Columbus real estate is full of surprises. Every so often you find homes for sale that are listed far below their real value and you wonder, if the real estate agent who listed the property or the seller made an error.

Today I found one of these homes. It appears that HUD committed a blunder when they listed this property. I believe it is $100K below market value.

Discount of a Lifetime

When this happens, you, the buyer, could win the jackpot. On these rare occasions you can get a HUD house literally for pennies on the dollars. I always report on these homes for sale, when they pop up, and readers of my newsletter are the first to know.

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Here are two examples of erroneous listings I discovered last year:

  • A 6 year old Grove City condo was listed for $6,000 instead of $60,000. Obviously, they missed a “0” in the list price. There were many bids on this Columbus condo. At the end, the successful buyer got it for $30K – around 50% of market value.
  • A German Village duplex, that was previously converted into 2 separate condos, got listed for the price of just one of the units.  It sold for list price, but the second unit was included for free – a $100,000 gain for the buyer.

HUD Homes

Here’s the house I found today. It may be your once-in-a-year opportunity to buy a house for sale at a substantial discount. This HUD home has been appraised for $40,000. But it’s located in a $140K subdivision.

I have not seen the inside. It is not my listing. However, it is FHA insured, so I expect that it’s in decent condition.

The $100K discount may be a typo. Someone must have missed the “1” in front of the 40,000. Their loss – your gain.

6827 Magdalena Ln, Canal Winchester OH
Asking Price: $40,000
Comparable Sales: $140,000

Year Built: 2001
Sq Footage: 1,574
Bedrooms: 3
Bathrooms 2/1

Category: Insured w/Escrow
Repairs: $1,100
Schools: Canal Winchester
Deadline: 12/1/2011
Eligible: owner occupants

You probably wonder how you can find these deals.

They are very hard to find!

My best recommendation is that you let me know what deals you are looking for. I watch the market every day, and I will call you when an opportunity like this appears.

Opportunities like this are VERY RARE!

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