TYPES OF HOMES FOR SALE

If you are interested in buying a home in Las Vegas, first you need to learn the different types of homes for sale so that you can understand the home buying process. We have the following:

 

TRADITIONAL OR EQUITY SALES

These are homes for sale where the seller has enough equity on the property to pay off the note and still have a profit or simply does not have a balance due and owns the property outright. In these type of sales there some room for negotiations regarding conditions and repairs. They can be vacant, owner occupied or tenant occupied.  Most likely these type of homes will have some upgrades, some homes more than others.

SHORT SALES

These are homes for sale where the owner/seller owes more than what is owed on the property and an approval from the lender holding the note is necessary in order to sale the home for less than the total amount due. The bank reserves the right to approve the short sale, meaning the bank will take a loss and accept less money than what is owed, most of the times forgiving the remaining balance. The approval process from the bank could take anywhere between 45-90 days, depending of the bank or financial institution holding the note. Even though you have an executed contract with the seller it is subject to lender’s approval. There is usually no room for repair negotiation since the seller does not have the funds to afford the repairs, these properties are usually sold as is. In these types of sales, properties can also be vacant, owner occupied or tenant occupied. There is no equity to be made by the seller. If multiple notes are attached to the property, independent negotiations are to be held with each lien holder.

FORECLOSURES, BANK OWNED OR REO’S, HUD Homes.

These houses for sale are owned by the lender, bank, government agency or financial institution that holds the note. The previous owners had their properties repossessed due to non payment. When these homes are listed for sale they are vacant.

• HUD HOMES. Properties owned by the Department of Housing and Urban Development (HUD). The previous owner of this home had an FHA insured mortgage that was foreclosed on, then it will become a HUD home after repossession. HUD sales this properties as is with no repairs, the buyer is responsible for any repairs. They are usually sold through online bidding.

• FORECLOSED HOMES. These homes are owned by a lender, bank, mortgage servicer or financial institution. Only necessary repairs are made by the lenders.

NEW CONSTRUCTION

These homes for sale have never been lived in, the builder is the seller. All repairs are addressed before closing. These houses are vacant. If you get under contract at the right time, you may be able to pick and custom order some of the finishes. One of the benefits is that these homes are move-in ready and come with great warranties. Structural warranty for 10 years is normally offered and 1 or 2 year warranty top to bottom, depending on the builder.

Visit our website to find all available homes for sale in Las Vegas.

Image 2 courtesy of [vectorolie] / FreeDigitalPhotos net

Image 3 courtesy of [Stuart Miles] / FreeDigitalPhotos net