For bank foreclosures, the procedures may vary. Auctions are usually advertised in the newspaper with specifics as to how much of a deposit will be required by bank check to secure the bid the day of the auction. Multiple offers can be made, but only the offer producing the highest net return to HUD will be considered. If a prospective owner-occupant submits offers on more than one property, the first offer producing the highest net return will be accepted. Both brokers and prospective buyers may attend the public opening of envelopes received with offers on HUD homes.
New listings are open to offers for ten days.
Offers are accepted up to the date and time shown in the ad. The following business day, HUD will open the offers at either the local HUD office or a location announced in the newspaper listing. HUD will announce the terms of each offer made on the property. All offers will be reviewed and a decision will be made within 24 to 48 hours. After notification by phone that your offer has been accepted, your local HUD office will mail you a copy of the accepted contract and a contract acceptance letter.