What is the Extended Listing Period?
This is the listing period after the Exclusive Listing Period has ended. All bidders are eligible to place a bid in the Extended Listing Period.
What is the Lottery Listing Period?
Certain property eligibilities allow Good Neighbor Next Door participants, HUD registered nonprofit organizations, and/or government entities to bid on the property prior to becoming available to Owner Occupant bids. These properties, which are usually located in HUD designated revitalization areas or are determined to be uninsurable, are available in the Lottery period for seven (7) days. If there are no winning bids when the Lottery period ends, these properties then enter the Exclusive Listing Period for 5 or 30 days, depending on the insurability of the property.
What is the difference between an Owner Occupant purchaser and an Investor purchaser?
An Owner Occupant purchaser is a person who plans to live in the property as their primary residence for the first 12 months after the close of escrow and has not purchased another HUD Home as an Owner Occupant within the past 24 months.
An Investor purchaser is someone who buys the property as a second home or as an investment, or who does not qualify as an owner occupant.
What is the bid period?
Each listing on www.HUDHomeStore.com has a Bid Submission Deadline. It is located directly beneath the Case Number and Eligible Bidders on the Property Details page of each property. Please be advised that the Bid Submission deadline is Central Standard Time (CST). The Bid Submission Deadline will change as it progresses through the various Listing Periods.
How do I activate the utilities? Especially if I am a buyer or appraiser who needs to see systems working in order to obtain a loan?
Brokers will have to notify the Field Service Manager (FSM) that they are requesting utilities be turned on and follow their policies and procedures for utility activation. The contact information for the FSM is provided in the contract package that is issued to listing brokers once a contract has been accepted.