HUD Acceptance Rate?
Does anyone know if HUD has changed their guidelines for accepting bids on properties? I laways thought they accepted 87% of the list price and have bought houses last year at that rate. Recently I have been rejected both at 87%, 88% and at 89%.
Any ideas on what the guidelines are now?
JS.
Anyone?
Another thing to check into is the amount of commission that your realtor is taking, HUD allows for up to 5%, and there acceptance rate is based off of the NET to HUD which is less closing costs, and commissions. Ask your realtor how much he or she is taking and have them reduce it.
Your realtor may tell you that HUD pays the commission but you actually pay, because HUD rejects or accepts based on NET and the commission subtracts from the gross offer to get NET
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