New HUD Timelines Favor Investors

Dated: 12/19/2013

Views: 807

The new HUD Timelines and bid process is as follows;

-     The exclusive period for properties that are IN will be reduced to 15 days. Bids submitted during the initial 10 days will still be sealed. After the 10th day the bids will be reviewed daily. If no acceptable bid is received by day 15, the property will enter the Extended period.

-     The exclusive period for properties that are UI remains unchanged. 
-     Bids received on Friday, Saturday, or Sunday will be opened in one batch on Monday. These bids will be considered as having been submitted simultaneously. In the event that Monday is a federal holiday, the batch will include bids received Monday and  will be opened on the following business day.
-     If a federal holiday falls during the week, any bids submitted that day will be grouped with the bids from the previous day. 
-     NOTE: Bids will not be batched together if the listing period ends over the weekend or on a holiday. For example if the listing period ends Saturday, bids received Sunday will not be included in the batch to be opened the following business day.  For additional information, contact a HUD broker in your area.
What this boils down to is this; Investors no longer have to wait 30 days to place a bid on an insurable property, like they had in the past. This gives owner occupants less time to either sit on the fence and less time for new buyers to find it. 
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Kyle Swanson

Kyle is a licensed realtor and co-owner of the Realty Edge Team, brokered by eXp Realty, at 300 1st Ave NW Rochester, MN. He founded the Realty Edge Team in 2011 along with Dan Kingsley. At age 26, he....

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