When can an investor purchaser submit an offer for a property?
Investors may submit a bid once a property enters the Extended Listing Period. This period begins once the Exclusive Listing Period is over.
If the property is being sold as Insured (IN) or Insured with Escrow (IE), the Exclusive Listing Period is 15 days for Owner Occupant purchasers, Non-Profit Organizations, and Government Entities - please be advised that when we refer to days on market we mean active days on market. Bids received during the first 10 days are considered to be received simultaneously, and the initial bid review is on the 11th day of the Exclusive Listing Period. If there is no winning bid, bids continue to be reviewed on a daily basis until the 15-day period ends.
If the property is Uninsured (UI) or Uninsured 203(k) eligible (UK), the Exclusive Listing Period is 5 days for owner-occupant buyers, non-profit organizations, and government entities. Bids received during these 5 days are considered as though they are received simultaneously, and are not opened until the 6th day of the Exclusive Listing Period.