Listing and Bidding

Owner Occupant Priority Period (PA/DE) Eastern Standard Time
All Owner-Occupant offers received during the first 10-day period, shall be considered to have been received simultaneously. In order to be valid for the 10 day priority period, bids must be completed and confirmed online no later than 11:59 p.m. on Sunday.

At 1:00 p.m. on Monday, Owner-Occupant bids received through Sunday at 11:59 p.m. will be opened and reviewed and the highest acceptable net bid to HUD will be selected.

Owner Occupant Priority Period (AL/MS) Central Standard Time
All Owner-Occupant offers received during the first 10-day period, shall be considered to have been received simultaneously. In order to be valid for the 10 day priority period, bids must be completed and confirmed online no later than 11:59 p.m. on Sunday.

At 1:00 p.m. on Monday, Owner-Occupant bids received through Sunday at 11:59 p.m. will be opened and reviewed and the highest acceptable net bid to HUD will be selected.

General Public Bid Period
At the conclusion of the 10-day Owner-Occupant Priority Period all general public bids (including Investors) received after the 10th day, will be reviewed daily by 11:59 p.m. and results will be posted the next day at 1:00 p.m. The highest acceptable net bid to HUD will be selected.

Bids received on the same day shall be considered to have been received simultaneously.

Friday, Saturday and Sunday bids will be reviewed simultaneously on Mondays at 1:00 p.m., and the highest acceptable net bid to HUD will be selected.

In the event the property remains unsold, the bids (Owner-Occupant and General Public) will be reviewed and posted daily at 1:00 p.m. and the highest acceptable net to HUD bid shall be selected. This listing will remain in effect until the listing has been sold or withdrawn from the market to be reanalyzed. Bids must be completed and confirmed before 11:59 p.m. in order to be valid for that day and will be opened the next day excluding Friday, Saturday and Sunday which will be opened on Monday. Bids must be completed and confirmed on the Internet before 11:59 p.m. in order to be valid for that day.

Brokers must submit bids through Internet Electronic Bidding on HVH’s web site at www.HooksVanHolm.com .

Brokers are required to review bid announcements to verify if their offer was the selected offer. Within 48 hours after the announcements are posted, Brokers must submit the original written HUD Sales Contract Form 9548, along with all necessary addenda to:

For Alabama and Mississippi:
1021 Noble St., Suite 212
Anniston, AL 36203

For Pennsylvania and Delaware:
1005 West 9th Ave., Suite A
King of Prussia, PA 19406

To be acceptable, hard copies must contain no errors.

Disclaimer to Brokers and Buyers
Receipt or posting of the notice that a buyer's bid has been "accepted" does NOT mean, explicitly or implicitly, that Hooks Van Holm Foreclosure Specialists or HUD has entered into a binding real estate contract to sell the subject property to a buyer. Receipt of such notice simply acknowledges that a buyer's bid appears to yield the highest net return to HUD of offers submitted, based on information provided at the time the bid is electronically submitted for the advertised property. A binding contract is still subject to timely receipt of a properly completed and signed HUD Form 9548 and satisfaction of all other necessary HUD preconditions and requirements to a contract for purchase of Real Estate. Contracts are not considered binding until execution and delivery of the contract to the purchaser's agent by Hooks Van Holm and/or its authorized affiliates. If required or requested documents are not received in proper form within the timeframe provided (normally 48 hours from request), we reserve the right to deem the offer "non-responsive" and re-list the property for bidding. If there are no other acceptable bids submitted during the advertised period, the property will continue to be advertised for sale.

REMINDER: Brokers must check the web site on a daily basis for available properties and bid announcements. If your bid is selected, a completed contract (with the required Addenda) must be in our office within the next 48 hours of Bid Result Publication or it will be considered canceled and the second highest acceptable net bid to HUD will be selected.

Certification of Owner-Occupant Status for Cash Purchases: All bids by owner-occupants, who are purchasing properties listed in the owner-occupant category, must include an Owner-Occupant Certification. Sanctions will be immediately imposed upon Brokers, Agents and Investors found to be abusing the system.

Electronic Bid Withdrawal
You may withdraw an electronic bid by sending us a fax, no later than 10:00 a.m. on bid opening day.

Earnest Money Deposit

The following provisions are applicable in all instances except those where HUD is unable or unwilling to close the sale, in which case the entire amount will be returned. Investor Purchasers:

• Uninsured Sales: 100% of the deposit will be forfeited to HUD for failure to close, regardless of the reason.
• Insured Sales:
  • 50% of the deposit will be forfeited to HUD for failure to close if the purchaser is determined by HUD to be an unacceptable buyer.
  • 100% of the deposit will be forfeited to HUD if the sale fails to close for any other reason.

Owner-occupant Purchasers:
Return 100% of the deposit when: o There has been a death in the immediate family (purchaser, spouse or children living in the same household). o There has been a recent serious illness in the immediate family that has resulted in significant medical expenses or substantial loss of income, thus adversely, affecting the purchaser's financial ability to close the sale. o There has been a loss of job by one of the primary breadwinners, or a substantial loss of income through no fault of the purchaser. o For an FHA insured sale, HUD (or a D.E. underwriter) determines that the purchaser is not an acceptable borrower. For an uninsured sale, the purchaser was pre-approved for mortgage financing in an appropriate amount by a recognized lender and, despite good faith efforts, is unable to obtain mortgage financing. "Pre-approved" means a commitment has been obtained from a recognized mortgage lender for mortgage financing in a specified dollar amount sufficient to purchase the property. o There is other equally good cause, as determined by HVH Inc., in keeping with the spirit and intent of the above policy.

Return 50% of the deposit when:
For an uninsured sale, despite good faith efforts by the purchaser, there is an inability to obtain a mortgage loan from a recognized mortgage lender.

Forfeit 100% of the deposit when:

• No documentation is submitted.
• Documentation fails to provide an acceptable cause for the buyer's failure to close.
• Documentation is not provided within a reasonable time following contract cancellation.

Vacant Lot Sales:
The purchaser is considered to be an investor and instructions pertaining to investors will apply.

Closing Costs

Closing Time Frame

ALL SALES ARE EXPECTED TO CLOSE WITHIN THE APPLICABLE TIME FRAME IDENTIFIED ON LINE 9 OF THE SALES CONTRACT.

Closing Extension Request: If the closing does not occur on the specified date on line 9 of the HUD Sales Contract 9548, the Broker should contact HUD's Closing Agent at least two weeks prior to that date to request an extension. You may download the Closing Extension Form from the Forms Page of this website.

HVH Inc., as HUD's Representative, may grant an extension of closing time and, if approved, each extension will be for a period of fifteen (15) days:

• Documentation submitted with the extension request must establish that a closing can reasonably be expected to occur within the extension period.
• The initial 15-day extension will be provided for owner occupant purchasers, at no cost, if documentation is provided indicating that proper and timely loan application was made, that the delayed closing is not the fault of the purchaser and that mortgage approval is imminent.
• An extension of the 45 day closing date is possible in cases involving financing. To request a 15 day extension you must provide: 1. Proof that the approval is imminent and, 2. A certified check or money order to HUD’s Closing Agent prior to the contract expiration date for $150.00 when the purchase price is $25,000 or less, $225.00 when the purchase price is $25,000 to $50,000 or $375.00 when the purchase price is over $50,000. NO PERSONAL CHECKS WILL BE ACCEPTED.
• The approval of an extension does not obligate HVH Inc., as HUD's Representative, to grant future extensions.

Broker Commission: Up to 5% commission of the purchase price to the Selling Broker, IF inserted on line 6a. of the HUD Sales Contract Form 9548.

Disclosures

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 the bid opening.

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.

IN - Insured:
All properties listed as "INSURED" are eligible for FHA financing. All requests for insurance will be under Section 203(b) of the National Housing Act Program.

IE - Insured with Escrow Repairs:
Properties listed as "INSURED WITH ESCROW REPAIRS" means that certain repairs (not to exceed $5,000.00) are required to meet Minimum Property Standards for an FHA mortgage. Purchasers of these properties have the option to purchase "as-is" with cash or conventional financing. Or, these properties can qualify for FHA Section 203(b) mortgages if the purchaser and lender establish a repair escrow at the closing for the completion of repairs within 90-days of the closing.

UI - Uninsured:
Properties listed as "UNINSURED" means that certain repairs and or improvements are required to be eligible for an FHA 203(k) mortgage. The required repairs on most of these properties exceed $5000.00. Purchasers of these properties have the option to purchase "as-is" with cash or conventional financing. These properties are also eligible for a FHA 203(k) mortgage if the required repairs and or the improvements are completed within 90-days of the closing.