Apr 19 2009
Overview of the HUD Bid Process and Links to HUD Resources
Here is an overview of the Nevada HUD Home bid process and resources:
- HUD properties can be found in the MLS or http://www.mcbreo.com/st_nvmain.htm . We are also posting a current list in PDF format on www.americanagroup.com. The new list is published every Friday.
- Buyers must use a licensed real estate agent to submit HUD bids.
- 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. Las Vegas Real estate agents can purchase a HUD key for $3 with a valid NAID # and your business card at any Prudential Americana office.
- 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.
