New HUD Homes Listings can go on the market any day of the week. In the
past they used to go on the market only once a week. This is one of the great changes HUD make with their new
marketing plan.
During the new Initial Listing Period Owner Occupants can place a bid during the first 30 days. During the first
10 calendar days of the first 30 days all bids are collected and will not be opened until the 11th day. The highest
bidder will be accepted if it is high enough for HUD. If no bids are high enough then the bidding will go on a
daily basis.
HUD prefers that Buyers be owner-occupants because they are most likely to take care of their property than
renters, thus improving the neighborhood.
HUD Homes Listings |Exclusive Owner Occupant Period
All Owner-Occupant offers received during the first 10 days of this 30 day Exclusive Owner Occupant Listing
Period, shall be considered to have been received simultaneously. In order to be valid for the period, bids must be
completed and confirmed on the Internet. Of course, you need an experienced real estate agent to submit the
bid.
Owner-Occupant bids will be opened and reviewed and the highest acceptable net bid to HUD will be selected. Bids
will be reviewed and posted at 1:00 P.M at the conclusion of the 10 day Exclusive listing period. Although HUD says
the the bids will be posted at 1:00 P.M. if is often between 1-4 P.M.
This Exclusive Owner Occupant Listing Period of 30 days is for Insurable (IN) and Insurable With Escrow (IE)
properties.
If no offers are accepted then bids will be reviewed daily (up to the remaining 20 days of the Exclusive Owner
Occupant Listing Period of 30 days).
Uninsurable properties (UI) will have a 5 day Exclusive Owner Occupant Period. After the 5 day exclusive bid
period the bidding will be open to all purchasers on a daily basis if an acceptable owner occupant offer was not
received.
HUD Homes For Sale |General Public Bid Period
At the conclusion of the 30-day Exclusive Owner Occupant Listing Period, all general public bids including
investors on the HUD HOMES LISTINGS will be accepted. These bids will be reviewed and the highest
acceptable net bid to HUD will be selected.
Bids received on the same day shall be considered to have been received simultaneously.
This HUD HOMES LISTING will remain in effect until the listing has been sold or withdrawn from the market to be
reanalyzed.
Bids can be submitted 24/7 but they are not reviewed on holidays or weekends. Bids arw viewed by day
submitted, so if a bid is submitted on a Friday may be acceptable before they look at bids placed on a Saturday or
Sunday.
Bids must be completed and confirmed on the Internet before 11:59 p.m. in order to be valid for that day and
will be opened the next day excluding Friday, Saturday and Sunday which will be opened on Monday.
If two acceptable bids are received with the same exact net amount the asset manager will select the winner by
randomized electronic drawing.
If a bid is accepted your real estate agent will be notified via email and the information also will be posted
on the HUD Home Store website.
Brokers must submit bids through Internet bidding on The HUD Home Store website. Again you will need an experienced
real estate agent to place a bid on HUD Homes Listings.
Making Multiple Bids On More Than One HUD
Listing
What happens if you want to place a bid on more than one property? It is possible
to place a bid on more than one property but that doesn't mean you will get all of them. You can also make multiple
bids on the same poperty but that doesn't make much sense. You can learn more about Making Multiple Bids On A HUD Listing here.
Knowing the time lines is very important because you need to know when you can
make a bid on HUD homes listings as a owner-occupant and when you can make a
bid if you are an investor.
HUD Homes For Sale |