As one of the most affluent suburbs in Central Ohio, Dublin is not known for its REOs. Actually, foreclosure properties are rare in Dublin, although the City had its share of short sales and home owner defaults.
In this article we want to specifically target “government owned” REOs. They include HUD homes, as well as Fannie Mae and Freddie Mac owned properties.
More On Government Housing
These homes are actually owned by different government controlled entities. And they came into the possession of our government due to loan guarantees made to banks, who wrote mortgages on these homes that later went into foreclosure.
In general, government owned homes are easier to buy than conventional sales and regular bank-owned REOs. They are mostly in good condition and many prospective home buyers believe that they can be purchased at a steep discount.
Where Can You Find Government Owned REOs in Dublin?
At the beginning of 2013 the inventory of homes for sale in Dublin is at a 10 year low. Buyer demand has steadily increased in 2012 which resulted in an 8% price gain for Dublin real estate over the past 12 months. It comes as no surprise that government owned homes fly off the shelves. They sell quickly and often for more than asking price.
Let’s have a look at the current inventory of government owned homes for sale in Dublin.
The inventory is very small! There are only 9 homes for sale in total, 2 HUD homes, 5 Fannie Mae homes and 2 Freddie Mac Homes. When you read this article they may already be in contract or sold.
 |
HUD 5570 Middle Falls St Dublin, OH, 43016 |
$110,000
2BR 2/1BA 1,632 sqft |
 |
HUD 2965 Charmwood Ct Dublin, OH, 43017 |
$105,300
2BR 1/1BA 948 sqft |
 |
Fannie Mae 7766 Jaymes St Dublin, OH 43017 |
$194,900
3BR 4BA 2,027 sqft |
 |
Fannie Mae 5020 Ivyvine Blvd Dublin, OH 43016 |
$115,900
2BR 2BA 1,286 sqft |
 |
Fannie Mae 5820 Kilbannan Ct Dublin, OH 43017 |
$279,900
3BR 3BA 2,842 sqft |
 |
Fannie Mae 5567 Caplestone Ln Dublin, OH 43017 |
$307,900
4BR 3BA 3,163 sqft |
 |
Fannie Mae 6827 Park Mill Dr Dublin, OH 43016 |
$353,900
4BR 4BA 3,560 sqft |
 |
Freddie Mac 2203 Olde Sawmill Blvd Dublin, OH 43016 |
$232,900
6BR 3BA 2,480 sqft |
 |
Freddie Mac 6277 Craughwell Ln Dublin, OH 43017 |
$109,900
2BR 2BA 1,104 sqft |
HUD in Dublin
That’s all there is in Dublin. To search for more homes in Columbus or all over the country, you can use their respective websites:
- HUD Homes www.hudhomestore.com
- Fannie Mae Homes www.homepath.com
- Freddie Mac Homes www.homesteps.com
The 3 websites are very user friendly. You can search homes by different criteria, such as price, number of bed and bathrooms, zip-code, location and more.
You can even search homes all over the country. So, if you plan to relocate to another city or buy a second home in another state, you may be able to find a good government home deal on these webpages.
Are Government Homes in Dublin Good Deals?
I have found that many home buyers perceive government REOs as good deals without really checking comparable sales. Many follow the myth that if it is a HUD or Fannie Mae or Freddie Mac home for sale, it must be a good deal.
Unfortunately, this is not the case. I strongly recommend that you and your agent check comparable sales and the condition of the property to evaluate, if you can really buy it at a discount.
We have found that, in average, HUD homes all over Central Ohio sell for approximately 70% of their true market value.
That’s quite a good discount. However, it also includes homes that are un-insurable and in terrible condition with a need for major repairs.
In the suburbs you are usually not that lucky. Although REOs sell at a discount, quite a few sell above list price. With more competition in 2013, the situation will deteriorate for buyers.
Government REO Examples
Here are a few examples of recent government REO sales in Dublin:
You can see that discounts of Dublin REOs are usually less than 20%.
Properties listed way below market value, such as the house on Glassford, usually attract more bidders, foster competition and drive up the price. This property sold for $30,000 above list price in just 7 days.
The house on Grange Hill on the other hand was listed for too much. That’s why it sat on the market for half a year, before it was sold at a 20% discount from market value.
How To Submit Offers?
You have to be represented by a real estate agent in order to submit bids on any government REO. They typically follow specific procedures and require special paperwork. Real estate agents have to be registered to bid on these homes. And not all lenders are qualified to finance these deals.
I can represent you on any government REO purchase.
In the past 2 years I have sold more than 200 HUD homes as well as a good number of Fannie Mae and Freddie Mac properties. I strongly recommend you work with a Realtor that has experience with these transactions, to guarantee a smooth purchase.
I can help you find a great deal, even in a sellers market, like we are heading into in Dublin.
Call me to see any property listed for sale and ask me all of your purchasing questions.