Bidding on HUD Properties

Submitting a Bid
All HUD Homes that are available for sale are listed on our website and on the MLS. If a property has an accepted bid or is under contract it is removed from the web listings. Only HUD-registered real estate agents can place bids on behalf of their buyers. For a bid to be awarded it must meet the threshold for the property (lowest acceptable amount) and have the highest net to HUD (not purchase price). A sales package should be completed at the time of bid submission. Once a bid is accepted the purchaser and real estate agent have only 48 hours to submit the Sales Contract Package to MCB. If the sales package is not received within the deadline then the bid acceptance may be cancelled. If there are no acceptable bids placed on a property then it remains on the market until an acceptable bid is received.

Owner Occupant Period
During the first 10 days (20 days in Baltimore, MD) a property is listed it is available for Owner Occupant Purchasers only. All bids placed by Owner Occupants that are submitted from Day 1 through Day 5 (Friday to Tuesday until 11:59 pm EST) are opened on the 6th Day (Wednesday) and are considered as though they were received simultaneously. If there are no acceptable owner-occupant bids on day 6, then bids are opened daily for the remaining 5 days of the owner occupant priority period.

The Bid Review Process
Bids are reviewed for acceptability on the following business day after the deadline of bid submission. Our established time to post bid winners is no later then 4:00 pm Eastern time. It is possible that on the day you submit a bid, we have not yet completed our review of the bids submitted the day before; therefore, it may appear that the property is available and that you have submitted a higher bid.Please do not submit bids until after 4:00 pm EST by which time all bid winners have been posted for that day. All bids are accepted based on HUD’s guidelines and followed with no exceptions.All bids submitted for Owner Occupants are displayed on BID STATISTICS which is updated every Friday for bids submitted the previous week. The bids submitted in the current week are not displayed until the following week due to Owner Occupant bid submission deadlines.

Bids submitted for an investor are displayed on BID STATISTICS which is updated every Friday.

The Bid Notification Process
The Results from the bid review process will be posted on our Web Site by 4:00 PM EST.It is the responsibility of the Agent to check the BID RESULTS page on our web site for the accepted bid information and ensure that all the required forms are properly filled out and sent to us by overnight mail. These forms are to reach us within 48 hours from the time of the provisional offer. As a courtesy we also notify the Agent by e-mail and fax using the information entered during the bid submission. Please note that incomplete information will not enable us to notify you. DO NOT WAIT FOR OUR E-MAIL OR FAX TO SEND IN YOUR COMPLETED FORMS

Bid Cancellation Prior to Acceptance
If a bid has been placed on a property with incorrect information or by mistake it is very important that a "Cancellation Request Prior to Acceptance" is submitted to avoid award of the incorrect bid. This can be completed by your real estate agent and the form is available online.

Bid Cancellation After Acceptance
In the event that a purchaser is awarded a bid but does not want to proceed with the sales contract package on the property then a "Cancellation Request After Bid Acceptance" must be submitted immediately. The property will then be cancelled and re-listed the Friday following the completion of the cancellation processing.