HUD Properties
What is a HUD Home?
A HUD home is a 1 to 4 unit residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage. HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim.
Who can buy a HUD Home?
Almost anyone! If you have the cash or can qualify for a loan (subject to certain restrictions) you may buy a HUD Home. HUD Homes are initially offered to owner-occupant purchasers (people who are buying the home as their primary residence). Following the priority period for owner occupants, unsold properties are available to all buyers, including investors.
Understanding the listing
General Information About Each Property Listing
- HUD Homes are sold without warranty or "as is." No guaranties or warranties are made as available properties are in a variety of conditions and the buyer is agreeing to purchase the property in its existing condition.
- Because HUD homes are sold "as is," buyers are strongly encouraged to get a home inspection by a qualified home inspection company to evaluate the condition of the - You may search based on specific criteria such as City, County, Property Address, Zip Code, Price Range, and/or FHA Case Number.
- Properties are listed at Fair Market Value based on the determination of a licensed FHA appraiser.
Property Listing Codes
IN - Insured: These properties are eligible for FHA financing under Section 203(b) of the National Housing Act Program. The purchaser works with an FHA lender to negotiate the loan terms and interest rate. The mortgage may also include mortgage insurance.
IE - Insured with Escrow Repairs: These properties need certain repairs or improvements which are required to meet Minimum Property Standards for an FHA mortgage. These repairs cannot exceed $5,000. These properties can qualify for FHA Section 203(b) mortgages if the purchaser and lender establish a repair escrow at closing which requires the completion of repairs within 90 days of the closing. Otherwise, purchasers of these properties have the option to purchase the properties "as-is" with cash or conventional financing.
UI - Uninsured: These properties need certain repairs or improvements which are required to be repaired to be eligible for an FHA 203(k) rehabilitation mortgage. These repairs exceed $5,000. These properties can qualify for FHA Section 203(k) mortgages if the purchaser and lender establish a repair escrow at closing which requires the completion of repairs within 90 days of the closing. Otherwise, purchasers of these properties have the option to purchase the properties "as-is" with cash or conventional financing.
Each Property Will Contain the Following Information
1. FHA Case Number
2. Address & Zip Code
3. List Price
4. FHA "AS-IS" Appraised Value and appraisal date
5. Year Built (Note: For properties built prior to 1978, a lead based paint addendum will be required to be submitted with sales package)
6. Square Footage of the property
7. Number of bedrooms and bathrooms
8. Listing Date
9. Status of property for bidders (i.e. Owner-occupant period or open to all bidders)
10. Deadline for bids last day by 11:59pm
11. Escrow Amount: if property is listed as insured with escrow repairs then this is the amount of the repair escrow. This amount includes the 10% contingency.
12. Lead based paint addendum for properties built prior to 1978
13. Copy of Property Condition Report
14. Notes about property
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306 Linden Cir
Pickerington, OH 43147 |
| $215,000 |
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687 Manchester Cir
Pickerington, OH 43147 |
| $211,000 |
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1400 SUMMIT ST
Columbus, OH 43201 |
| $174,000 |
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124 Acton Ct.
Delaware, OH 43015 |
| $173,000 |
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455 Pruden Dr
Pickerington, OH 43147 |
| $162,000 |
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2515 MARA DR
Columbus, OH 43224 |
| $155,000 |
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2371 FEATHERWOOD DR
Columbus, OH 43228 |
| $150,775 |
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13131 WALSHIRE DR N
Columbus, OH 43232 |
| $143,375 |
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1313 WALSHIRE DR N
Columbus, OH 43232 |
| $143,375 |
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3928 Liriope St
Canal Winchester, OH 43110 |
| $142,000 |
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