Deadlines

In an effort to be fair to all purchasers, HUD has mandated timeframes that must be met or a contract may be cancelled. You are responsible for meeting each of these deadlines. Below is a list of notable deadlines and timeframes.

Bid Submission Deadline: All property listings will contain a deadline date and time. Bids are reviewed for acceptability on the following business day after the deadline of bid submission. Our established time to post bid winners is 4:00 pm Eastern time. It is possible that the day you submit a bid, we have not 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.

Sales Contract Package Submission Deadline: It is your responsibility to check our web site in the BID RESULTS page for the accepted bid information and ensure that all the required forms are properly completed and sent to us by overnight mail. These forms are to reach us within 48 hours from the time of provisional acceptance of the offer. If a contract package is not received by this deadline the provisional bid acceptance will be cancelled.

Days to Close: Once a contract has been ratified the purchaser has 60 days from the ratification date to close on the property or to submit an extension request. If the property does not close and an extension (regardless of the reason for extension) is not received then the contract will be cancelled.

Deadline to Complete Home Inspection: All properties under contract should have a home inspection performed with the utilities activated. You have 10 days from the date of contract ratification to complete this home inspection.

Timeframe for Utility Activation: Once permission has been granted by MCB the utilities may be activated at the property for a period of 72 hours. After 72 hours the utilities must be turned off.

Deadline for Extension of Time to Close: Extension requests must be submitted PRIOR to the expiration of the sales contract or any previously granted extension.

Cancellation Requests: In the event that your purchaser has to cancel a bid or sales contract a cancellation request should be faxed to MCB immediately. Sales Contract cancellation requests must provide a reason for cancellation and any relevant attachments such as a loan denial letter or a home inspection.

Other Deadlines: Time is of the essence in any real estate transaction. There may be documents or actions requested by either HUD or MCB which will have certain timeframes such as 48 hours to be completed. If any deadlines for additional information are not met then your purchaser's bid or sales contract may be cancelled.