Columbus real estate is full of surprises. Every so often you find homes for sale that are listed far below their real value and you wonder, if the real estate agent who listed the property or the seller made an error.
Today I found one of these homes. It appears that HUD committed a blunder when they listed this property. I believe it is $100K below market value.
When this happens, you, the buyer, could win the jackpot. On these rare occasions you can get a HUD house literally for pennies on the dollars. I always report on these homes for sale, when they pop up, and readers of my newsletter are the first to know.
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Here are two examples of erroneous listings I discovered last year:
- A 6 year old Grove City condo was listed for $6,000 instead of $60,000. Obviously, they missed a “0″ in the list price. There were many bids on this Columbus condo. At the end, the successful buyer got it for $30K – around 50% of market value.
- A German Village duplex, that was previously converted into 2 separate condos, got listed for the price of just one of the units. It sold for list price, but the second unit was included for free – a $100,000 gain for the buyer.
Here’s the house I found today. It may be your once-in-a-year opportunity to buy a house for sale at a substantial discount. This HUD home has been appraised for $40,000. But it’s located in a $140K subdivision.
I have not seen the inside. It is not my listing. However, it is FHA insured, so I expect that it’s in decent condition.
The $100K discount may be a typo. Someone must have missed the “1″ in front of the 40,000. Their loss – your gain.
6827 Magdalena Ln, Canal Winchester OH
Asking Price: $40,000
Comparable Sales: $140,000
Year Built: 2001
Sq Footage: 1,574
Bedrooms: 3
Bathrooms 2/1
Category: Insured w/Escrow
Repairs: $1,100
Schools: Canal Winchester
Deadline: 12/1/2011
Eligible: owner occupants
You probably wonder how you can find these deals.
They are very hard to find!
My best recommendation is that you let me know what deals you are looking for. I watch the market every day, and I will call you when an opportunity like this appears.
Opportunities like this are VERY RARE!
Call me today (614) 975-9650 or subscribe to our email newsletter!
About the Author
Susanne has sold more than 200 homes in 2011 and is consistently ranked among the top 1% of real estate agents in Central Ohio. Connect with her on Google+ or call her at (614) 975-9650.
{ 1 comment… read it below or add one }
Hi Susan –
I’m a investor in Columbus area, in the past I have had success with homes that HUD has re-listed, can you aleart me if you see any HUD homes that have been re-listed with HUD?
As a investor (buy-remodel-sell), I noticed that HUD is more flexable on their price, sometimes they accept offers at 50% or less the listed price for re-lists.
I’m looking to buy sell 4-5 houses next year, and look forward to working with you.
If you have any questions, please give me a call 724-713-1878.
Thanks for your help
Ed