The closing agent (per their contract with HUD) has 30 days to send out commission checks.
The buyer has a 15 day period after contract ratification (execution) to activate utilities and complete the home inspection. All inspections, tests, and risk assessments are performed at the purchaser’s expense.
EMD refunds and forfeitures are reviewed on a case by case basis. Please review the HUD Forfeiture and Extension Policy for specific scenarios regarding EMD forfeitures/refunds.
No, HUD will not renegotiate the amounts in your offer after bid acceptance. Purchasers have the option to cancel their bid acceptance and submit a revised offer if and when the property is relisted. However, please be advised that there may be back up offers in place. Should you cancel your offer, the property will be offered to any back up offer purchasers prior to relisting it on the HUD Homestore. There is also no guarantee that a property will be relisted at all.
Please be advised that bids can only be modified and/or withdrawn prior to the expiration of the current bid submission deadline you submitted your offer under.
You may modify and/or withdraw your bid by logging in to your Bidder profile on www.HUDHomeStore.com and clicking on Bidder Functions. You will need to enter at least one of the following pieces of information to retrieve your offer information: Bid Confirmation Number, Property Case Number (aka FHA Case Number), Purchaser Last Name, or the Purchaser SSN/EIN.
Select the Bid Confirmation Link of the offer you wish to modify/withdraw. The next screen will show you the details of the bid. Click on the Withdraw Bid or Modify Bid button at the bottom of the screen.
Please be advised that if you modify your offer your bid confirmation number will change!