24 CFR 291.304 - Bidding process.

§ 291.304 Bidding process.

(a)Submission of bids. All bids must be submitted to HUD in accordance with instructions in the bid package for a particular sale.

(b)Effect of bid. By submitting a bid, the bidder is making an offer to purchase single family mortgage loans as presented in the bid package. Submission of a bid constitutes acceptance of the terms and conditions set forth in the bid package. Along with the bid, the bidder must submit an executed copy of the Loan Sale Agreement, which is included in the bid package.

(c)Earnest money deposits. The bidder must submit to HUD, along with its bid, an earnest money deposit in an amount to be determined by HUD. The earnest money deposit is nonrefundable to the winning bidder and will be credited toward the purchase price.

(d)Termination of offering. HUD reserves the right to terminate an offering in whole or in part at any time before the bid date.

(e)Withdrawal of loans. HUD reserves the right, in its sole discretion and for any reason whatsoever, to withdraw loan assets from a pool prior to the bid date. Any earnest money deposits relating to withdrawn loan assets will be retained by HUD and credited toward the total purchase price of the remaining loan assets in the pool, in accordance with the Loan Sale Agreement. After the bid date, HUD can withdraw mortgage loans in accordance with the Loan Sale Agreement.

(f)Rejection of bids.

(1) HUD may, in its sole discretion, reject any bid under the following circumstances:

(i) If the bid does not conform with the instructions in the bid package; or

(ii) If, in HUD's sole discretion, it determines that such action would be in the best interests of the U.S. Government.

(2) HUD can also issue a conditional rejection that will become an acceptance upon fulfillment of HUD's requests.

(g)Withdrawal of bids. A bidder may withdraw a previously submitted bid in accordance with the instructions in the bid package for a particular sale.

(h)Bids by brokers or agents. Any bid by a broker or agent for a principal must be in the name of the principal and signed by the broker/agent as the attorney-in-fact for the principal. All such bid documents must be executed so as to bind the principal by the broker/agent as the attorney-in-fact. A power of attorney satisfactory to HUD as to form and content must be submitted with each bid.

This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.

This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].

It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.

United States Code
U.S. Code: Title 12 - BANKS AND BANKING

§ 1701 - Short title

§ 1701a - Short title of amendment of 1938

§ 1701b - Short title of amendment of 1942

§ 1701c - Secretary of Housing and Urban Development

§ 1701c-1

§ 1701d - Repealed. Pub. L. 89–554, § 8(a), Sept. 6, 1966, 80 Stat. 655

§ 1701d-1

§ 1701d-3

§ 1701d-4

§ 1701e, 1701f - Repealed. Pub. L. 91–609, title V, § 503(1), Dec. 31, 1970, 84 Stat. 1785

§ 1701f-1

§ 1701g to 1701g–3 - Omitted

§ 1701g-4

§ 1701g-5

§ 1701g-5a

§ 1701g-5b

§ 1701g-5c

§ 1701h - Advisory committees; payment of transportation and other expenses

§ 1701h-1

§ 1701i, 1701i–1 - Omitted

§ 1701j - Repealed. Aug. 2, 1954, ch. 649, title VIII, § 813, 68 Stat. 647

§ 1701j-1

§ 1701j-2

§ 1701j-3

§ 1701k - Right to redeem property on which United States has lien

§ 1701l - Limitation on interest rates of insured mortgages; terms of sales

§ 1701l-1

§ 1701m - Credit and cancellation of notes transferred from Reconstruction Finance Corporation; net loss computation

§ 1701n - Reduction of vulnerability of congested urban areas to enemy attack

§ 1701o - Annual report of Secretary

§ 1701p - Contents of report to President and Congress

§ 1701p-1

§ 1701p-2

§ 1701q - Supportive housing for the elderly

§ 1701q-1

§ 1701q-2

§ 1701q-3

§ 1701r - Congressional findings respecting housing for senior citizens

§ 1701r-1

§ 1701s - Rent supplement payments for qualified lower income families

§ 1701t - Congressional affirmation of national goal of decent homes and suitable living environment for American families

§ 1701u - Economic opportunities for low- and very low-income persons

§ 1701v - Congressional findings and declaration for improved architectural design in Government housing programs

§ 1701w - Budget, debt management, and related counseling services for mortgagors; authorization of appropriations

§ 1701x - Assistance with respect to housing for low- and moderate-income families

§ 1701x-1

§ 1701x-2

§ 1701y - National Homeownership Foundation

§ 1701z - New technologies in the development of housing for lower income families

§ 1701z-1

§ 1701z-2

§ 1701z-3

§ 1701z-4

§ 1701z-5

§ 1701z-6

§ 1701z-7

§ 1701z-8

§ 1701z-9

§ 1701z-10

§ 1701z-10a

§ 1701z-11

§ 1701z-12

§ 1701z-13

§ 1701z-14

§ 1701z-15

§ 1701z-16

§ 1701z-17

§ 1709 - Insurance of mortgages

§ 1715b - Rules and regulations

§ 1751b


Title 24 published on 14-Jun-2017 03:56

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 24 CFR Part 291 after this date.

  • 2016-08-11; vol. 81 # 155 - Thursday, August 11, 2016
    1. 81 FR 52998 - Disposition of HUD-Acquired Single Family Properties; Updating HUD's Single Family Property Disposition Regulations
      GPO FDSys XML | Text
      DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, HUD, Office of the Assistant Secretary for Housing-Federal Housing Commissioner
      Final rule.
      Effective Date: September 12, 2016.
      24 CFR Part 291