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Nashville TN HUD Home Bidding Explained

Nashville TN HUD Home Bidding Explained

So you are still looking for a deal in Nashville by buying a foreclosed property.  We have experience helping navigate the offer and contract for buying HUD homes.  Today lets see what the different listing periods are for HUD homes in Nashville. 

Properties can be in one of four listing periods, depending on the type of property, the Bid Open Date, and how long the home has been on the market.  The four periods are called  Lottery, Exclusive, Extended, and Dollar.

Each type is explained below.

Lottery (7 days): All uninsured homes start in the Lottery period. The only insured homes that start in the Lottery period are insured single-unit properties in a revitalization area.

Exclusive (no bidding for investors)
(a)   Insured properties (15 days): Insured properties not in a revitalization area begin their listing periods here. For insured homes that are single-unit properties in a revitalization area, the Exclusive period follows the Lottery period. The next listing period is the Extended period. (b)   Uninsured properties (5 days): All uninsured properties enter this 5-day Exclusive period after the Lottery period. The next listing period is the Extended period.

Extended (up to 180 days or open-ended):
If the home has an as-is appraisal value of $1 to $25,000, it goes into a 10-day Dollar listing period (see below) after being on the market for 180 days. After the 10 days, it returns to an open-ended Extended listing period. Those homes whose value is zero dollars or greater than $25,000 dollars remain in what becomes an open-ended Extended listing period.


Dollar (10 days - Government purchase only)
:This listing period is ten (10) days and is for homes that have an as-is appraisal value of $1 to $25,000. After the $1 listing period, the home enters an Extended listing period that has no ending date. Government agencies can still purchase the home for $1 after that home leaves the $1 listing period and enters the Extended listing period.


So when looking at properties on  our website please make note if the property is INSURED or UNINSURED.  These may sometimes be abbreviated so if you have a question just call us and also call us to verify the period that a property is in as the only way to tell is by logging into the www.HudHomeStore.com and checking the actual date the property was first added for sale.   The number of days a home is on the MLS is not the same number of days for determining  which period it is currently in and when bids are being opened.

There is also another clock of sorts that is important for buyers of HUD homes and that is the Bid Submission deadline.  Typically a property has a period of 10 days to market where no bids are opened.  Then that period is followed by a period where bids are opened every night.  There is a weekend and holiday exception to this rule so it can get complicated but our team has experience and we stay up to date on the training to sell Nashville HUD homes.  Just give us a call and we would be glad to setup a seminar for you to learn more about HUD homes in Nashvilleor surrounding cities like Franklin, Spring Hill, or Nolensville.

 

Franklin TN Real Estate with Mike Grumbles & The Grumbles Team specializing in Franklin TN Community Homes for Sale

The Grumbles Team is our family serving your family with your real estate needs in Franklin, Tennessee 615-587-5843.

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EXIT Realty of the South | 1227 Lakeview Dr. Suite 1 | Franklin | TN | 37067 | 615.550.5555

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