Property Listing Policy

All GNND and NEW properties will be posted on
www.hudhomestore.com

GNND (Good Neighbor Next Door) properties are listed for five days. The list period closes at 11:59 pm on the last day. 1st, 2nd and 3rd place winners will receive a courtesy fax or e-mail no later than 12:00 pm the day after the lottery period closes. Lottery entrants can also see if they have won the GNND property on the lottery results page. If no lottery entries or contracts are received, the property is placed back on the market as an Owner Occupant property.

Owner Occupant properties are listed for an initial ten day period. The list period closes at 11:59 pm on the last list day. 1st and 2nd place winners will receive a courtesy fax or e-mail no later than 12:00 pm the day after the bid period closes. Bid entrants can also see if they won the Owner Occupant property on the bid results page. If no acceptable bids are received at the end of the bid deadline the (O/O) Owner Occupant Uninsurable property will rollover to Daily All Bidders (Re-list) cycle, with the exception of Baltimore City. The Insurable Properties will remain O/O for an additional 20 days.

Daily Bid (Re-list) properties available Monday through Thursday close at 11:59 pm at the end of each day unless and acceptable bid is received. Daily Bid properties available on Friday close at 11:59 pm Sunday. 1st and 2nd place winners will receive a courtesy fax or e-mail no later than 12:00 pm the day after the bid period closes. Bid entrants can also see if they won the Daily Bid property on the Bid Results page.

Properties Returning to Market

Bid and Lottery winners and back-ups have until 5:00 pm two days after their bid or lottery is accepted to submit their contracts. If the winner does not submit their contract before the deadline, and 1st back-up winner contract is already submitted within the time period, HomeSource will award the property to the 1st backup winner. If none of the winners turn in their contracts, the property will return to the market.

Bid and Lottery winners, who successfully turn in a completed contract that becomes ratified, have an initial 45 days to settle on the property. If they are unable to meet settlement requirements set by HomeSource and HUD, their contract will be cancelled resulting in the possible loss of their earnest money deposit (See Earnest Money Policy), and the property will return to the market.