Buying a HUD home in Nevada is emerging as another alternative for potentially a good bargain. The active property list as of 10-24-08 had 48 available properties including manufactured homes, condos and single family residences. There have been few HUD homes available in recent years due to the high percentage of conventional loans. With the trend in financing switching back to FHA loans (46% of all Las Vegas closings in September were FHA), expect to see the number of HUD homes available to increase.
Here is a review of the HUD Home bid process and resources:
- The local listing broker for HUD is Joe Iuliucci of Prudential Americana Group. Joe and his team ensure all the HUD listings are posted in the MLS and manage the listings for the HUD Marketing and Management Contractor Michaelson, Connor and Boul. The new list is published every Friday.
- Buyers must use a licensed real estate agent to submit HUD bids.
- HUD properties can be found in the MLS or at MCBREO.com or HUDHOMESNEVADA.com
- Real estate brokers must be registered with HUD and be issued an NAID number in order to submit valid bids. You can check to see if your NAID # is current or your broker can register at MCBREO.com.
- All HUD homes are on a Master key not on lockbox. Real estate agents can sign out a key at any Prudential Americana office or purchase a HUD key for $3 with a valid NAID # and your business card at the Prudentail Americana Southwest office - 8337 West Sunset Road, Suite 150
Las Vegas, NV 89113 Phone: (702)734- 5555 - All bids are submitted electronically directly on the MCBREO website and are considered simultaneous bids. You must have the complete contract and all disclosures completed and signed by the buyer prior to submitting the bid.
- When properties first come on the list, there is a 10 day period reserved for owner occupant offers only. Properties will open up to investors on the 11th day if there has not been an acceptable offer to HUD. Daily bids are open to all bidders/purchasers.
- All the necessary Forms and Addenda are located at MCBREO.
- Also, get the Broker Handbook: A Guide to Selling HUD Homes for step-by-step instructions on the entire process and how to complete the forms.
- Or download it right here: Download broker_handbook_updated1015.pdf
- Make sure you review the Bid Results and Statistics area of the website for useful information to assist you with educating the buyer.
- Remember the highest net to HUD is the winning bid - basically the offer price less any requested closing costs and commission (HUD will pay a commission up to 5% of sales price).
- Check out the comprehensive HUD.gov site for extensive and useful information.
If you are an interested buyer, just give me a call (702-858-9191 or jan@janobrien.com) and I will be happy to refer you to an experienced real estate agent who can assist you.
