HUD Homes for Sale in Las Vegas
This page discusses HUD Homes for Sale in Las Vegas.
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What are HUD Homes in Las Vegas?
The U.S. Government Department of Housing and Urban Development (HUD) has foreclosures for sale in Las Vegas. When you buy HUD foreclosure properties the process is different than buying a bank foreclosure property.
What is a HUD Home?
HUD Homes for Sale in Las Vegas are a type of foreclosure. The Federal Housing Administration (FHA), which is an agency of HUD, provides federal mortgage insurance. If a home in foreclosure had a loan insured by the FHA, that lender will file a claim for the balance due on the loan. FHA then pays the lender's claim. After the lender is paid they transfer ownership of the property to HUD, which then markets and sells the home.
Are HUD homes good deals?
HUD homes in Las Vegas are appraised by a local appraiser, then they are priced at a "fair market value". A home in need of repairs can have its price lowered if it needs a lot of work done. This pricing policy means that HUD Homes are not usually the best deals in Las Vegas and they are sold as-is. On the other hand, some of the deals are pretty good and there are special low cost investor loan programs that you can use to buy the HUD Homes for sale. Call us at (800) 801-1375 for Lenders and Agents that are familliar with these investor programs -or- use the form below to ask for a referral.
How do I find a HUD home Agent?
When buying a HUD Home you must use an approved Agent and bid on the property. You will also need a home inspection to help you decide how much to bid. We know great agents and home inspectors in Las Vegas that are familiar with HUD foreclosures, are HUD Approved and can help you navigate the extra steps in the process. Call us at (800) 801-1375 for a referral -or- fill out the form below.
How long does it take to buy a HUD home for sale?
If your bid is accepted by HUD your agent will be notified within a day or two and you will be given a settlement date. Transactions are usually completed 30-90 days from the date of offer acceptance.
Cal us at (800) 801-1375 for more information -or- use the form below to contact us.