HUD Bid Periods
Unlike conventional home purchases, there are some differences for home buyers to understand when looking to purchase a HUD acquired home. It is the agent that understands these deadlines that assist home buyers successfully win the bid on HUD homes.
REVIEW OF OFFICIAL BID PERIODS:
All HUD properties fall into one of four listing periods, hinging upon type of property, bid open date, and days on market. Properties are added to the market daily.
These properties will be placed on the market for five days for special buyer types, including Good Neighbor Next Door program. (In some market areas, there are minor differentiations to listing timelines. Each property listing contains a notice with a bid deadline. Check the listings for deadlines. Detail listing pages at HUDHomeStore.com are the best source of this information.)
NEW Listings – Owner Occupants Only for 30 Days
An Insured/Insured with Escrow property not in a revitalization area that is listed for the first time will be offered for owner occupants only. This property is offered during a period called the OWNER OCCUPANT PRIORITY PERIOD. The exclusive nature of the bid, restricted to owner occupants, lasts for 30 days. Bidding deadline for a new listing ALWAYS ends at midnight.
There area two variants to the sealed bidding process for owner occupants. Check your local listings to determine which applies in your market area.
- 10-day sealed bidding. Bids accumulate online for entire length of this period and reviewed one business day after the close of this period. For the remainder of the exclusive, owner occupant priority period, bids will be reviewed daily.
- 15-day sealed bidding and 15 days daily bidding with owner/occupant priority. Bids are reviewed on Day 16. For the remainder of the exclusive, owner occupant priority period, bids will be reviewed daily.
All bids, including investor bids, will be accepted on Day 31 in both instances.
OPEN Listings – All Bidders DAILY
Thinking of selling your Erie County home? Interested in finding out the current market value of your single family home, condo or investment property? Then call www.BestBuffaloHomes.com at (716) 650-0051 to discuss what is happening in today’s Western New York Real Estate Market. We would be happy to give you a personalized Comparative Market Analysis for your home or assist you to purchase a home. View additional WNY Market Area Statistics here.
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