How Many Columbus HUD Homes Can I Bid on? How Many Can I Purchase?
The answers will be different for owner occupants, buyers who are going to LIVE in the property, versus Investors, who will RENT or re-SELL the property.
Owner Occupants
You are bidding on a Columbus HUD home with the intent to make this your primary residence. Obviously, you can only live in ONE house at any given time; therefore, you can only purchase one property. However, you ARE ALLOWED TO BID ON MULTIPLE HUD HOUSES SIMULTANEOUSLY, and you only need to provide your HUD registered Columbus realtor with one earnest money deposit check. In the event that you offered the highest net acceptable bid on two or more properties, NHMS will select which property you will be given the opportunity to purchase. You will NOT be given an opportunity to choose, HUD is assuming that you'd be happy with either one house you placed a bid on.
As an Owner Occupant you are required to live in the property for ONE year, before you can rent or sell it. You may purchase another HUD house 2 years after you bought the previous one.
Investors
As an Investor you are allowed to purchase two or more HUD homes at any given time. You must supply your HUD registered bidding agent with a separate Contract Package and a separate earnest money deposit for each bid. If an Investor offers the highest net acceptable bid on two or more properties, National Home Management Solutions will expect him or her to purchase all of them, or forfeit to HUD the earnest money deposits on the ones not purchased. There is no limit on how many Columbus houses an investor is allowed to purchase from HUD.
Please contact me if you have any questions or want to place a bid on a HUD property!
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
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