Hudson and Marshall will be conducting two auctions of over 100 HUD properties around the Las Vegas Valley on Saturday November 5th, 2011 at the JW Marriott. Registration for Auction 1 will open at 9 am. Auction 1, starting at 11 am, is open to owner/occupants ONLY. Successful owner occupant bidders will be eligible for special FHA financing with only $100 total down payment (instead of the typical 3.5% down payment). Plus they can ask the seller to pay 3% in closing costs.
Registration for Auction 2 will open at 2pm. Auction 2, starting at 3 pm, will be open to both investors and owner occupants, but investors will not be eligible for special financing.
Open houses of all auction properties will be held prior to the auction sale date. Open house dates are October 22, 23, 29 and 30th from 11 am to 3 pm. They may also be viewed on other days by special appointment with your Las Vegas real estate agent.
Members of the Tonnesen Team are registered buyer’s representatives with Hudson and Marshall. We will walk you through the auction process, provide sales history and comparable sales for any properties you are interested in bidding on, get you totally pre-approved with a lender, and accompany you to the auction. To receive a complete list of the properties being offered for sale, please email us at: email@example.com and put “Hudson and Marshall Auction” in the subject line.
In order to register of Auction 1 or Auction 2, each bidder will be required to submit a prequalification letter or a certification of cash funds which must include:
1. Bidder’s name(s)
2. Amount of prequalification and type of financing (FHA, conventional, etc.) or total amount of cash funds available - you MUST be preapproved for a loan if financing
3. Verification of income (for financed purchases only)
4. Verification of credit check (for financed purchases only)
5. Bank or lender’s letterhead and contact information
Bidders registering as owner occupants will also be required to certify that they have not purchased a HUD-owned property within the past 24 months, and that they will occupy the property as their primary residence for at least 12 months after the closing. Other registration requirements must include presentation of a valid photo ID as well as a $500 cashier’s check or money order payable to HUD. (For buyers taking advantage of the $100 down payment FHA financing, the balance would be refunded at close of escrow.) The check is not collected unless you are the highest bidder on the property.
Please note that Las Vegas auction properties are sold “as is where is.” You must view the property prior to the auction date to determine its condition, as the sellers will not make any repairs and sales are NOT contingent on inspections or obtaining financing. You are agreeing to close on the property when you successfully bid on it. If you are not certain you want the property or that you can obtain financing, do not bid! The $500 earnest deposit is non-refundable should you not close as agreed in the sales contract.
**All Las Vegas foreclosures offered in the auction will have a reserve. This means the seller must approve the high bid, and the seller has the right to accept, reject or counter the highest bid on a property.
Team Leader, The Tonnesen Team
Berkshire Hathaway HomeServices, Nevada
3185 St Rose Pkwy #100 Henderson, NV 89052
With over 30 years of experience helping families call Las Vegas "home!"
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