There are a few different ways to buy real estate listed on HomeBidLasVegas.com.
- Buy the property for the “Buy Now” price and take the property in “as-is” condition. When we buy a property, we immediately list it on the website with a “Buy Now” price, so the property can be in any condition – total fixer or in between or turnkey. There is no bidding required, you just click the button that says “buy now”, fill in the form, and hit submit. We create a purchase agreement, and you buy the property. You can pay all cash, or you can use financing: Fannie Mae Renovation Loan, FHA 203K Renovation Loan, or Hard Money (also called private money.) If the property doesn’t need renovation, then you can also use FHA, VA, Conventional, ALT-QM, Soft Money. Capella Mortgage, our JV partner, even finances hard money for owner occupants so you can buy the property, fix it up yourself, and then live in it. Great way to own a home with built in equity!
- The second way to buy property is at any point during the renovation. If the property isn’t purchased for the “Buy Now” price, it is put into the renovation queue. Our contractor teams start working on the properties, and as we spend more money, the “Renovation Price” keeps increasing. Anyone can buy the property, and choose to finish fixing it themselves, or they can choose to have us continue the renovation process until the property is finished. Of course, when you own the home, and you plan to live in it, you are allowed to renovate as an “owner builder”. You can choose to buy the flooring, toilets, tile, granite, cabinets that we have chosen for the property or you can buy your own and finish the job and we will use the materials on another property. Still a great way to own a property with built in equity!
- The third way is to buy the property as a finished product. The properties in this category are sold in an auction format, where buyers bid against one another until some point in the future when the auction ends. The bid starts at a specific date and time, and ends at a specific date and time. The property is also listed on MLS so that realtors and their buyers have access to the property. This usually results in a “market value” price, but not always, sometimes it could be lower, and sometimes higher. You can use cash or the traditional forms of financing – VA, FHA, Conventional, or Hard Money – with a traditional due diligence period.
Steps to using the site and submitting your first offer:
- Click here to register and get a login and password.
- Verify your email, and read the disclosures page and submit your approval and acceptance of the terms and conditions of the site.
- Login and go to the page that says “Homes for Bidding”.
- Use the arrows to scroll through the pictures. There will be “before” pictures, “during” pictures, and “after” pictures depending on the status of the property at that time.
- If you would like to buy one of the properties, click on the link that says “Click Here to Make An Offer”.
- Fill in the form and indicate which way you are buying the property: buy now, renovation price, or by bid for the finished product. Indicate if you want any contribution from the seller towards your closing costs, list your realtor if they want to be paid a commission (or if you are the realtor submitting an offer on behalf of your client), and indicate if you want to do auto-bid, and the highest bid you are willing to place.
- Upload your bank statement for an all cash offer, or your bank statement and pre-approval letter from your lender for a financed offer. The bank statement must show your name on it, and is subject to a verification of funds.
- You will receive an email indicating that your offer was received, followed up by a phone call, so make sure you put in a valid phone number so we can reach you.
- We will then send you a purchase offer in electronic signature format. Sign and initial where indicated. When completed, hit “Complete” and the offer will come back to us.
- You will then receive wiring instructions for the escrow company. Wire your funds to the escrow company for earnest money deposit within 24 hours of receipt of the wiring instructions, or you will not be considered to be “in contract”.
- If you are using financing, work with your lender to fulfill all conditions, complete your due diligence, order the appraisal and inspections, and move towards closing.
What if I am outbid?
- Once you have made a bid on a particular property, and you get outbid, you will receive an email letting you know the amount of the most recent bid.
- If you decide to make another bid, you do not have to fill out the entire form again. You can simply select “Additional bid” and list the amount of your new bid. However, let’s say on the first offer, you requested $5000 in closing costs from the seller, and on the second bid, you decide you don’t want to ask for that. In that case you would Select “Update Bid” and enter the information you want to be considered as your updated bid.
What are the rules:
- The seller has the right to make a counter offer on any of the terms. For example, if you request $5000 in closing costs, and the seller is only willing to pay for $2500, then the seller will present a counter offer to you.
- If you do not submit earnest money within the allotted timeframe, then the property is placed back to Active status.