What Kind of Message is HUD Trying to Send Me?

By
Services for Real Estate Pros with PEMCO Ltd.
http://actvra.in/4YF

Bid management has changed up it's program in M&M3, and as always, we want to help clear up any of your concerns! The messages sent concerning the status of your bid will be found in your Buyer Center on HUD Home Store. You will no longer get an email notification letting you know where your bid stands against everyone else's. This also means you can no longer see how your bid measured up against everyone else's. 

Something else you should know, is that the messages you receive are a little different, and can be misleading without proper knowledge of how the system works. "Under Review" can, but does not necessarily mean we are reviewing your bid. It can also mean that you are being considered for a back up offer in the event the accepted bid falls through. If you see that your bid is "Under Review", you can call your LLB and they will be able to see what step your bid is in. If it is in the accepted bid stage, but you are seeing "Under Review" instead of "Bid Accepted", that means your bid is being considered for a back up offer. That brings us to the simplest message "Bid Accepted", which means you are the winning bidder! Now, "Cancelled Bid" means that your bid was too low OR that your bid is being considered for acceptance. You are probably thinking, "WTH, that makes no sense at all!" The logic behind the bid management system requires us to cancel all considered bids to be able to view all the bids. If you receive a "Cancelled Bid" message, please wait 24 hours and if you are in fact the winning bidder you will receive the "Bid Accepted" message. 

On a side note, the bid management process is a bit more labor intensive than in the past and has become an all day job. So, please be patient with us as we are reviewing your bids! Also, bids are only considered in the time frame prior to a deadline. That means that bids made after the review begins will only be considered if the bids being reviewed are not accepted. So, if you place a bid on Monday, and the bidding cycle is in Daily, your bids will not be compared to any of the bids placed on Tuesday or Sunday.

Thank you for your interest in HUD Properties and PEMCO Ltd. and good luck in 2011!

The PEMCO Team 

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