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Electronic Bidding Procedures & Instructions
You must be a current registered HUD Certified Broker in order to place a bid. All certified HUD Brokers are assigned a NAID identification number.
New properties (Initial Listings) when available will be published on the Internet each Friday. Owner-Occupant bids will have a 10-day Priority over Investor bids. The bids will be electronically retrieved the second Monday following the Friday listing and on a daily basis thereafter. All bids received during the Initial List period will be considered to have been received simultaneously. Investors may submit their bids at any time after a property is listed. Investor bids will be electronically retrieved the second Tuesday (the 12th day) after the Initial Listing date and on a daily basis thereafter.
The deadline for submitting a bid for Initial and Extended Listings is 11:59 p.m., the day prior to bid opening.
After you submit a bid, you will be given a confirmation number. Be sure to write your confirmation number on the top right hand corner of the Sales Contract.
The highest acceptable net bid shall be tentatively accepted on the bid opening date. Bid results will be posted by 11:00 a.m. on the day of bid opening. It is the Broker's responsibility to follow up on his/her bid by checking the Bid Results posted on our website. It is also the Broker's responsibility to submit a complete set of contract documents including all addendums within two business days after the bid results are posted.
Additionally:
• All bids must be submitted electronically by a HUD certified selling broker. Winning Bid Results are posted daily on the internet.
• Please ensure that the submitted contract is the current HUD Sales Contract form HUD-9548 (1/99).
• Winning bidders must submit the original signed sales contract with required addenda to PEMCO within two business days (48 hours), no exceptions.
• Do not fax contract documents (faxed contracts are prohibited).
• In the event the original contract is not received by PEMCO's Honolulu office within two business days, the tentative acceptance shall be canceled and the next highest acceptable net bid will be declared the winning bid.
Required Addenda:
• Electronic Filing of 9548 Contract Addendum
• Forfeiture and Extension Policy, Addendum A (Rev. 2/15/05)
The Forfeiture and Extension Policy Addendum provided in the forms section of this website must be signed and included (all 4 pages) with the Sales Contract Package.
• Owner-Occupant Certification (if purchasing as an owner-occupant)
The Owner-Occupant Certification is provided in the forms section of this website and must be included with the Sales Contract Package if the Buyer is purchasing the property as an "Owner-Occupant" and will be occupying the property.
• Lead-Based Paint Addendum (case-specific)
A copy of the Lead Based Paint Addendum for the property being purchased must be included with the Sales Contract Package if the home was built prior to 1978. The Lead Based Paint Addendum is case-specific and can be found on the Property Listing information on this website where applicable.
• Radon Gas & Mold Addendum
• Earnest Money Deposit
Brokers/Realtors: You are required to collect earnest money deposits from prospective buyers before placing a bid. A "copy" of the Earnest Money Deposit check must be included in the Sales Contract Package. The Earnest Money Deposit MUST be in the form of certified funds cashier's check, certified check or money order) ONLY, with no termination date or cancellation provision. The checks should be made payable to HUD's designated (Guam) (Northern Marianas) closing agent (Pacific American Title Insurance Escrow Company.). When you receive the Seller's acceptance letter from PEMCO, you will be instructed to forward the Earnest Money check to HUD's designated (Guam) (Northern Marianas) closing agent. The earnest money for Guam/Northern Marianas is $500 when the purchase price is less than $50,000, and $1,000 when the purchase price is $50,000 or more. For vacant lots, the earnest money must be 50% of the purchase price.
• Pre-Qualification Letter
A Pre-qualification letter must be printed on the Lender's letterhead and include buyers' names, loan amount, and the lender's signature. In addition, the "Pre-qualification" letter from the lender must state that an in-house credit report has been obtained, reviewed, and found to be acceptable for the loan amount.
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