You can bid whatever you want to bid fro a HUD/VA Online Bid. Best to have a Realtor/Broker do it for you if you are not familiar with the process. Hope this helps...
The advertised price is the list price. HUD has determined their minimum net acceptable price. Any bid that results in a net to HUD less than their minimum is not considered.
The winning bid is the one that results in the highest net to HUD from all the acceptable bids submitted during the bidding period. This is a sealed bid auction. There is no counteroffer. Your bid is either considered or rejected. In a competitive auction, it is not unusual for the winning bid to be higher than the list price.
A HUD approved broker must submit your bid. The broker can give you more insight to the bidding process.
It is key to use a broker who charges a small commission for this. Almost every auction I look at here, a higher dollar amount bid loses out to a lower bid because the net to HUD from the lower bid is greater since they used a broker who charges less commission.
It sounds simple to me- a vague idea of what he wants could just mean that he is open to anything as long as it meets those criteria.
He wants a clean, move in ready house that will appraise at 110-115k in a specific area, and is willing to pay 66- 80k for it.
What could be more clear?
Chris
You can bid whatever you want to bid fro a HUD/VA Online Bid. Best to have a Realtor/Broker do it for you if you are not familiar with the process. Hope this helps...
The advertised price is the list price. HUD has determined their minimum net acceptable price. Any bid that results in a net to HUD less than their minimum is not considered.
The winning bid is the one that results in the highest net to HUD from all the acceptable bids submitted during the bidding period. This is a sealed bid auction. There is no counteroffer. Your bid is either considered or rejected. In a competitive auction, it is not unusual for the winning bid to be higher than the list price.
A HUD approved broker must submit your bid. The broker can give you more insight to the bidding process.
It is key to use a broker who charges a small commission for this. Almost every auction I look at here, a higher dollar amount bid loses out to a lower bid because the net to HUD from the lower bid is greater since they used a broker who charges less commission.
Chris