How many listing periods are there?

There are 4 listing periods:  Lottery, Exclusive, Extended, and Dollar Homes.

What is a Lottery?

Properties that are eligible under HUD Special Programs are first offered to GNND and HUD approved Nonprofits and Government entities by Lottery.  Eligible properties located in HUD designated Revitalization Areas and uninsurable properties located in approved purchase areas of an approved nonprofit or government entity are listed for sale for a period of seven (7) calendar days (the Lottery Period).

• Insured Single Unit Properties within a Revitalization Area - Only bids from GNND participants may be accepted.
• Uninsured Single Unit Properties within a Revitalization Area - Only bids from GNND participants, qualified nonprofit organizations and government entities whose approved purchase area covers the location of the property, may be accepted.  In the event of competing bids from the aforementioned groups, the order of preference is as follows: (1) potential GNND Program participants; (2) government entities; (3) qualified nonprofit organizations.
• Uninsured Multi-unit properties within a Revitalization Area - Only bids from approved nonprofit organizations and government entities whose approved purchase area covers the location of the property may be accepted.
• Uninsured Properties in a non-Revitalization Area - Only bids from approved nonprofit organizations and government entities whose approved purchase area covers the location of the property may be accepted.

When will unsold lottery properties go the Exclusive Listing Category?

• Unsold insured (I) and insured with escrow (IE) lottery properties enters a ten (10) day owner occupant Exclusive Listing period.  All bids received during this period are treated as having been received simultaneously and if no winning bid is received by the 10th day, the property will be extended to all buyers.
• Unsold uninsured (UI) lottery properties enters a five (5) day owner occupant Exclusive Listing period.  All bids received during this period are treated as having been received simultaneously and if no winning bid is received by the 5th day, the property will be extended to all buyers.

What is an Exclusive Listing Period?

The exclusive listing period is reserved for Owner Occupant bidders, qualified nonprofit organizations and government entities and may vary depending on the property’s insurability.

Exclusive Listing Period – IN and IE

• There is a 30 day exclusive listing period for owner occupants for IN (insured) and IE (insured with escrow) properties.  All bids received in the first 10 days are treated as having been received simultaneously and if no winning bid is received by the 10^th day, the bids are reviewed daily for the remainder of the exclusive listing period (up to 20 days) for owner occupant purchasers only.

Exclusive Listing Period – UI

• There is 5 day exclusive listing period for owner occupants for UI (uninsured) properties.   All bids received in the first 5 days are treated as having been received simultaneously and if no winning bid is received by the 5^th day, the property is made available to all bidders.

What is an Extended Listing Period?

• Properties that are insurable (I) or insurable with escrow (IE)  that were not sold in the Exclusive Listing Period are open to ALL bidders in the Extended Listing Period, starting on the 31^st day.  All bids received on the same day are treated as having been received simultaneously and are opened daily at the end of each business day.
• Properties that are uninsured (UI) that were not sold in the Exclusive Listing Period are open to ALL bidders in the Extended Listing Period, starting on the 6^th day.  All bids received on the same day are treated as having been received simultaneously.

What is “I”, “IE”, “UI”?

These are listing codes, finance types that describe the FHA insurability of a property.