HUD Housing Las Vegas

Welcome to the Ratliff/Pittenger Real Estate Group HUD Homes page. The best resource for HUD Homes Las Vegas information is www.hud.gov. This is a quick primer on how HUD Homes Las Vegas works. This information was taken directly from the HUD Homes Las Vegas website (which is comprehensive and easy to navigate as well). An important thing for you to know is that Ratliff/Pittenger Real Estate Group is a “HUD Homes Las Vegas Participating” real estate team that is fully qualified to assist you in making a HUD Homes Las Vegas purchase.

What is a HUD Homes Las Vegas

When someone with a HUD Homes Las Vegas insured mortgage can’t meet the payments, the lender forecloses on the home; HUD Homes Las Vegas pays the lender what is owed; and HUD Homes Las Vegas takes ownership of the home. Then HUD Homes Las Vegas sells the home at market value as quickly as possible.

Who can buy a HUD Homes Las Vegas?

Anyone! If you have the cash or can qualify for a mortgage, you can buy a HUD Homes Las Vegas. HUD Homes Las Vegas employees and relatives of HUD employees are eligible, but must receive written approval from the Director of HUD’s Office of Single Family Asset Management in order to purchase a HUD-owned single family property.

Is it true I can get a HUD Homes Las Vegas for a dollar?

No. HUD sells homes at market value – that means that the price is set based on the price of similar homes sold in the area.

If the HUD Home needs repairs, will HUD make them?

HUD Homes are sold “as-is,” without warranty.
That means that HUD will not pay to correct any problems. But even if a HUD Home needs fixing up – and not all of them do – it can be a real bargain! For example, HUD’s asking price on the home will reflect the fact that the buyer will have to invest money to make improvements. HUD might offer special incentives such as an allowance to upgrade the property, a moving expense allowance, or a bonus for closing the sale early. And keep in mind that on most sales, the buyer can request HUD to pay all or a portion of the financing and closing costs. Your real estate agent will have details. We encourage you to get the home professionally inspected before you make an offer so you will know what repairs you may have to make BEFORE you submit your bid.

How do I buy a HUD Homes Las Vegas?

Start by finding a participating HUD Homes Las Vegas real estate agent.

Normally, HUD Homes are sold in an “Offer Period.” At the end of the Offer Period, all offers are opened and, basically, the highest reasonable bid is accepted. If the home isn’t sold in the initial Offer Period, you can submit a bid until the home is sold.

Bids can be submitted any day of the week, including weekends and holidays. They will be opened the next business day. If your bid is acceptable to HUD, your real estate agent will be notified, usually within 48 hours.

If my bid is accepted, then what happens?

We will help you through the paperwork process. You’ll be given a settlement date, normally within 30-60 days, by which you need to arrange financing and close the sale, or forfeit your earnest money deposit, or pay for an extension of your sales contract. HUD Homes Las Vegas has an excellent booklet to help you understand the settlement process: “Buying Your Home – Settlement Costs and Helpful Information.

How can I find out what HUD Homes Las Vegas are for sale?

Right on the HUD website! HUD updates the list of HUD Homes for sale in Las Vegas every day. If you see one that interests you, contact us and we will be happy to show it to you!

How can I get a loan to buy a HUD Homes Las Vegas?

HUD Homes Las Vegas doesn’t make loans directly. But HUD Homes Las Vegas does have a number of mortgage loan programs that could help you buy a home. You can read about those programs on the HUD website. Then contact a HUD Homes Las Vegas approved lender, who will take you through the steps and actually make the loan.

Can I buy a HUD Homes Las Vegas as an investment?

Most HUD Homes Las Vegas are initially offered on a priority basis to owner occupant purchasers (people who are buying the home as their primary residence). Following the priority period, unsold properties are then available to all buyers, including investors.