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).
FREE Las Vegas HUD homes photo list - click here (put HUD home list in the comments)
Benefits of buying a Las Vegas HUD home
Las Vegas Short Sales
Las Vegas Bank Owned Properties