Las Vegas, Nevada HUD Homes for Sale
We discuss buying HUD homes for sale and buying fixer uppers
HUD (Department of Housing and Urban Development) homes and condominiums are sold through an online auction. I have included buying fixer uppers with Las Vegas HUD homes since before the real estate crash, the best deals in Las Vegas were offered through buying a fixer upper HUD home.
How to make offers on HUD homes in Las Vegas, Henderson and North Las Vegas
- A Realtor or real estate agent must represent you
- HUD Homes and condos are sold as is
- If you plan to finance your home deal, you have to be pre-qualified
- Government employees such as police, fire fighters and teachers get the first shot to bid on many homes
- Las Vegas real estate investors can't bid on HUD homes or condos for 30 days
- First time home buyers take precedence over investors
- Competition is fierce for HUD properties and it is hard to get a good bargain
- We can help you with the HUD homes auction.
Las Vegas fixer upper homes or condominiums
- The hardest but best way to make money on fixer-uppers is to take advantage of recent zone changes or multiple zoning to find a property that qualifies for a higher zoning and is in need of repair.
For a simplified example, a horse property that is re-zoned from 1 dwelling (homes) per acre to two dwellings per acre. You could buy it and sell half of the land to recoup some of your investment. This could not be done without a zone change.
- Do it yourselfers can save by not paying for labor
- Many HUD homes are fixer-uppers
- Extreme care is required to make sure there are no clouds on the title
- Cosmetic problems are easier to fix than structural problems
- Fixer-upper foreclosed or short sale homes or condos offer the best bargains. The buyer can completely fix the residence and be way ahead of those who bought a similar property.
HUD homes are not the only place to get a good deal as foreclosed homes and condos are selling in the Las Vegas MLS or can be purchased through other types of real estate auctions.