Great HUD Homes Selection Prompts 5 Reviews
I usually preview 3 Columbus HUD Homes for our readers, however, since this week has such a great selection of new HUD listings, I just could not contain myself. I went out on Friday, before the rain started, and visited 5 new Columbus HUD homes for you.
Click on the addresses to see 18 pictures and a video link for each property. Nobody in Columbus has consistently delivered more information on HUD homes for sale than this website! Tell your friends - now is the best time to buy a HUD home.
Here are my 5 featured Columbus HUD Homes:
863 Fortunegate Dr, Westerville, OH
3BR/2.5BA 1,576 sqft Asking $112,000
7800 Jefferson Run, Blacklick, OH
2BR/2.5BA 1,211 sqft Asking $90,000
1293 Hickory Valley Dr, Blacklick, OH
4BR/2.5BA 2,031 sqft Asking $150,000
7844 Katies Way Ln, Worthington, OH
4BR/2.5BA 2,031 sqft Asking $150,000
2972 Splitrock Rd, Hilliard, OH
4BR/2.5BA 2,031 sqft Asking $150,000
As of now, we don't know if the first time buyer's income tax credit of up to $8,000 will be extended past the 11/30/09 deadline. There is still time to close before this deadline on any of this week's listings!
Call or email me, I'd love to help you get a house and $8,000 on top of it!
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
Total homes available: 63 (last week: 49)
Owner occupants: 52
All bidders: 10
New listings: 25
Sunday deadline: 17
Relisted/Price reduced: 10
Median Price: $63,000 (last week: $61,200)
Average Price: $76,159 (last week: $68,622)
Highest: $188,000
Lowest: $5,400
Homes less than $50,001: 28 (last week: 21)
Between $50,001 & $100,000: 17 (last week: 17)
More than $100,000: 18 (last week: 11)
Grab your HUD Homes Map and plan your house hunting weekend!
Call me TODAY at 975-9650 to see the newest HUD Homes 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 http://ColumbusOhioHUDHomes.com
Why There are Hardly Any HUD Homes for Investors
Investors don't have much choice when it comes to buying Columbus HUD homes. I appears that any halfway decent house is picked up by owner occupants in the first go around, i.e. during the initial 10 days reserved for home owners. And what's left, is usually overpriced or uninsured.
You may wonder why this is the case. Why are HUD Homes selling out to owner occupants every week? And why are hardly any Columbus houses left for investors? Read on, here's my explanation:
First of all, HUD's mission is to sell to Owner Occupants. Their policies and procedures clearly favor someone who moves into the house. Owner occupants get extremely favorable financing terms ($100 down FHA loans and $2,500 toward closing costs or repairs) and an exlusive 10 day period, so they don't have to compete with investors.
Second, there is a rush to take advantage of the $8,000 first time home buyers tax credit. This means that owner occupants can get an additional 10% discount (up to $8,000), if they close before December 1, 2009. That's real cash in your pocket, which buyers can use to remodel or furnish their new house or pay other bills.
Finally, HUD homes are good qualitiy residences that you can buy at a discount. Most HUD homes are insured or insured with a repair escrow and need only cosmetic repairs. Many of these Columbus houses are in the suburbs, and only a few years old.
As an investor you may ask yourself what's your alternative? Based on my most recent experience, I can tell you that REOs (bank owned homes) are not a good choice either. Currently, it takes between 5 and 6 months for a Sheriff's deed to get recorded after the foreclosure sale. If you make an offer on a REO, you have to make sure that the deed has already been recorded. Otherwise, your patience will be put to the test and nobody will and can give you a firm date on when you can close.
If you have any questions or thoughts on this topic, please leave a comment or send me an email. I can help you find an investment property or a residence for yourself, and I will make sure you don't run into major delays.
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
Seven Columbus HUD Homes Below $20K
Written by Susanne Novak on September 18, 2009 - 8:04 am -
This week I noticed that there are more cheap HUD listings than usual. Most of these homes are on the Hilltop (west side), in Linden (north side) and on the near South Side of Columubs. A price range between $15,000 and $20,000 is typical for these parts of town. Relists sell for even less, depending on the condition of the property.
These Columbus houses will need to be fixed-up. If you are lucky, you can find one where most of the rehab has already been completed by the previous owner. Bank financing is difficult to get for these properties, especially, if you need an FHA loan. You probably need to apply for a rehab loan, such as the FHA 203k, or use a private rehab lender to fund your deal.
The property at 287 S Eureka Ave (Hilltop) looks like a good deal. It is listed for only $23K. It is insured with a repair escrow, and comes with a new, 2-car garage. Homes on the Hilltop sold for around $80K only 2 years ago.
These Columbus HUD homes are good cash buys for investors and landlords. They make great rentals. Tenants will pay between $500 and $700 a month for the typical 3 bedroom home in these areas. There is strong demand for quality rental properties, as fewer people qualify for loans.
As an owner occupant you may still qualify for the first time buyer's tax credit. For properties less than $80K you only get 10% of the purchase price. So don't count on the full $8K from the IRS to fix up your new home.
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
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