How does HUD evaluate offers? Timeline for HUD properties?

[Ryan Bergeron]

My wife and I pursuing a house for our first live-in-flip that is currently in the process of being conveyed to HUD. The home was foreclosed in January 2017, but the bank originally tried to sell through Auction.com. We had won the bid, received an executed contract, but the following day were told that there was an "oversight," and that the house actually was supposed to go to HUD. We are hoping that someone can answer the following questions, in particular the first.

1. How does HUD evaluate the offers that they receive? Based on our research, it seems like more of an auction format, so we are concerned that if our initial offer is too low, it will be completely disregarded and we will not have a chance to increase it if there are higher offers present at the end of the offer period.
2. Can anyone give us a general timeline of the HUD home process? We are in Central Connecticut if it varies by location.