HUD LISTING & BIDDING – HUD CHANGES EFFECTIVE 11.26.13 (FHA 2013-29)

HUD Approved Brokers will show properties, prepare complete contracts and submit bids through Internet Electronic Bidding at the HUD Listings website.

New listings are available daily.
During the Exclusive Llisting Period, bids may be submitted only by Owner Occupant purchasers, which HUD defines as owner-occupant purchasers, qualified nonprofit organizations and government entities.  There will be:

  • a fifteen (15) day Exclusive Listing Period for Owner Occupant purchasers for properties listed Insurable and Insurable with Escrow Repairs,
  • a five (5) day Exclusive Listing Period for Owner Occupant purchasers for properties listed Uninsured.

Exlusive Listing Period (Owner Occupant Priority).

  • For Insurable and Insurable With Escrow properties, bids received from the 1st through the 10th calendar day of the Exclusive Listing Period will be opened on the next business day after the 10th calendar of the Exclusive Listing Period. All bids will be treated as having been received simultaneously. If no winning bid is received by the tenth (10th) calendar day, the AM will open and review bids received during the 11th calendar day up to the 15th calendar day daily on the next business day (i.e., bids received on the 11th calendar day will be reviewed on the next business day; bids received on the 12th calendar day will be reviewed on the next business day, etc.) If no winning bid is received in that fifteen (15) day period, the listing shall be extended to all buyers. See Extended Listing Period below.
  • For Uninsurable properties, the AM will open and review all bids received from the first (1st) through the fifth (5th) calendar day for properties that are marketed as “Uninsured” on the next business day after the fifth calendar day of the Exclusive Listing Period. The AM will tread all bids as having been received simultaneously. If a bid is not accepted in the 5-day Exclusive listing period for uninsured properties, the AM will extend the listing to all buyers by the listing the property in the Extended Listing Period. See Extended Listing Period below.

Extended Listing Period.
At the conclusion of the Exclusive Listing Period, should a property remain unsold, all general public bids (including Investors) may be submitted daily.

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Posted on November 27, 2013, in Uncategorized and tagged , , , , , . Bookmark the permalink. Leave a comment.

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