HUD has an initial bid period for owner occupants, non profits and government agencies only. To make things simpler I will refer to this bid period as the owner occupied only bid period from now on. HUD classifies properties into different categories based on condition and those properties have different bid periods. Some properties will qualify for FHA financing and some won’t depending on the amount of repairs needed. The properties that will go FHA are listed as “insured” and the properties that won’t are listed as “uninsured”.
If a property is listed as insured, there is a 15 day owner occupied bid period with a 10 day initial bid period. HUD accepts bids for the first 10 days and then will review bids the next business day after the first 10 days are up. If HUD does not accept a bid in the first 10 days, the home will go to a daily owner occupied bid period. HUD will review all bids received the next business day after they are received until the property has been on the market for 15 days. On the 16th day the home has been actively listed, Investors are able to place a bid on the property. HUD lists the exact amount of time left in the bid period at hudhomestore.com.
If a property is uninsured, there is an initial 5 day owner occupied bid period. HUD will review all bids received on the next business day after the 5th day and if no bids are accepted, investors can bid on the 6th day.
If you see a property still on hudhomestore.com the day after the bid period has expired it does not mean the home is still available. HUD reviews bids the next business day and if the bid period ends on a weekend, HUD will allow bidders to place bids after the initial bid periods have ended. HUD homes may also appear on hudhomestore for a short time in the morning after a bid period ends, because HUD has not reviewed the bid yet. HUD removes them after they accept bids and it can take some time to review bids on thousands of properties across the country.