What’s New with HUD Homes?

If you’ve worked with HUD you know things can change… pretty often. We wanted to give you a heads up on the bid submission and bid open datechanges that went into effect Monday, December 2nd, in case you weren’t up on the changes:

Whats Changed?

  • Exclusive listing periods for FHA-INSURABLE homes is now 15 days rather than 30.
  • Any bids that are placed on Friday, Saturday or Sunday will be combined to be considered on Monday.
  • The 10 day accumulation period at the beginning of the Exclusive period for FHA-INSURABLE homes will extend up to 3 days depending on when the 10th day falls.
  • Bids that come in on a Federal Holiday will be grouped with the previous days’ bids. For example: Bids that were placed on Thanksgiving will be grouped with Wednesdays bids and will be reviewed and considered today.

Changes as it relates to HUD Homestore…

  • Bid submission dates will be extended for bids placed on Friday, Saturday or Sunday. The bid submission deadline will be Sunday at Midnight, Central Time, or Monday at Midnight, Central Time, if that Monday was a Federal Holiday.
  • If the listing period stays the same on Friday-Sunday, and Monday if it happens to be a Federal Holiday, bidders can submit just one bid for a single buyer.
  • If the listing period changes on the weekend or a Federal Holiday, bidders will be able to submit two bids for the same buyer during that time; one bid during the earlier listing period and one bid during the later listing period.
TIP: The bid submission deadline and the bid submission time remaining on HUD Homestore will let the bidder know how much time they have to place bids in each of the listing periods.
  • For Federal Holidays that fall on a weekday, the bid-submission period will extend from the day before the Holiday until the end of the Holiday.
After reading all of that, you must be asking yourself what hasn’t changed! Well…
  • The length of the Exclusive period for FHA-UNINSURED homes is still 5 days.
  • Bids that are submitted on weekdays will still be available to your AM on the same schedule as before. As long as none of those days (or Friday) is a Federal Holiday.
  • Bids for an earlier listing period are still considered separately from bids from a later listing period.

As always, I am available to answer all of your HUD Home related questions. I am also available for office trainings if you would like me to come in to your office for a How To Successfully Sell HUD Homes Training, please email or call me to schedule it. 

 
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