Answer: Start by finding a participating real estate agent. Your real estate agent must submit your bid for you. Normally, HUD Homes are sold in an "Offer Period." At the end of the Offer Period, all offers are opened and, basically, the highest reasonable bid is accepted. If the home isn't sold in the initial Offer Period, you can submit a bid daily until the home is sold. Bids can be submitted any day of the week, including weekends and holidays. They will be opened the next business day. If your bid is acceptable to HUD, your real estate agent will be notified, usually within 48 hours.
Bidding
Owner Occupant Priority Bid Period
During the initial 10 day bid period, priority will be given to purchasers who plan on being an owner-occupant. An owner-occupant is a purchaser who will live in the house as their primary residence for at least one (1) year and may not purchase another HUD home for two (2) years thereafter.
Investor Bidding
An investor may not bid during the ten (10) day owner/occupant priority period. Once the owner/occupant period is over all bidders, including investors will be able to place bids.
Open Bidding
Any properties not sold during the initial ten (10) day owner/occupant priority period will be placed in this category and will remain for all bidders until a price reduction occurs or the property is sold.
