Electronic
Bidding
All HUD properties
are sold by electronic bid either placed through the website
or over the phone. For a bid to be considered acceptable it
must meet the minimum bid amount for that particular property.
All acceptable bids are reviewed in the bid review process
and the bid with the highest net to HUD (not purchase price)
is awarded the property.
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.
Please remember that we do not archive any bids. If your
bid is not accepted and the property is available, please
submit your bid time and again, until we have either lowered
the price sufficient to meet the acceptable threshold of the
highest bidders, or that by the bidder increasing the price
in each subsequent bid, has met our acceptable amount.
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
The purchaser information entered on the bid must
be accurate. If a generic social security number, federal
identification number, purchaser, or company name is used
in lieu of the actual SSN/FIN, purchaser, or company name,
your bid will be invalidated. The information entered on your
bid cannot be changed after it has been provisionally accepted.
Submission of false information will result in cancellation
of the provisional bid acceptance and the property will be
placed back on the market for competitive bidding.
Owner Occupant purchasers may only have one accepted
offer at a time. If for some reason the provisional bid or
contract for an Owner Occupant must be cancelled, you will
not be able to submit another bid on behalf of that owner
occupant until MCB has processed your cancellation request.
Upon completion of processing a cancellation letter will be
faxed stating the disposition of the earnest money deposit.
Submission of bids during this transition period will only
cause delay in your client’s ability to place a new
bid.
If your purchaser is obtaining FHA financing you
will be required to use HUD’s FHA AS-IS Appraisal (unless
HUD’s Appraisal is over 6 months old, in this case your
purchaser will be required to obtain a new FHA AS-IS appraisal
at their cost). Therefore, if you overbid the appraised value
and your purchaser is obtaining FHA financing, the purchaser
must pay the overbid difference in cash. This is because FHA
will not insure a loan for greater than the appraised value
of the property.
For the first ten (10) days on all new listings,
preference is given to Owner Occupant buyers. Baltimore City
has an extended Owner Occupant Period of 20 days. Bids by
investors will not be considered until the final day of the
Owner Occupancy Period.
Bids are reviewed on the following Business Day after
they are submitted. If a listing has a deadline of “Daily”
you must submit a bid by 11:59 PM. The winner (if there is
an acceptable offer) will be posted the following day by 4:00
PM.
IMPORTANT NOTE: Bids submitted on Friday, Saturday, or Sunday
on properties listed Daily will be reviewed on Monday (or
the following Business Day).
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