You may have heard that FHA discontinued some very valueable incentives to buy Columbus OH homes for sale owned by HUD. The $100 down-payment FHA loans and the $2,500 incentive for owner occupants are gone. Many people have asked me, if HUD homes are still good deals and worth pursuing?
In my opinion, the answer is YES!
Here are some reasons why:
HUD homes are typically offered at a steep discount compared to similar listings in the same subdivision. Even if you offer more than the asking price, most of the time you still get a terrific deal!
HUD provides detailed information about their houses in the Property Condition Report (PCR) which is published as part of the listing.
Foreclosures are common place in today’s real estate market. Just look at the Columbus MLS and you will see that out of the 14,766 Columbus OH homes for sale a full 10% (1,476) are listed as foreclosures. Foreclosures range from $1 million properties in Dublin to $5,000 houses on the Hilltop.
On Feb. 2, 2010 a NBC reporter called. He was preparing a report on HUD homes in Columbus. I showed him a couple of Columbus OH homes for sale and explained the pros and cons of buying HUD houses.
Here’s the video from the evening news:
You can learn everything about buying Columbus HUD homes at http://www.ColumbusOhioHUDHomes.com . This is the premier site for HUD homes information in Central Ohio. There you will find weekly previews of new HUD listings, maps of all Columbus HUD homes and expert advice on how to get your offer for a HUD home accepted.
Thanks for reading the OhioPrettyHomes.com Blog!
Posted by: Susanne Novak, ABR, FIS, GRI Columbus Real Estate Agent helping First Time Buyers. (614) 975-9650
“What do I need to do to buy a house?” This is the questions I get from most of my customers, when they call me the first time.
This is a very good question. It’s really hard to know all the details and steps involved in purchasing Columbus OH homes for sale, if you are not involved in real estate on a daily basis – and most of you are probably not.
I will try to summarize the home buying process in seven simple steps. This will get you started. If you have more questions – and I bet you will – then give me a call and I’ll help you along.
So, let’s get started:
Proof of Financing: This is the most important pre-requisite for buying a house. If you don’t have the money to buy or you can’t get financing there is no reason to go house hunting. Proof of funding could be in the form of a bank statement, if you have cash in the bank, or you can get a pre-approval letter from a bank or mortgage lender. If you never worked with a lender, call me first. I can refer you to a number of excellent loan officers.
Do you plan to buy a home in 2010? Did you know that there is still a great selection of Columbus OH homes for sale?
Let me explain why January is the best time of the year to buy Columbus condos or homes. If you are serious about getting into a new house in 2010, you need to start house hunting right now. Here are 5 urgent reasons why you can’t wait:
Federal home buyers tax credits will expire. In 2009 the federal government created a $8,000 (up to 10% of the purchase price) tax credit for first time buyers. It was hugely popular and created a mad rush of people buying Columbus OH homes for sale in October and November. Now the president extended the credit for half a year and, in addition, expanded it to people who owned a home for 5 years and planned to move up. You have to be in contract by April 30, 2010 to qualify. It is free money that gets refunded to you, even if you don’t owe any taxes. Warning: this will create another buying frenzy in March and April, so home prices will increase and you will face more competition than in January and February.
