HUD Archives

FREE- Columbus Home Buying Workshop

Posted by Mike Parsons
August 29, 2007 at 08:09 PM

9/15/07-We will be hosting a FREE Home Buying Seminar for first time buyers. We thought we would do this class to help first time buyers feel more comfortable going through the home buying process. Often, buyers haven't done the necessary research and aren't prepared for their home purchase. This course is designed for those that hope to buy within the next year, but maybe not tomorrow. It is intended to give home buyers the basics so that everything isn't thrown at them all at once when the time comes to buy. This discussion is intended to disregard the hype and talk about the real issues that are important first time buyers. Subjects that we will talk about are:

1. Typical Steps in a Real Estate Purchase including financing, home search, making and negotiating an offer, to inspections, insurance for your home, and closing on your home.
2. How do I apply for a mortgage loan? What things do I need to be aware of when applying for a mortgage?
3. The biggest mistakes first time homebuyers make in Columbus, OH.

We will have an open forum for any questions big and small after the presentation.

The Free Homebuying Seminar will be held at Park National Bank located 7140 N. High St. Worthington, OH 43085 (Just South of 270 on the corner of Wilson Bridge and High). It will begin at 10am and will go unitl approx. noon depending upon the amount of questions. Light refreshments will be provided. Please call or email to register your seat. 614-523-6818. RSVP is required.
9/15/2007 at 10AM Park National Bank Worthington, OH 43085 614-523-6818 or email mike@parsonsrealestategroup.com to register now!

HUD Homes Relisted-Back again

Posted by Mike Parsons
July 05, 2007 at 09:07 PM

In case anyone was wondering where HUD properties had gone they are back. Due to a change in the national management company they have been on hold until the new system was up and running. The new website to view HUD homes is http://www.clfres.com. For whatever reason, there has been a trend in all foreclosure resales to price them pretty close to market value. HUD is no exception. The appraised value in relationship to the retail value of these homes have seemed go up across the board while house values in general have declined or slowed across the board. Apparently there are enough nit wits out there buying homes that need $30,000 worth of work for $10,000 under retail value. Doesn't make since.

Some other changes include a slightly shorter closing time allowance, from 60 days to 45 days. Also, there is now an actual written inspection contingency in the contract where before you where buying on faith. There are still some good deals out there for the buyer who is not afraid to pull the trigger. If anyone has any HUD questions feel free to write or call and I will be glad to help!

HUD Foreclosures in Columbus - Prices Less Tempting

Posted by Mike Parsons
April 22, 2007 at 10:43 AM

I have seen a tightening of the HUD home marketplace here in Columbus. HUD home list prices seem to be priced higher and closer to their fixed up, retail value than they have been over the last couple years making them less appealing to buyers. HUDs Columbus home inventory is currently around 250 homes where in the past there were probably 80. I attribute this to more foreclosures, a slightly slower marketplace, a slowing of appreciation, but mostly to a more aggressive pricing strategy that HUD has employed over the past year. Homes in good areas that once were gone in the first week bidding period are now sitting for 30 days.

HUD Foreclosures

Posted by Mike Parsons
July 24, 2006 at 11:12 AM

The Dept. of Housing and Urban Development (HUD), guarantees no/low down payment loans for banks. Meaning if an FHA loan is foreclosed upon, HUD protects the bank by buying the foreclosed property and taking the loss the bank would have incurred.

I like HUD’s better than most foreclosures because you tend to see a better profit margin between the asking price and the potential fixed-up value. I have purchased a few HUD’s over the years for myself and with clients. Sometimes the newer properties don’t need that much work, other times homes need 10’s of thousands of dollars put into them. One of the reasons you can find a better deal with HUD’s is that they give preference for the first 10 days the property is listed, to owner-occupant buyers (buyers that will live in the home for at least 1 year). This allows the savvy buyer to avoid the competition of the investors that buy 90% of all foreclosures.

Continue reading HUD Foreclosures »

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