HUD Listing Period Question
Investors can only bid on properties once a property has moved to the extended period listing. Below is an example from HUD homestore to make sure I have a good understanding of how this works.
1. Example property has an Bid Open Date on 4/29/2012 when the asset manager will begin reviewing bids.
2. The property will move from Exclusive Listing to Extended Listing 30 days later from the Bid Open Date on 5/29/2012
3. On 5/29/2012 the example property will now go to open listing where investors can now bid.
Is the above correct? You have to wait a whole month watching on a property to move from exclusive to extended so you can bid on it? Also does moving from exclusive to extended normally result in a price drop?