" YOUR SOURCE FOR LAS VEGAS HOMES FOR SALE"

JOSEPH IULIUCCI - PRUDENTIAL AMERICANA

702-315-7847 or 888-871-2345

info@HudHomesNevada.com 

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WHAT ARE HUD & VA HOMES ?



HUD HOMES


The United States Department of Housing and Urban Development (HUD) oversees the Federal Housing Administration (FHA), which provides federal insurance on home mortgages. If a homeowner fails to make payments on a FHA loan, the mortgagee forecloses and files an insurance claim with HUD. In exchange for paying off the unpaid loan balance to the mortgagee, HUD receives title to the property. At this point, the house becomes a HUD home.
After the mortgagee conveys the property to HUD, the Management and Marketing Contractor (M&M Contractor) begins the process of managing and marketing the homes according to HUD guidelines.
  
HUD homes can be a great investment for potential home owners and real estate investors.  Often times, the properties can be purchased at a significantly reduced market value.  

As a potential HUD home buyer, remember the following:
You must use the services of a HUD registered real estate broker
You must be pre-approved for a mortgage or show evidence of adequate cash reserves to purchase the home
Owner-occupied bidders receive the first priority to purchase HUD homes
HUD offers three types of properties:  FHA insurable homes, FHA insurable homes with a repair escrow and homes hat are not insurable with an FHA loan.
You do not have to finance a HUD home with an FHA loan
HUD homes are sold "as-is"
Before making a bid on a HUD home, you must provide your HUD registered real estate broker with the appropriate earnest money in the form of a cashiers check or money order.  
If the purchase price is $50,000 or less, the amount of the earnest money required is $500.  If the purchase price is greater than $50,000, the amount is $1,000.
Your earnest money check should be made payable to U.S. Dept of Housing.


VA HOMES

VA-Acquired Properties Available For Sale


About the Program the VA sells mostly single family properties that are acquired as the result of foreclosures on VA guaranteed loans through the facilities of 46 regional offices . Property listings for most offices are available on the Internet or by direct mail.
The properties are available for sale to the general public through the services of private sector real estate brokers, and are sold to homebuyers and investors and to veterans and non-veterans. Real estate brokers receive the keys to properties and assist prospective purchasers in finding, viewing and offering to purchase them. Participating brokers receive instructional material regarding the sales program and are familiar with VA sales procedures. VA pays the sales commission.

VA homes can be a great investment for potential home owners and real estate investors.  Often times, the properties can be purchased at a significantly reduced market value.  

As a potential VA home buyer, remember the following:
A buyer must use the services of a VA qualified real estate broker
A buyer must be pre-approved for a mortgage or show evidence of adequate cash reserves to purchase the home
The property code will determine how a buyer may finance the property
VA offers "VA Vendee Financing" which is a form of seller financing
Buyers do not have to be veterans to qualify for VA Vendee financing
VA homes are sold "as-is"
Before making a bid on a VA home, you must provide your VA registered real estate broker with the appropriate earnest money in the form of a cashiers check or money order.  
The minimum earnest money deposit required is $1,000 and is non-refundable unless the buyer is unable to obtain financing.

 

HUD homes are sold "As Is"


It is extremely important to understand that HUD homes are sold in "as is" condition. This means that the condition of the home when you see it is what you will be buying. HUD makes no warranties, does not guarantee the condition of any home, and does not verify that it complies with any local code or zoning requirements. You must make any necessary repairs after the purchase. HUD may make, or give you an allowance for, major system or safety repairs only if you are purchasing with an FHA-insured loan. It is very important that you get a Home Inspection by a licensed professional prior to closing on the sale.


Deadlines must be met


When you buy another type of home, you can usually negotiate the contract and other transaction items over an unspecified period of time. When purchasing a HUD home, this is not possible. In order to be fair to all purchasers, HUD has imposed timetables that must be met, or your bid or contract will be cancelled and the home returned to the market. Once your bid is acknowledged as the highest net to HUD, for example, your agent must send in a correct contract within 48 hours or the bid will be cancelled. Generally, closing must take place within 45-60 days. We cannot change the HUD deadlines.