Bidding on HUD-Owned Properties

HUD has made some significant changes to their bidding process. To place a bid on a HUD owned property, go to www.HUDHomeStore.com. You can search for HUD owned properties at this site.

In order to bid on a HUD-Owned property, the Realtor must be a HUD-registered agent and have an NAID#.

The following is how HUD accepts, reviews and awards bids:

If the property you're bdding on is NOT in a revilization area and it's insurable or insurable with escrow, it's available exclusively to owner occupants only for a 10 day lottery period. On the 11th day, we will review all the bids submitted in those 10 days, and accept a bid. If no bids are accepted on the 11th day, owner occupants, non-profit organizations, and government entities are able to bids daily (daily just means if someone submits a bid 1 day, we can go in that same day and accept it if it's acceptable).

If no bids are excepted for 30 days, investers can start bidding after 30 days.

If the property you're bidding on is NOT in a revitilization area and it's uninsurable, owner occupants only can bid for a 5 day lottery period. If not bids are accepted on the 6th day, then owner occupants, NP organizations, government entities, and investers can start bidding on the 6th day.

For properties in a revitilization area that are insured or insured with escrow, only eligible GNND purchasers can bid for the first 10 days. If no bids are accepted, on the 11th day GNND purchasers are no longer being accepted and only owner occupants, NP, and government entities can bid for 10 days. On the 20th day, if no bids have been accepted, investers can start bidding.

For properties in a revitilization area that are uninsured, only eligible GNND purchasers can bid for the first 5 days. If no bids are accepted, on the 6th day GNND purchasers are no longer being accepted and owner occupants, NP, government entities, and investers can start bidding.

KEY:
NP = Non-Profit
GNND = Good Neighbor Next Door

Property Condition KEY:
IE = Insurable with repair escrow
IN - Insurable
UI = Uninsured (this means the property requires repairs estimated to cost more than $5,000 and is not eligible for FHA-insured loan, unless it's a Section 203(k) loan)