Las Vegas HUD Homes

HUD homes are listed at an FHA "as is" appraisal value.  What does that mean to you?  It means that if you are using an FHA loan then you can use their appraisal without an additional cost to you (these appraisals are good for four months). That can be a savings of up to $400 to you.  If you are using a conventional or VA loan you have to check to your lender to see if they will accept this appraisal.

Also, because this appraisal has already been completed if you overbid then you will have to pay the difference between the appraisal and the overbid price.  This applies regardless of your loan. Your lender will not lend you more than the appraised value of a property.  HUD does not reduce the price of the home to meet the appraised value.

Southern Nevada Realty, LLC is a registered HUD broker. We can assist you in purchasing your Las Vegas HUD home (Henderson and North Las Vegas as well).

Receive a list of Las Vegas homes for sale (HUD, bank owned, and short sales are included) by clicking here.

FREE Las Vegas HUD homes photo list - click here (put HUD home list in the comments)

Thank you!

Related Posts:
Benefits of buying a Las Vegas HUD home
Las Vegas Short Sales
Las Vegas Bank Owned Properties

My Top Nine Las Vegas Home Buyer Posts

Here are my top nine posts with wonderfully helpful and timely information for Las Vegas home buyers.

Las Vegas Short Sales  - Get the answers to all of your questions regarding the short sale process (for buyers of short sale properties).

Las Vegas Bank Owned Properties - Again, some information to help you through the bank owned property world.

Home Buyer Tools - crime reports, school zoning, maps, and other useful information.

Finding the Best Las Vegas School - research specific schools through accountability reports which detail everything from test scores to truancy rates.

How to Find the Best Home: What Do You Want? - the basics you need to figure out before going out to look at homes.  Save yourself some time and read this post.

How to Find the Best Home: What Else Do You Want? - Beyond the basics of your home search. Get into the nitty gritty of what you want in a home.

Making an Offer - what is needed to make an offer on a Las Vegas home.

What Should You Offer?- how to figure out what your offer should be.

Las Vegas Home Buyers: Accept, Reject, Counter???- the negotiation process.  

Looking for a Vegas home?  Contact me today.  Let's get your home search started!

Las Vegas Short Sales on the Rise

According to a recent story reported by the Las Vegas Sun, bank owned properties only accounted for 50% of houses sold in 2009 versus approximately 70% the prior year. The main reason is the number of short sales that have been completed.

Lenders are finding that short sales are more financially advantageous. The average bank owned property sells for approx. $80 per square foot versus the short sale which gets approximately $130 per square foot.

This should mean that short sales will become a less arduous process. I personally have never been afraid of short sales. I know there are some agents who hate short sales and don't like to show them. Right now, most of the short sales I have been doing have averaged a wait time of three months to get an answer on an offer submitted. Then there is a 30 day time frame to close. There have been a few that have been at the six month market with no response. Generally, I give the seller a three month opportunity to get the short sale approved. After that, we usually start looking for something else.

Short sales take patience, organization, and diligence. I have found that my buyers are willing to wait the process out if they are kept regularly informed about the process. The listing agents that I have worked with that have been able to successfully negotiate a deal have been ones who kept me updated without me having to contact them. They also were very actively working the file.

The Las Vegas real estate market is constantly changing. There is nothing to be afraid of if you are working with an agent who can keep up with the changes. In the end, all buyers and sellers want is an agent who listens to them, keeps them informed, protects their interests, and doesn't treat them like a number or a nuisance.

Interested in using our services? Click here to check out what some of our past clients have to say about us.

Image: Salvatore Vuono / FreeDigitalPhotos.net

3.5% Fannie Mae Closing Cost Assistance to Buyers

Fannie Mae announced today that buyers who are owner occupants purchasing a Fannie Mae-owned HomePath® property will receive up to 3.5 percent of the final sales price to be used toward closing cost assistance or their choice of appliances.

Here are some specifics of this offer:

You can get up to 3.5% towards closing costs, appliances, or a mix (remember, your lender may restrict the amount of money you can get from a seller).

Offers have to be accepted on or after January 28, 2010.

You have to close prior to May 1, 2010.

I know that a lot of buyers are frustrated about being out bid by investor buyers in our market. However, Fannie Mae homes have a policy in place that the first 15 days a property is listed only owner occupant offers are considered.

How do you find out about these homes?

Well, call Cindy to be put on our homes email alert. This email alert sends out property information to our clients as soon as it is uploaded to the MLS system. This gives our clients a head start over other buyers!

For more information about available Fannie Mae homes or any other ones please call Cindy at 702-807-3339 or visit our Las Vegas homes Web site.

We sell homes all over town - short sales and bank owned properties included. You deserve the best buyer representation.

Our clients can testify to our service - click here to see what they have to say.


Enjoy your Weekend!!!

Las Vegas Foreclosures and Las Vegas Short Sales

Listened to Harris Real Estate University Superstar Interview today. Cary Sternberg, president of an asset management company, talking about foreclosures. I've summarized some key points of the interview below.

Shadow inventory does it exist? Well, no - banks are not holding back inventory. Anything that has been foreclosed on is out there for sale.

However, nationwide there is 2.4 - 7 million properties that are in the default pipeline. This is what he calls "shadow inventory." They are not being foreclosed on because other avenues are being explored such as moratorium, government programs, loan modification or adjustment.

Sternberg predicts that by the end of this quarter the shadow inventory will start hitting the market. It will increase through the year. This could lead to some price decreases, but he feels that we are already so low that it won't be much.

Sternberg thinks we are five to seven years away from having homes on the market that are owned by individual owners. Meaning, that it will continue to be more bank owned and short sales that are on the market. This is not a depreciation phase, he is talking about the market normalizing.

Sternberg opines that those people who bought at the height of the market will have to wait ten years before they will be able to sell and break even.

That is all. If you are having problems making your mortgage payments - call me. If you need to sell and owe more than what you can get for it - call me. Let's explore whether a short sale of your Las Vegas homes is an option. I have a Certified Distressed Property Designation and am experienced with short sales. I can help you. 702-807-3339.

Enjoy your Weekend.

Back on the Market! Las Vegas Bank Owned and Priced at $57,500

This bank owned home is located in the NW part of town - near Jones and Alta.

For property details click here.

To view pictures click here.

No time to lose on this one. Last time it was on the market it had multiple offers.

Call Cindy at 702-807-3339 or email at teamabel@somanyhomes.com

Thanks!

Las Vegas Bank Owned Homes Under 75K

Saw three today that might interest someone. Two are bank owned, the third is not. All in the East part of town.

Click here to view property details.

Click here to visit the picture page (click on the ones dated 12/2/09).

As always, if interested call Cindy at 702-807-3339 or email me at cindy@somanyhomes.com

By the way, leave a voice mail if you want me to call you back!! I don't answer my phone when I am with clients.

Las Vegas Foreclosure - $89,900 - 3 bed

Bank owned property located in the SW near Warm Springs/ Jones. Home is in a cul de sac and next to the park. Will need flooring, paint, stove, some doors to be replaced.

Click here for the property details:


Click here to view pictures:


Interested? cindy@somanyhomes.com or 702-807-3339

Las Vegas Bank Owned Home - NW - $57,500

Priced well and in a decent area. Will need carpet and paint. Won't last long so hurry if you are interested!

Click here for property details.


Click here to view pictures.

It is pretty simple - after clicking above - you will see the name "11/29/08 - $57,500 ..." under that you will see "detail" in blue. Click on "detail" to see all pictures. You can also click on "slideshow" which is in the upper right hand corner of the screen.

Interested? Call Cindy at 702-807-3339 or email her at cindy@somanyhomes.com

Las Vegas Homes

Some interesting news stories:

Where recent out-of-state-homebuyers are based - 40% of the homes sold this year have been to out of state buyers. Thisstory has an interesting chart showing where tax bills will be sent. Surprise! California leads the pack.

How many homes do banks really own? - We keep expecting a wave of foreclosures to hit the market. Where are they?

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