Bid-Offer as Back-Up Offer

Backup Offers

In the HUD contract item 10 allows for purchaser to be a Back-up offer.

#10. If Seller does not accept this offer, Seller may may not hold such offer as a back-up to accepted offer.

· In any given bidding period, more than one offer is often received. These offers will be ranked, with the highest acceptable net offer first. The first bid will be extended the offer to purchase, then the second (third, fourth, etc.) bid will be indicated as a backup offer with email from the AM that they are in a backup position and if the primary bid cancels, they will be given an offer to purchase. Do not send in the Sales Contract Package to the AM until notified your bid has been accepted.

· If a backup bid is accepted, the Selling Broker must send the Sales Contract Package to the Asset Manager (AM) within two business days.

SALES CONTRACT PACKAGE Download Package

All packages must be in the Asset Managers’ office within 48 hours of bid results.

All packages must contain the following:

1. Sales Contract – HUD 9548

2. Lead Base Paint Addendum – with property information on the website

(properties built prior to 1978 only)

3. Copy of the Earnest Money – certified check or money order payable to HUD

4. Radon Gas/Mold Disclosure

5. Owner/Occupant Certification (if applicable)

6. Purchaser Rights and Responsibilities

7. For Your Protection Home Inspection

8. Inspection Addendum to the contract

9. Electronic Filing Addendum

10. Pre-qualification letter or verification of funds