This week you will find a large number of newer homes on your Columbus HUD Homes Map. HUD added 24 new listings, most of them in the suburbs. The average listing price reached almost $80,000 this week.
Listing Statistics
Total homes available: 120 (last week: 104)
Owner occupants: 74
All bidders: 46
New listings: 24
Price reduced: 50
Median Price: $70,000
Average Price: $78,588
Highest Price: $205,000
Lowest Price: $4,500
Homes less than $50,001: 41 (last week: 41)
Between $50,001 & $100,000: 48 (last week: 41)
More than $100,000: 31 (last week: 22)
Many new suburban homes are listed at very affordable prices. Just look at what's available in Grove City and in Westerville. Combined with the $8,000 tax credit available to first time buyers and the $2,500 closing cost credit from HUD, buying a home is now more affordable than ever.
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 http://ColumbusOhioHUDHomes.com
Boomerang Homes Keep Coming Back at a Lower Price
It seems that some Columbus HUD Homes keep coming back on the market a number of times. We call them BOOMERANG HOMES. Officially these Columbus Houses are "re-listed", because they fell out of contract. We don't know why contracts are cancelled, but the two major reasons are failing a property inspection and problems with financing for the buyer.
The condition of a property can certainly deteriorate after the offer was made. Remember the heavy wind earlier this week? A Columbus house we have in contract suffered significant roof damage during the storm. So we asked HUD to increase their repair escrow and cover the additional expenses. The request was granted, which shows that HUD is pretty motivated and wants to get contracts closed.
Here are 4 Boomerang Homes we previously featured on this blog.
4 Unit Brick Building on 2903 E 9th Ave., Columbus, OH
price reducted, now listed at 60% of appraised value - relist: 3rd time
Golf Course Home in Hilliard, 3262 Andrew James Drive, Hilliard, OH
price reduced 10%, now asking 75% of comparable sales, relist: 2nd time
Split-level home on East Side, 5640 Oakmont Drive, Columbus, OH
same price, great value, relist: 2nd time
Freestanding condo, 3889 SHANNON GREEN DR, Canal Winchester, OH
all appliances, relist: 2nd time
Re-listed Columbus HUD Homes are available for owner occupants only for the first 5 days, then bidding opens up to all investors. Call or email to make an offer!
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 http://ColumbusOhioHUDHomes.com
Listing Statistics for 2/13/09
Total homes available: 104 (last week: 116)
Owner occupants: 61
All bidders: 43
New listings: 16
Price reduced: 45
Median Price: $65,850
Average Price: $72,749
Highest Price: $197,000
Lowest Price: $8,000
Homes less than $50,001: 41 (last week: 44)
Between $50,001 & $100,000: 41 (last week: 44)
More than $100,000: 22 (last week: 28)
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 - http://ColumbusOhioHUDHomes.com
Yesterday I told you about this condo in Westerville:
HUD OWNED CONDO IN WESTERVILLE!
Case Number 413-409446
It had been in contract twice, and the contract fell through both times. Well, its' in contract again, and let's hope the 3rd time is the charm!
Here are the facts:
RE-LISTED AGAIN! NOW ONLY $72,000
APPRAISED AS-IS: $90,000
Offer Accepted on 02/11/09: $70,000
Net to HUD $67,200 = 75% of as-is appraised value
This lucky owner-occupant got a great deal on a condo that is almost in move-in condition!
To read more about bidding on HUD Homes or see pictures of featured HUD Listings, please visit my blog http://ColumbusOhioHUDHomes.com
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
Understanding HUD's Lead Based Paint Report
We explained HUD's property inspection report in an earlier post. You may have seen that in addition to the condition report, some Columbus HUD homes have been inspected for lead based paint and a Lead Paint Disclosure (LBP) Report is available.
So, which Columbus houses DO get inspected? Each HUD house built before 1959 gets a LBP inspection and the results are disclosed in a LBP Addendum posted with the listing on our website. This is one of the addenda that must be signed and included in your complete and correct Contract Package.
Each Columbus HUD house built between 1960 and 1978 will have a LBP inspection report ordered only if the buyer chooses FHA financing. Disclosure of LBP conditions will be forthcoming usually within 2 weeks.
In certain cases HUD is required by law to mitigate or stabilize lead-based paint prior to closing. This will most likely delay the closing of the transaction. But buyers do not pay any extension fees. HUD will obtain a LBP Clearance Certificate and provide it to the Buyers. This requirement applies when the following conditions occur:
If the Buyers are using Columbus Loans with FHA 203k financing, the renovations must include mitigation or stabilization of the LBP, and HUD will credit to the Buyers a certain amount toward the costs. See the listing for the specific amount. Maximum amount of the credit from HUD is 10% of sales price.
Want to read more about Columbus HUD Homes? Visit my HUD blog http://ColumbusOhioHUDHomes.com
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
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