Exclusive HUD Foreclosure Homes for Sale Information
This is a quick primer on how HUD Homes Las Vegas works. This information was taken directly from the HUD Housing Las Vegas website (which is comprehensive and easy to navigate as well).
An important thing for you to know is that Ratliff Realty Group with RE/MAX Las Vegas is a “HUD Homes Las Vegas Participating” real estate team that is fully qualified to assist you in making a Government Owned Houses purchase.
- 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.
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.
Home needs repairs, will make them?
HUD Housing Las Vegas 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.
Foreclosure Homes for Sale 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 Government Owned Houses 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.
- Start by finding a participating HUD Homes Las Vegas real estate agent.
- Normally, Government Owned Houses 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.
Foreclosure Homes for Sale has an excellent booklet to help you understand the settlement process: “Buying Your Home – Settlement Costs and Helpful Information.
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!
HUD Homes Las Vegas doesn’t make loans directly. Government Owned Houses 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 as an investment?
Most HUD Housing 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.