All HUD properties are available to be purchased from www.hudhomestore.com. You must have a licensed real estate agent to view the property. In order to make a bid on a property, your real estate agent’s broker must have an NAID number. Once on the hudhomestore site, you will notice that there is a listing period on the page for each property. Properties can be in one of four listing periods, depending on the type of property, the bid open date, and how long the home has been on the market. All of this information can be found on the hudhomestore site, but the listing periods are below:
Lottery (7 days): All uninsured homes start in the Lottery period. The only insured homes that start in the Lottery period are insured single-unit properties in a revitalization area. The next listing period is the Exclusive period.
Exclusive (no bidding for investors)
(a) Insured properties (15 days): Insured properties not in a revitalization area begin their listing periods here. For insured homes that are single-unit properties in a revitalization area, the Exclusive period follows the Lottery period. The next listing period is the Extended period.
(b) Uninsured properties (5 days): All uninsured properties enter this 5-day Exclusive period after the Lottery period. The next listing period is the Extended period.
Extended (up to 180 days or open-ended): If the home has an as-is appraisal value of $1 to $25,000, it goes into a 10-day Dollar listing period (see below) after being on the market for 180 days. After the 10 days, it returns to an open-ended Extended listing period. Those homes whose value is zero dollars or greater than $25,000 dollars remain in what becomes an open-ended Extended listing period.
Dollar (10 days – Government purchase only):This listing period is ten (10) days and is for homes that have an as-is appraisal value of $1 to $25,000. After the $1 listing period, the home enters an Extended listing period that has no ending date (except when the home is purchased or reanalyzed). Government agencies can still purchase the home for $1 after that home leaves the $1 listing period and enters the Extended listing period.