FHA Single Family Housing Policy Handbook 4000.1, IV. CLAIMS AND DISPOSITION > B. Title II Disposition > 2. REO Property Disposition — g. Bid Submission
HUD effective date: 09/30/2016 · section IV.B.2 · Handbook 4000.1
FHA Single Family Housing Policy Handbook 4000.1, Part IV — g. Bid Submission (09/30/2016).
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Verbatim provisions from FHA Single Family Housing Policy Handbook 4000.1, IV. CLAIMS AND DISPOSITION > B. Title II Disposition > 2. REO Property Disposition — g. Bid Submission — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.
FHA Single Family Housing Policy Handbook 4000.1, Part IV — g. Bid Submission (09/30/2016)
g. Bid Submission (09/30/2016) i. Use of HUD Home Store Selling brokers, HUD-approved Nonprofits, and Governmental Entities must submit bids for HUD REO Properties electronically through HUD Home Store. In order to submit bids through HUD Home Store, selling brokers, HUD-approved Nonprofits, and Governmental Entities must: • have applied for and been issued a Name and Address Identification (NAID); and • be registered on HUD Home Store or successor site. ii. Good Neighbor Next Door Bid and Eligibility Documentation The GNND participant must submit with its bid: • form HUD-9549, Good Neighbor Next Door Sales Program Personal Information Questionnaire; • form HUD-9549-E, Employer Verification of Participant Employment; and • one of the following pre-qualification questionnaires: o form HUD-9549-A, Good Neighbor Next Door Sales Program - Law Enforcement Officer; o form HUD-9549-B, Good Neighbor Next Door Sales Program - Teacher; or o form HUD-9549-C, Good Neighbor Next Door Sales Program - Firefighter/Emergency Medical Technician. iii. Back-up Bids (A) Definition A Back-up Bid is an acceptable bid for a HUD REO Property, held by HUD, should the winning bid fail to close. (B) Standard At the time of bidding, the selling broker may elect to have their bid held as a back-up bid. Should the winning bidder’s sale fail to close, HUD may offer the Property to back-up bidders before relisting the Property. HUD will allow at least one back-up bidder and, in the case of GNND, two back-up bidders.
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