Bid Submission Deadline date is an EXTREMELY important step in a HUD Home purchase.
Bids for HUD Homes are completed electronically online and the only agents that can submit a bid must have a valid NAID#.
In a previous blog Path to Homeownership: Does Your Agent Sell HUD Homes? I stated the following:
The first 10 days of the HUD home being listed is blocked for bid submissions and no decision will be made during this time. This gives HUD Home selling agents ample time to view the property and for homebuyers to make an informed decision on if they would like to submit a bid.
I wanted to expound on this piece of information further…for the first 10 days of the HUD Home being listed the bids will accumulate and be reviewed the day after the close of this time period. HUD reviews all offers simultaneously on that 11th day of the property being listed and the asset manager will make a decision on the bid that offers the highest net profit from an owner occupied buyer.
Path to Homeownership TIP: The best way that we can service you as your Central Valley HUD Home Selling Agent is to make sure that ALL of your documents are together. HUD has a very strict timeline once an offer is accepted. It is in your BEST interest as a homebuyer to assure that you are pre-approved before viewing a HUD home. It is also in your best interest to know that HUD Homes are SOLD AS-IS. No Warranties will be given. Sometimes, there may be a home that does not need any repairs, but more than often they do. HUD Does an inspection before listing the property, but we suggest that the homebuyer invests in their own home inspection to assure that you are purchasing a home that they will be able to maintain.
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