HUD Listing Period Question

[Samantha M.]

Investors can only bid on properties once a property has moved to the extended period listing. Below is an example from HUD homestore to make sure I have a good understanding of how this works.

1. Example property has an Bid Open Date on 4/29/2012 when the asset manager will begin reviewing bids.

2. The property will move from Exclusive Listing to Extended Listing 30 days later from the Bid Open Date on 5/29/2012

3. On 5/29/2012 the example property will now go to open listing where investors can now bid.

Is the above correct? You have to wait a whole month watching on a property to move from exclusive to extended so you can bid on it? Also does moving from exclusive to extended normally result in a price drop?