Bid results are posted daily at a time determined by the Asset Manager (Usually at 1 PM). Cut offs are at 11:59 PM. If your bidder is not going to occupy the property, the bid cannot be submitted until the 16th day from the initial listing date (Exclusive Period).
Owner occupants receive priority during the first 15 days.
On the 11th day of being on the market (insured and insured with escrow) bids are opened and all offers submitted to that date are reviewed.
If an offer achieves the AM's trigger point or threshold it is awarded and the listing is taken off Hudhomestore.com and the winning agent will receive a winning email and all failed offers will receive a cancelled notice.
Should no offer achieve a winning position all offers are cancelled and bids are open daily thereafter till the AM awards a winner.
Uninsured properties will open on the 7th day and daily thereafter.
If the listing has a deadline posted as daily,¨ this means that all bids are reviewed daily. You as the NAID should Submit your bids by 11:59 p.m. CST to be considered for that day.
If a winner is selected from the bids received during that day, the results will be posted by 1:00 p.m. EST the following day.
If the listing has a deadline posted as “daily” and bids are submitted on a Friday, Saturday, or Sunday, all those bids will be evaluated on the following business day.
As Our NAID Broker Here Are Some Key Points To Remember:
If the buyer needs utilities activated/property de-winterized in order to conduct inspections/appraisals, please make sure that you contact your Field Service Manager as soon as possible.
In order to find out who that is, please go to www.hudhomestore.com and click on Property Contacts at the top of the page.
Type in your case # or property address and your Field Service Manager will be clearly referenced.
If we are obtaining FHA203b or 203k financing, HUD will procure a Lead Based Paint inspection for properties built prior to 1978. Closing may not occur until the inspection and a Clearance Certificate has been obtained or a proper credit for stabilization of deteriorated Lead Based Paint has occurred, depending on the type of FHA financing selected. This process may take weeks to complete.
Availability of home is subject to the Asset Manager removing the home from the market. What does this mean? Basically, that HUD could remove the listing at any time without notice. On regular HUD listings that does not happen too often. They may remove a HUD home from their website, because of damage to the property. Maybe someone stole the copper or broke into the house.
HUD homes on a daily bid deadline get the additional warning that they are available “subject to the Asset Manager accepting a bid from an earlier bid period”. This means that HUD reviews new offers during business hours (Central Time). Bids submitted by midnight are reviewed on the next business day. It usually takes most of that day to go through all of the offers. A property may disappear from the HUD home store anytime during the day, when HUD accepts a contract submitted a day earlier.
Here’s a good strategy that we use to resolve this issue. Submit your offer after 6 pm. That’s when most HUD listings have been updated and you know that the HUD house of your choice is still available.
HUD is a first come first served seller as they ALWAYS take the first acceptable offer they receive and even more confounding is that HUD does not review offers on Sunday so you will not know, if they had accepted a contract on Friday after the cutoff time for the day or even on Saturday until the following until Monday.
So, you have to be ready when HUD lowers the price. The first acceptable offer gets the house. Unlike Fannie Mae, HUD does not apply the Best-and-Final approach to get the highest offer.