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LISTING DESIGNATIONS
All properties on our site are designated as "HUD", "BANK", or "PRIVATE," depending on who owns them (the seller). These classifications
are shown on the first line of each property description. Government and bank-owned properties are acquired when a home-owner
defaults on their loan.
After a property is appraised for current market value, it is marketed for sale to the public. Property information is disseminated to the public by the sellers who allow listing brokers as well as other brokers to obtain buyers and sell the properties. BuyHUDVA consolidates this information and presents it in a way to help BuyHUDVA Realtors and their buyers with purchasing decisions. Other properties listed by owners who have entered into an exclusive BuyHUDVA listing agreement are clearly noted as "BuyHUDVA Exclusive Listing" along with a "Private" designation. All properties are available for sale to the general public and may be sold by any qualified broker who may find a qualified buyer.
NEW LISTINGS
Non-HUD-owned properties may appear on the site on any given day. However HUD listings are scheduled.
"NEW" HUD listings are posted each Tuesday and Friday for a initial occupant-priority period of 10 days.
Properties are available for "simultaneous" bidding, meaning all offers are reviewed together after the deadline, on Friday and Monday when winners are announced.
For the initial bidding period, owner-occupant offers are prioritized over investor offers.
The bid NETTING the highest acceptable amount to HUD wins. The "NET" is the amount realized by the sale AFTER deducting
costs such as commissions and any buyer-requested concessions such as closing costs.
Brokers DO NOT KNOW what the minimal acceptable amount may be for any property, other than through deduction by viewing sales over a period of time. Most brokers have a good idea of what this is. HUD bid results are posted the day after the deadline, ususally by noon. During the owner-priority period,
if no offer by an owner-occupant is acceptable, bids from all purchasers, including investors will be considered.
HUD LOTTERY listings available to lottery-qualified individuals or entities are posted Saturday - Wednesday for a period of 5 days. All lottery offers taken during the 5-day period are opened at the same time and the winner is selected randomly on Thursday. If no offers are made, the property will be listed the next day, Friday, as an owner-occupant priority listing for 10 days.
Non-HUD listings are posted as they become available and have NO OCCUPANCY RESTRICTIONS. Deadlines, if any, for making an offer are shown with each listing.
RETURN LISTINGS
HUD properties returning to the marketplace are listed each Sunday and Wednesday for 5 day periods. All bids are accumulated during the period, and opened and reviewed simultaneously on the sixth day, Friday and Monday. Owner-occupants have priority until the sixth day, when all purchasers have equal priority.
Returned properties are those returning to the market which were previously awarded or pending sale, however the purchaser failed to close. Some possible reasons include: loss of employment or change in financial status of the buyer; failure to obtain financing; poor results on a home inspection; failure to submit the sales contract or other paperwork within the allotted timeframe; vandalism or change in condition of the property; death of the purchaser.
DAILY LISTINGS
HUD properties that do not sell by the end of the occupant-priority period change over to a DAILY simultaneous bidding status.
Bids from all purchasers, including investors are then evaluated daily and
results are posted each following day. Most bank properties do not have offer deadlines and are awarded to purchasers with the
best acceptable offer. Bidding statistics, including the details of any previously awarded offers are shown by clicking the Bid History link at the end of the property description.
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