HUD bidding changes went into effect on Monday, December 2nd.
Please take note of the following guidelines for HUD Bidding Changes:
- 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.
HUD Homestore changes…
- 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.
- 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.
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.