How are bids handled for HUD homes?

[Lisa Logsdon]

I just placed a bid on a hud home.  I got it in almost immediately. There are several parties interested and the home is getting lots of traffic.  The bid time doesn't close for another week.  Are bids accepted on a first come first serve basis if the requirements are met?  In other words, will my bid automatically be accepted if it was the first bid and meets the monetary requirements and I am within the guidelines? Or do they review all bids first and go with the best? I have read both ways.