Here is an update on 3262 Andrew James Dr. Potential buyers always ask: "How Low Can we Go?"
Nice homes in very good condition usually sell for asking price or even a little bit above. One of our featured HUD properties in Hilliard went above asking price: 3262 Andrew James Dr, Hilliard OH 43026. Case number 413-444295.
The property was appraised on 12/11/08 for $160,000. It was listed for sale on 1/2/09 and sold on 1/12/09 for $170,505 with a net to HUD for $163,390.
Why would somebody offer MORE than asking price you might wonder? Well, in this particular case, similar properties in the same subdivision sold for around $200,000. HUD offered it for significantly less. The lucky bidder got a really nice property for a great discount, even though he/she offered more than list price. So, if you really, REALLY want a specific HUD home and it appears to be a "deal" you may want to consider offering more to increase your chances of being the winning bidder.
Properties that need work or have been relisted usually can be purchased at nice discounts. HUD does not publish their acceptance guidelines. I will keep tracking so I can advise my clients better.
Thanks for reading our Columbus HUD Homes Blog
Posted by: Susanne Novak, ABR, FIS, GRI
Specializing in HUD Homes, Shortsales, Investment Real Estate