Listing and Bidding For HUD Homes | ||
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Welcome to buying a HUD home.
This is a brief overview of the HUD buying process. There are a few things you need to know up front about buying a HUD home, since the procedures may be different than those used in buying other types of homes. HUD however, has made the procedure as efficient and convenient as possible. Here are some things you should know:
Listing of HUD Homes
New listings are available daily Monday thru Saturday mornings. During the Initial listing period, bids may be submitted by Owner Occupants only during the first 30 calendar days.
Owner Occupant Priority Period.
All Owner-Occupant offers received during the 10 day Exclusive 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. Owner-Occupant bids will be opened and reviewed and the highest acceptable net bid to HUD will be selected.
Owner-Occupant offers only will be acceptd for an additional 20 days. Offers will be reviewed daily.
General Public Bid Period.
At the conclusion of the 30-day Exclusive Listing Priority Period, all general public bids will be accepted. These bids will be reviewed and the highest acceptable net bid to HUD will be selected. In the event the property remains unsold after these bid openings, daily bids received by 11:59 p.m. CST will be reviewed.
Bids received on the same day shall be considered to have been received simultaneously.
Friday, Saturday and Sunday bids will be reviewed simultaneously on Mondays and the highest acceptable net bid to HUD will be selected.
In the event the property remains unsold, the bids (Owner-Occupant and General Public) will be reviewed daily and the highest acceptable net to HUD bid shall be selected. This listing will remain in effect until the listing has been sold or withdrawn from the market to be reanalyzed. Bids must be completed and confirmed on the Internet before 11:59 p.m. CST 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.
Owner Occupant Priority Period.
Sales Contract Submission
Brokers are required to review bid announcements to verify if their offer was the selected offer. Brokers must submit the original HUD Sales Contract Form 9548 (1/99) along with all necessary addenda within 48 hours after the announcements are posted. Submit documents to BLB Resources. To be acceptable, hard copies must contain no errors.
Reminder:
To buy a HUD Owned home, buyers must use a HUD approved broker. If your bid is selected, a completed contract (with the required Addenda) must be in our office within the next 48 hours of Bid Result notification or it will be considered canceled and the second highest acceptable net bid to HUD will be selected.
Offers must be made through a HUD registered broker
If you want to make an offer on a HUD home, you must bid through a HUD-registered broker. We have been listing the HUD owned homes in Lane County since 1999 and have sold many over the years. Call us for additional information and to buy a HUD Owned home.
Call Terry at 517-5960, Cyndy at 729-8381 or email to schedule a showing or request additional information.
