HUD-Owned Homes to be Auctioned Saturday | Events
More than 100 homes owned by the federal government will be auctioned this weekend at the JW Marriott.
Hudson & Marshall, in conjunction with BLB Resources, was selected by the Department of Housing and Urban Development (HUD) to partner with the agency to auction the homes Saturday at the hotel near Summerlin.
There will be two separate buying opportunities. The first auction scheduled at 11 a.m. (registration begins at 9 a.m.) is for owner-occupants only and will feature approximately 70 properties in the Las Vegas area. Buyers must certify that they have not purchased a HUD-owned property within the past two years as an owner-occupant, and acknowledge they will occupy the property as a primary residence for at least 12 months. Qualified buyers may receive special Federal Housing Administration (FHA) $100-down homebuyer financing and up to 3 percent in closing costs paid by HUD.
The second auction begins at 3 p.m., is open to all bidders and will feature approximately 40 properties in Arizona and Nevada. There will be no limitation on the number of properties a buyer can purchase and the buyer is not required to occupy the property once purchased.
To register for either auction, buyers are required to bring a $500 cashier's check payable to “HUD or buyer’s name.” This check will be collected as a deposit from the winning bidder on each property. Prospective buyers must also bring a photo ID and a loan pre-qualification letter, or proof of funds from their bank.
All properties are sold “as-is” and buyers should inspect properties before placing any bids. Scheduled open houses have passed, but home can be viewed by contacting listing agents to schedule appointments. HUD will pay a 3 percent ($1,250 minimum) selling agent commission to qualified brokers who are registered with HUD.
Complete property details and additional information may be found at www.hudsonandmarshall.com or by calling 866-539-4172. These will be reserve auctions where sellers have the right to accept, reject or counter any bid; however, in past auctions conducted by Hudson & Marshall, the majority of offers have been accepted.