. Since the peak of the housing boom the home ownership rate has steadily decreased in America. So HUD is failing in its mission.

If you are an owner occupant, do not hesitate to submit an offer on a HUD home, even if it is already available to investors. Your chances of winning the bid are excellent!

I have seen many situations where HUD accepted a lower bid by an owner occupant buyer over a higher cash offer from an investor.

Take a look at today’s HUD homes map. It is full of green markers – the locations of HUD homes available to everyone.

You can get your link to today’s HUD homes map by joining our email list. Click on the blue button at the end of this post or enter you email in the box to the right.

You won’t regret it!

Listing Statistics

Total homes available: 193 (last week: 185)

Owner occupants: 86
All bidders: 107
New listings: 26
Sunday deadline: 31
Relisted/Price reduced: 29

Median Price: $70,000 (last week: $70,000)
Average Price: $71,712 (last week: $72,608)
Highest: $188,000
Lowest: $7,000

Homes less than $50,001: 71 (last week: 64)
Between $50,001 & $100,000: 75 (last week: 76)
More than $100,000: 47 (last week: 45)

Call me at 975-9650!
I can fill you in on the best bidding strategy for owner occupants!

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

As a matter of fact, we plan to offer an exciting new service this fall. You’ll be the first to hear about it. So, keep reading my posts!

Here are some interesting facts!

Last Friday, on August 20th, 44 properties were relisted by HUD. This number includes the price reductions. Eleven of the HUD homes sold to owner occupants during the past 5 days. The remaining 33 are on the top of the bargain hunter list – we call them boomerangs.

Can you believe that 27 out of the 33 homes were price reductions?

This spells opportunity for HUD home buyers. HUD is eager to get rid of these relisted properties. They had them on their books for at least 40 days, but probably much longer. Based on our statistics I can tell you that HUD will take significant discounts on these homes.

How much?

Call me to get an answer to this question. You will be surprised how low HUD will go!

Summary of Bargains

HUD Homes available to all bidders: 117 (last week: 105)
Boomerang homes (relists from Fri): 33 (last week: 32)

Bidding Results of Featured HUD Homes

Only 2 of my previously previewed homes went in contract recently.  Here are the results:

2957 Collier Hill Ct, Hilliard OH
4BR/2.5BA 2,366 sqft Asking $187,000
Offer accepted on 08/16/10 for $187,000 – exactly list price

953 Larkstone Dr, Columbus OH
3BR/2.0BA 1,714 sqft Asking $150,000
Offer accepted on 08/16/10 for $112,000 – 25% below list price

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

A couple of weeks ago we featured an upscale HUD house at 2957 Collier Hill Ct. This 2,300 sqft Hilliard HUD home sold earlier this week for its list price of $187,000.

Today we found another HUD listing in Hilliard at 4159 Grant Street for only $76,000. Granted this one’s a 3 bedroom ranch with hardly 1,000 sqft of living space, however, the school district and city services are the same.

If you prefer further North, you should check into 9060 Tabernash Drive in the Olentangy School District. This is a new HUD listing in Orange Township offered for $180,000.

Take a look at our HUD homes map. You will find new HUD listings and relists in most Columbus suburbs. To get weekly HUD homes maps you need to join to our email list. You can subscribe by clicking on the blue button at the end of this post or simply enter your email address in the orange box to the right of this article.

Listing Statistics

Total homes available: 185 (last week: 183)

Owner occupants: 99
All bidders: 86
New listings: 31
Sunday deadline: 24
Relisted/Price reduced: 44

Median Price: $70,000 (last week: $67,500)
Average Price: $72,608 (last week: $69,923)
Highest: $188,000
Lowest: $6,500

Homes less than $50,001: 64 (last week: 67)
Between $50,001 & $100,000: 76 (last week: 80)
More than $100,000: 45 (last week: 36)

Email me today to find a great home before school starts!

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

Today I want to focus on a couple of relisted HUD homes that seem to be excellent deals. I am talking about 4 bedroom homes with more than 2000 sqft that are less than 10 years old and located in the suburbs.

I found these 2 relisted HUD homes in the Grove City area at Hennigan’s Grove Road and at Grandover Drive.

One of them is listed as “insured with repair escrow”, the other one is “uninsured”. This indicates that they probably fell out of contract due to repair requirements. The report indicates plumbing leaks, so there may be mold in the house. Most likely you will need to finance this purchase with an FHA 203K rehab loan.

Here’s the bright side.

Both of these Columbus houses are listed for less than $80K. As each features more than 2,300 sqft of living space, that’s around $30/sqft.

This is a quite a deal if you consider that the average Columbus home sells for $100 per sqft.

Take some time to review the property condition reports, which are posted on the listing website to get an indication of the repairs needed. If you feel confident that a rehab project is for you, give me a call and let’s submit an offer. I am sure you will get them for much less than asking price.

Listing Statistics

Total homes available: 183 (last week: 204)

Owner occupants: 97
All bidders: 86
New listings: 24
Sunday deadline: 46
Relisted/Price reduced: 27

Median Price: $67,500 (last week: $69,650)
Average Price: $69,923 (last week: $72,002)
Highest: $188,000
Lowest: $5,000

Homes less than $50,001: 67 (last week: 71)
Between $50,001 & $100,000: 80 (last week: 89)
More than $100,000: 36 (last week: 44)

Call me today at 975-9650, I can help you find a great 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

Unlike other suburban HUD homes that sold for more than asking price in the past few weeks, this one went for far less. HUD accepted $150K for the house at Westwood Drive in Lewis Center.

This home was originally listed for $205,000, but HUD took a “haircut” of more than 25% in the first go-around.

The stunning HUD condo on Pyramid Drive in Dublin also sold for much less than asking price. HUD accepted $152,500 for this pristine home, which was listed for $172,000 just two weeks ago.

There are tremendous HUD deals available, both for owner occupants and investors. So don’t delay your home buying decisions and submit your offer now!

Summary of Bargains

HUD Homes available to all bidders: 105 (last week: 112)

Boomerang homes (relists from Fri): 32 (last week: 33)

Bid Results of Featured HUD Homes

5149 Pyramid Falls Dr, Dublin OH
3BR/2.5BA 2,420 sqft Asking $179,000
Offer accepted on 08/10/10 for $152,500 - 15% below list price

2081 Winding Hollow Dr, Grove City OH
4BR/2.5 BA 1,862 sqft Asking $120,000
Offer accepted on 08/10/10 for $110,110 – 8% below list price

1735 Westwood Dr, Lewis Center OH
4BR/2.5BA 2,226 sqft Asking $205,000
Offer accepted on 08/10/10 for $150,000 - 27% below list price

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