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Electronic Bidding Procedures & Instructions
You must be a current registered HUD Certified Broker in order to place a bid. All certified HUD Brokers are assigned a NAID identification number.
New properties (Initial Listings) when available will be published on the Internet each Friday. Owner-Occupant bids will have a 10-day Priority over Investor bids. The bids will be electronically retrieved the second Monday following the Friday listing and on a daily basis thereafter. All bids received during the Initial List period will be considered to have been received simultaneously. Investors may submit their bids at any time after a property is listed. Investor bids will be electronically retrieved on Tuesdays (the 12th day) after the Initial Listing date and on a daily basis thereafter.
The deadline for submitting a bid for Initial and Extended Listings is 11:59 p.m., the day prior to bid opening.
After you submit a bid, you will be given a confirmation number. Be sure to write your confirmation number on the top right hand corner of the Sales Contract.
The highest acceptable net bid shall be tentatively accepted on the bid opening date. Bid results will be posted by 1 p.m. on the day of bid opening. It is the Broker's responsibility to follow up on his/her bid by checking the Bid Results posted on our website. It is also the Broker's responsibility to submit a complete set of contract documents including all addendums within two business days after the bid results are posted.
Additionally:
• All bids must be submitted electronically by a HUD certified selling broker. Winning Bid Results are posted daily on the internet.
• Please ensure that the submitted contract is the current HUD Sales Contract form HUD-9548 (1/99).
• Winning bidders must submit the original signed sales contract with required addenda to PEMCO within 48 hours (no exceptions).
• Only overnight packages will be accepted. Do not fax contract documents (faxed contracts are prohibited).
• In the event the original contract is not received by PEMCO's office within two business days, the tentative acceptance shall be canceled and the next highest acceptable bid will be declared the winning bid.
Required Addenda:
• Electronic Filing of 9548 Contract Addendum
• Conditions of Sale (signed)
• Forfeiture and Extension Policy, Addendum A
The Forfeiture and Extension Policy Addendum provided in the forms section of this website must be signed and included (all 4 pages) with the Sales Contract Package.
• Owner-Occupant Certification (if purchasing as an owner-occupant)
The Owner-Occupant Certification is provided in the forms section of this website and must be included with the Sales Contract Package if the Buyer is purchasing the property as an "Owner-Occupant" and will be occupying the property.
• Lead-Based Paint Addendum (case-specific)
A copy of the Lead Based Paint Addendum for the property being purchased must be included with the Sales Contract Package if the home was built prior to 1978. The Lead Based Paint Addendum is case-specific and can be found on the Property Listing information on this website where applicable.
• Radon Gas & Mold Addendum
• Broker's Agreement to Abide by HUD's Earnest Money Forfeiture Policy
This document MUST be signed by the BROKER not the agent or an individual authorized in writing to sign on the broker's behalf. Signature stamps are NOT ALLOWED.
• Pre-Qualification Letter or Proof of Funds for Cash Sale
A Pre-Qualification Letter or Pre-Approval letter from a lender.
If this is a cash sale: verification of cash funds
• For Your Protection Get a Home Inspection
• Agency Disclosure Form
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