Bid Process

[Janet Braden]

When a bid is entered on a HUD property, the Asset Manager assigned to
that property reviews the bids. Bids are accumulated in the system for
the bid period (5 day, 10 day, or daily). The day following the end of
the bid period, only the bids submitted for that bid period can be
seen and evaluated. If an acceptable bid is received, the Asset
Manager cannot see any new bids unless the winning bid doesn't result
in a contract and it is released or cancelled.

Once the initial bid period expires, bidding is on a daily basis.
After the first acceptable bid is released or otherwise cancelled, the
Asset Manager has the ability to see the bids submitted during the
next bid period and only those submitted during that period.

Once a decision is made to accept a bid and the system updated, you
aren't allowed to submit additional bids so this will rarely happen.
However, bids can be submitted after the midnight deadline and before
the previous days bids are reviewed so it is possible to submit a bid
during the next bid period and then not hear anything about your bid's
status.

If two identical net offer bids should be received during the same bid
period and they are both acceptable but one is from an owner occupant
and one is from an investor it will be awarded to the owner occupant.
If they are absolutely identical, then bidder is decided in a random
selection.

We are learning more and more about this whole process and will try to
keep you updated. Let me know of any way I can help!!