Hudson and Marshall HUD Auction in Las Vegas Nevada and $100 Down Payment Program

Hudson and Marshall HUD Auction in Las Vegas Nevada and $100 Down Payment Program

HUD is holding its first ever auction in Las Vegas on November 5, 2011. The auction will be held at JW Marriott Las Vegas Resort, 221 N. Rampart Blvd., Las Vegas, NV 89145.

Hudson & Marshall has been chosen by The Department of Housing and Urban Development (HUD) to offer you 100+ homes at

Auction. This Auction will feature two separate home buying opportunities including Auction properties for owner occupant and investor buyers.

Auction 1 will be for qualifying Occupants ONLY. Owner occupant buyers are allowed to register, participate and bid on the properties included in Auction 1 which begins at 11:00 a.m. Buyers note ~ you must certify you have not purchased a HUD-owned property within the past 2 years (as an owner occupant), and represent that you will occupy the property as a primary residence for at least 12 months. HUD is offering special financing for owner occupant buyers ~ all properties in Auction 1 will qualify for FHA financing and the $100 Down Payment program.

Hudson and Marshall HUD Auction in Las Vegas Nevada and $100 Down Payment Program

Auction 2 begins at 3:00 p.m., is open to all bidders and will include properties listed in the brochure under the Auction 2 heading. In addition, any properties that were not confirmed sales during Auction 1, and that the seller chooses to include in Auction 2, will be announced prior to Auction 2. There will be no limitations on the number of properties a buyer can purchase in Auction 2, and the buyer is not required to occupy the property once purchased.

Property information: You can access information on HUD homes going to auction by contacting your HUD registered Real Estate Agent, or you can download the brochure by going to Hudson and Marshall's website. To view any of these properties, either attend one of the scheduled open houses or contact your agent to arrange a private showing. These homes are sold "as is" so any inspections need to be performed prior to the auction.

Prepare for the Auction: Upon arrival, sign in at the Auction Registration Table with your agent to obtain a bidder packet and number. You will need to bring with you: Photo I.D. and a $500 Certified Check made

payable to "HUD or Your Name" (i.e., if your name is John Smith the check should be made payable to HUD or John Smith). If you will be obtaining financing for your purchase, you must also have your pre-qualification letter on your bank's or lender's letterhead and it must include: Your name, the loan amount you are pre-qualified for, type of financing, verification of income, and verification of credit check.

Determining Bid Amount: It is important to do your research before attending the auction. The most important number you need to know on any given property is the "As Is" Value. Prior to putting any property on the open market, HUD will have the property appraised and will publish that appraised number. For financed buyers, this affects how much you can borrow on a house. So if the "As Is" value is $100,000, you wouldn't want to bid higher than that or you'd have to have the difference in cash. You can also do your own value research by searching the sales activity in the area of the property. Access to this information is FREE and you can do unlimited searches. Since HUD is not requiring a minimum bid, the bidding will start at whatever number the bidders start with. However, this is a reserve auction. A reserve auction means that the seller has a  number that must be met. So you may be the winning bidder on a property, but if you haven't met the "reserve" number, the seller may ultimately reject your offer. Sellers will be on hand to confirm auction sales and, if not confirmed, to negotiate a price suitable for seller and buyer.

Hudson and Marshall HUD Auction in Las Vegas Nevada and $100 Down Payment Program

This HUD auction provides an amazing opportunity for buyers. Besides the $100 Down Payment program being offered that day, HUD also offers up to 3% for buyer's closing costs. If you have any questions on the process, please feel free to contact me directly.