Home > HUD Homes > Bidding On HUD Homes
Bidding On HUD Homes
Selling brokers must have a NAID to submit a bid for a HUD home!
During the Exclusive Listing 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 thirty (30) 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. Owner Occupant must occupy the house for one year and can’t participate in a HUD sales for two years after purchase.
Exlusive Listing Period (Owner Occupant Priority
• For Insurable and Insurable with Escrow properties, bids shall be opened and reviewed on the Tenth (10th) day 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) day, bids shall be opened and reviewed on each day after the tenth (10th) day up to the thirtieth (30th) day, or until a winning bid is received. If no winning bid is received in that thirty (30) day period, the listing shall be extended to all buyers on day 31. See Extended Listing Period below
• For Uninsurable properties, bids shall be opened and reviewed on the sixth (6th) day. All bids will be treated as having been received simultaneously. If no acceptable Owner Occupant net bid is received, the listing shall be extended to all buyers on day 6. 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.
For an alternative way of reviewing this information here is a table presentation summarizing the deadlines.
Submitting a Bid Over the "As Is" Value The "As Is" value is equal to the appraisal value. You can’t get a second appraisal when using FHA. You will be notified if you overbid and will require submission of proof of funds. Buyers must bring cash for the overbid amount.
Bid Opening, Review and Results
In order to be valid for bid opening on a specific day, bids must be completed and confirmed on the Internet no later than 11:59 p.m. on the previous day. Bids can be submitted 24/7 but are not reviewed Holidays or weekends.
Bids received on the same day shall be considered to have been received simultaneously. Friday, Saturday and Sunday bids will be considered to have been received simultaneously and will be reviewed simultaneously on the following Monday.
Bids will be opened and reviewed each business day.
The highest acceptable net bid to HUD will be selected.
Results will be posted each business day by 1:00 p.m.
If two acceptable bids which are exact same amount are received, the AM Contractor will select the winner by randomized electronic drawing.
REMINDER: Brokers must check the HUD Listings website on a daily basis for available properties and Bid Result Publication. If your bid is selected, Brokers must submit the original written and completed HUD Sales Contract along with the required Addenda to the appropriate AM Contractor office within the next 48 hours of Bid Result Publication otherwise the bid will be considered canceled and the second highest acceptable net bid to HUD will be considered.
NOTE: If you search for a property and it does not show up in the search properties area then that property has an accepted bid at this time.
VIDEO AVAILABLE!
Registering to bid on HUD homes is free!
Modifying and Withdrawing Bids
Broker Login and Checking Bids
- Frequently Asked Questions About HUD Homes
A list of questions frequently asked about the process of buying or selling a HUD home. See if your question is listed!
- Successfully Selling HUD Homes-Agent Training Offered By Wilmoth Group
The new HUD selling process is different and if you are a Realtor who wants to be able to represent a buyer for a purchase of a HUD home...you need to be informed. Trainings offered monthly.
- Tips For Completing A HUD Sales Contract
The following is a collection of tips and advise to assist agents when completing a HUD Sales Contract (also known as a HUD-9548).
- HUD Special Programs
If you are considering purchasing a HUD home, or if you are a Realtor representing a buyer of any kind, you need to know about the special HUD programs.
- Forms You May Need
Here is a list of forms commonly used when documenting a bid or following up on an accepted bid. Includes Utility Activation and De-Winterization Requests.
- Contacts Regarding HUD Sales
Here is a list with different contact information for the Asset Managers, Field Service Managers and Closing Agents serving Indiana and Florida for HUD home sales. Also HUDHomestore.com.
- Resource Center
If you are a buyer or an agent seeking to learn as much as you can about purchasing or selling a HUD home, here is a compilation of additional information you may want to review.
