Susanne Novak, ABR, FIS, GRI - HUD, REO & Investment Specialist

Listing Statistics

Total homes available: 49 (last week: 58)

Owner occupants: 42
All bidders: 7
New listings: 17
Sunday deadline: 15
Relisted/Price reduced: 10

Median Price: $61,200 (last week: $72,500)
Average Price: $68,622 (last week: $71,572)
Highest: $179,000
Lowest: $14,000

Homes less than $50,001: 21 (last week: 22)
Between $50,001 & $100,000: 17 (last week: 22)
More than $100,000: 11 (last week: 14)

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

Surprising Bidding Stats for August Columbus HUD Homes Sales

I am just putting the final touches on the August HUD Homes Report. I included even more charts and statistics than in previous months. This report is free to all our subscribers. It contains exclusive information and original analysis you won't find anywhere else! So, enter your email in the box at the bottom or visit http://ColumbusOhioHUDHomes.com

Here are some of the surprising results we found:

• Grove City is leading with the number of Columbus HUD Homes sold (9). That's not really new, but would you have guessed that Reynoldsburg comes in as a close second with 8 homes?
• HUD homes in Marysville and Westerville are tied for the highest average purchase price of around $155K. This is double the average sales price of Columbus houses in Delaware, Galloway and Newark.
• The average purchase price of FHA Insurable HUD Homes is three (3) times that of Uninsured properties.

Finally, here's a sample of the types of graphics you'll find in the report: It shows that relisted homes that just became available to all bidders after 5 days (days on market DOM 6-9) sell for 25% above their appraised value, while properties listed for more than 10 days (DOM > 10) sell for 20% below appraised value.

This is surprising, but it's true. I am sure you will understand these numbers better, if you see all related details. You can read these details and more in our Special HUD Homes Report!

Subscribers to our email newsletter will automatically receive this report. Anybody can join our list for free! Just click on the blue button below each post or enter your email in the box below!

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

Property Condition Report for a Columbus HUD Homes not Good Enough for the FHA Underwriters!

Here's a quick HUD home buyer tip, that will be helpful for those of you who want to get FHA financing. Many HUD homes are listed as insured with a repair escrow. This means that the home needs some minor repairs, typically less than $5,000, to bring it up to FHA standards.

We noticed that the bank's underwriters are very picky when it comes to these repairs. Often they will require more repairs than noted in the HUD property condition report.

Here's an example of a new listing that may cause some financing problems. This Grove City home at 1473 Lewes Castle Drive looks very nice from the outside. It was only built in 2007. However, if you read the property condition report you will find that it comes without a kitchen (page 6). This certainly will not meet FHA requirements and may not qualify for a simple repair allowance.

Lately, what my buyers have experiened is that the local FHA underwriters want ALL CONDITIONS REMEDIED that are noted in the appraisal. Even if the property condition is average or better than average. This includes cosmetics such as dirty walls or stained carpet as well as getting leaky faucets fixed, installing light fixtures or interior doors. What we then have to do is obtain contractor's quotes and submit them to the underwriters. Based on these quotes, the repair escrow has to be adjusted.

What if the property has more serious issues, for example a roof leak or mold? In such cases the repair quotes easily can exceed the $5,000 allowance. Instead of a regular FHA 203(b) loan the borrower has to switch to a more costly FHA 203 (k) Streamline mortgage.

If you have any doubts or questions about HUD listings and whether a particular property would qualify for FHA financing, simply give me a call at (614) 975-9650. I am glad to help you read the property condition report and find out any deficiencies the property may have.

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

NHMS is Trying to Catch Up With HUD Homes Listings

I have good news for you: HUD just listed 22 new Columbus houses. You will have a great selection of homes, if you plan to go house hunting over the Labor Day weekend.

The other good news is that the bidding deadline for Columbus HUD Homes listed last week is Monday at midnight, not Sunday, because of the holiday. That gives you one more day to make up your mind.

Listing Statistics

Total homes available: 50 (last week: 43)

Owner occupants: 40
All bidders: 6
New listings: 22
Monday deadline: 12
Relisted/Price reduced: 6

Median Price: $67,500 (last week: $55,000)
Average Price: $69,206 (last week: $67,742)
Highest: $187,000
Lowest: $14,000

Homes less than $50,001: 20 (last week: 20)
Between $50,001 & $100,000: 20 (last week: 16)
More than $100,000: 10 (last week: 7)

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

Good News for FHA Borrowers Buying Ohio HUD Homes

We just received this new announcement from HUD: Buyers who want to purchase an Ohio HUD home using the $100 down FHA program may now bid ABOVE the HUD as-is appraised value and get a second appraisal to justify the higher value. Initially, HUD insisted on lenders using their existing appraisal. This created problems for buyers who offered more than the HUD appraisal, as they had to pay the difference to the contract amount in cash.

Here is the news release from HUD:

UPDATE OHIO $100 DOWN PAYMENT INCENTIVE PROGRAM FOR FHA FINANCING

8/20/09: The $100 down payment financing is available on most properties through FHA approved lenders. Please note that the $100 down offer applies if the purchase price is over $25,000 and is less than or equal to the appraised value of the property. If the purchase price is greater than the appraised value, the purchaser may obtain a new FHA appraisal to support the higher mortgage amount or must pay cash in the amount of the difference between the appraisal and the purchase price less $100. For a copy of the flyer please click here . Buyer is responsible to secure an approved lender who will accept a new appraisal.

Please Note: Not all lenders offer the $100 down FHA program, and not all lenders will allow you to order a second appraisal. BEFORE you submit a bid above HUD's as-is value, you should confirm with your preferred lender, that they will order a new appraisal!

I am working with a HUD approved lender who will offer both, the $100 down FHA program and the second appraisal. Call me for details!

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