Foreclosure, HUD & Short Sales

Columbus is not unlike other cities across the country; we have our fair share of short sales, HUD, Foreclosure and distressed properties. If you are unfamiliar with these transactions, let me give you a brief description of each.

Foreclosures: These properties are owned by banks or asset management companies. These properties are typically SOLD 100% “AS-IS” and you work directly with the bank or asset management company. The seller makes no disclosure about the current or previous condition of the property. As a buyer, you will rely on the results of your home inspection to give you a better understanding of the condition of the property.

HUD Owned Homes: These properties are owned by the government or a government regulated organization. Like foreclosures, these properties are SOLD 100% “AS-IS” and the seller makes no disclosure. HUD properties are released to the market and are SOLD in a silent auction format. The process to purchase a HUD home is complex and unlike any other transaction.

Short Sale: Don’t let the name fool you, Short Sales are NOT short. These transactions can be lengthy and complex. When a seller markets their property as a short sale, they are experiencing some form of distress. Whether they have lost significant value in their home, lost their job or for other various reasons cannot sell their home for what they owe their mortgage company or other creditors. The seller must negotiate with their creditors to allow them to sell their property “Short” of what they actually owe. Without permission from their creditors, the seller cannot move forward with the sale. These transactions are time consuming and tedious, but with patience and the right team they can be great investments.

As you can see, there are many nuances to these transactions. They are not to be feared, but as a buyer, you need to work with a professional who understands the complexities of these transactions. My team and I have helped many families successfully purchase distressed properties. Let us help you!  Contact Us if you have further questions or would like to receive an updated list of Foreclosure, HUD or Short Sale Properties.