For the Purchase of HUD Homes – On December 2, 2013 there will be a significant change in the insured property listing period as well as changes to the bid opening procedures. 

The changes are as follows:

  • The Exclusive period for properties that are IN will be reduced to 15 days. Bids submitted during the initial 10 days will still be sealed. After the 10th day the bids will be reviewed daily. If no acceptable bid is received by day 15, the property will enter the Extended period.
  • The exclusive period for properties that are UI remains unchanged.
  • Bids received on Friday, Saturday, or Sunday will be opened in one batch on Monday. These bids will be considered as having been submitted simultaneously. In the event that Monday is a federal holiday, the batch will include bids received Monday and  will be opened on the following business day.
  • If a federal holiday falls during the week, any bids submitted that day will be grouped with the bids from the previous day.

NOTE: Bids will not be batched together if the listing period ends over the weekend or on a holiday. For example if the listing period ends Saturday, bids received Sunday will not be included in the batch to be opened the following business day.