New HUD Listings Rules Will Limit Investor Selection

We are in the middle of the transition. Most things you know about buying HUD homes will change. The transition will be smooth, but have a serious impact on investors!

HUD's new Asset Managers will begin taking over listings next week. By the middle of October the transition should be completed.

The new federal listing website will be HUDHomestore.com. They already started uploading HUD listings. It's still early and you won't find complete information there, yet. This website will replace the NHMSI listing portal.

There is one significant change for investors I need to mention today. In the future new HUD listings that are FHA insurable (IN) or insurable with repair escrow (IE) will be exclusively available to owner occupants for the first 30 days.

FHA Uninsurable HUD homes (UI) will only have a 5 day exclusive period for owner occupants.

This means that investors will be locked out of the newer, suburban HUD homes for a full month!

Investors can still bid on the HUD homes in today's Bargain Hunter List. The new rules will probably take effect next week. Do not delay and grab one of the 119 bargain homes today.

Summary of Bargains

HUD Homes available to all bidders: 119 (last week: 120)
Boomerang homes (relists from Fri): 19 (last week: 17)

How Much Did Featured HUD Homes Sell For?

3348 Yozuri Dr, Columbus OH
4BR/3.0 BA 1,948 sqft Asking $77,000
Offer accepted on 09/07/10 for $77,025

6141 Braet Rd, Westerville OH
3BR/3.0BA 1,892 sqft Asking $150,000
Offer accepted on 09/07/10 for $117,000

3089 Bembridge Rd, Upper Arlington OH
3BR/2.5BA 1,623 sqft Asking $157,500
Offer accepted on 09/08/10 for $161,312

Call me at (614) 975-9650 to submit your offers!

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    www.ColumbusOhioHUDHomes.com