Listing and Bidding Procedures Index:

• Disclosures
• Auction Schedule
• Discount and Special HUD Programs
• Earnest Money Deposit
• Closing Time Frame
• Sales Incentive
• Broker Commission

All properties are offered subject to prior sale, withdrawal or cancellation and are sold "As Is" without warranty.
HMB, Inc. (HMBI) assumes no responsibility for errors in the listing information or equipment failure in electronic bid transmission.

Irregularities in bids: 
HUD reserves the right to waive any irregularity in any bid, reject any and all offers, and to withdraw a property prior to contract award.

Code and Zoning violations: 
Brokers should advise Purchasers that the properties may contain code and/or zoning violations. Code and Zoning status must be determined by the Purchaser. 

Property Condition: 
No guaranties and/or warranties made. No repairs will be performed by HUD before or after closing.
Purchasers are encouraged to inspect the properties. If Purchasers wish to inspect the interior of any property they must do so with a HUD-Registered Broker.
The properties are sold “AS IS”.
NO SALE WILL BE CONTINGENT UPON PURCHASER’S INSPECTION OF THE PROPERTY.
Purchasers are NOT permitted to test utilities before placing their bid.

Broker Registration:
Bidding can only be performed by HUD-Registered Brokers who have a valid NAID Number (previously supplied by HUD).
Brokers must have all State required licenses including a real estate license valid and in good standing in the State where the property is located.
If any of the above conditions is not met, the bid is subject to cancellation.

Potential Purchasers:
Contact a HUD Approved Broker to obtain a copy of the current listings, to visit listed homes or to make an offer.

Technical Equipment Difficulty or Failure:
If equipment or telecommunications failure occurs at any time during any bidding round and especially near any bidding deadline, such failure is deemed to be a risk of bidders. HMBI shall not be liable for such failure nor shall HMBI hold open or re-open bidding.
By participating in this auction Brokers and their Buyers agree to release HUD and their agents from all liability in the event that any bidding is hampered by technical difficulties.

Back-Up Bids and Counter-Offers:
HUD and HMBI may allow for back-up bidders and/or may allow for counter-offers.

 

Auction Schedule

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November 26, 2006:

• Morning: A list of available properties will be published on this website. Brokers will be able to show available properties to their prospective buyers in the same manner as regular HUD Listings.

December 08, 2006:

• 10:00am ET: Auction starts.

December 09, 2006:

• 11:59pm ET: Auction ends. The system will display the amount of the Highest Net Bid Amount and indicate whether the reserve price has been met or not.

December 10, 2006:

• 5:00pm ET: Auction Results are published.

Brokers are encouraged to bid over the entire two days.

Auction ending time will be strictly enforced. Only bids that are completely submitted and accepted by the system prior to the end of the auction will be considered by the system.

There is absolutely no advantage of waiting until the last minute to bid. If a bidder waits too close to the end of the auction, the bidder takes the risk of equipment or telecommunication failure.

If equipment or telecommunications failure occurs at any time during bidding and especially near the bidding deadline, such failure is deemed to be a risk of bidders.

Please note that the Auction Results are only an Announcement simply acknowledging that a buyer's bid appears to yield the highest net return to HUD. A binding contract is subject to:

• timely receipt of a properly completed and signed Sales Contract (HUD Form 9548) and required Addenda, and
• execution of the Sales Contract and its Addenda by HUD's agent and the delivery of the Contract and Addenda to the purchaser or the purchaser's agent.

If the required documents are not received in proper form within 48 hours of bid announcement, the offer will be considered "non-responsive" and will result in the cancellation of the bid submitted.

HUD reserves the right to make changes to the announcements prior to the acceptance of any contract.

Discount Programs such as the Good Neighbor Program, OND/TND or HUD approved Non-Profit Agencies ARE NOT APPLICABLE to properties offered in this HUD Special Online Auction.

$1,000.00 Earnest Money Required: Regardless of property price, Brokers will collect and hold on behalf of HUD an Earnest Money Deposit of $1,000.00 in the form of Cashier's check or money order only for all properties available in the Special Online Auction. Brokers will deposit the Earnest Money Deposit in Broker's Escrow Account.

All purchasers must close on or before forty five (45) days of contract acceptance date.

 

Sales Incentive

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In order to promote FHA insured financing, the Holidays Home Sales Incentives are applicable for owner-occupant purchasers who utilize FHA insured financing:

• $100 Down Payment.
• $2,500 Holiday Improvement Allowance.
• $500 Selling Broker Bonus.

No other incentives will be allowed.

Broker Commission

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Broker Commission: IF included on the original electronic bid and IF inserted on line 6a. of the HUD Sales Contract Form 9548, a minimum of $250.00 and up to 3% commission of the purchase price to the Selling Broker.