Las Vegas HUD Homes
Las Vegas HUD Homes are single-family homes or apartment units that have been acquired via foreclosure by the federal government's Department of Housing & Urban Development. When first purchased, the loans for these homes were insured by the Federal Housing Administration (FHA) and after foreclosure, the homes become the property of HUD. Local real estate agencies broker Las Vegas HUD Homes because HUD does not have a sales staff for this function.
Las Vegas HUD Homes are made available at market prices during an initial "offer period", and they usually sell during this period. Las Vegas HUD Homes are sold "as-is," without warranty, and with any known repair issues reflected in the price. For those reasons, they are often a good deal. Also, the buyer can generally ask HUD to pay all or most of the closing costs. HUD makes Las Vegas homes available at a discount to non-profits and government agencies to provide housing for homeless people and lower-income individuals.
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Many investors consider Las Vegas HUD Homes to be good investment vehicles. Offerings are initially open mostly to owner occupants, but if not sold within the initial offering period, they become more widely available. Some real estate agents specialize in Las Vegas HUD Homes to cater to the investor market. Some brokers offer services to notify potential investors or owner-occupant buyers when new Las Vegas HUD Homes are put on the market.
Las Vegas HUD Homes are also available on the MLS (Multiple Listings Service). This service is available to subscribers, generally real estate brokers, and makes a single listing available to many different possible buyers.
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