When does the Asset Manager open and review bids on HUD Homes during the exclusive listing period?

For HUD REO Properties marketed as “insured” or “insured with escrow”
The Asset Manager (AM) will open all bids received from the 1st through the 10th calendar day on the next business day after the 10th day of the Exclusive Listing Period. The AM opening the bids will treat all bids as having been received simultaneously.
 
If none of the bids received by the 10th day are accepted, the AM will open and review bids received during the 11th day up to the 15th day daily on the next business day.
 
For HUD REO Properties marketed as “uninsured”
The AM will open and review all bids received from the 1st through the 5th day on the next business day after the 5th day of the Exclusive Listing Period.  The AM opening the bids will treat all bids as having been received simultaneously.
 
Additional Guidance Concerning All Exclusive Listing Periods:
HUD considers bids received on Fridays, Saturdays, and Sundays in the same bid period as being received simultaneously during that period. The AM will open those bids on:
  • the following Monday; or
  • the next business day, if Monday is a federal holiday.  
HUD considers bids received on a federal holiday in the same bid period as being received on the previous day. The AM will open those bids on the next business day.
 
HUD will choose the winning bid, which produces the greatest net return to HUD and meets HUD’s terms of offering of the Property.
 
If a bid is not accepted during the Exclusive Listing Period, the AM will extend the listing to all buyers by listing the property in the Extended Listing Period.
  • For Properties marketed as “insured” or “insured with escrow,” the exclusive listing period is 15 Days.
  • For Properties marketed as “uninsured,” the exclusive listing period is five Days. 
 
For additional information please contact the Asset Manager with jurisdiction over the property.  To locate contact information for the Asset Manager please visit the HUD Homestore website at https://www.hudhomestore.com/ and click “Help” in the gray tool bar.
 
For policy information see Handbook 4000.1 Section IV.B.2.f.v.(B) at https://www.hud.gov/program_offices/administration/hudclips/handbooks/hsgh

All policy information contained in this knowledge base article is based upon the referenced HUD policy document. Any lending or insuring decisions should adhere to the specific information contained in that underlying policy document.


Topic Number: KA-02975