Placing A Bid On A HUD House

To all,



Quick question for everyone here. I am looking at putting an offer in on a HUD house, and want to know if they have a certain % below the asking that they will not accept. Say the house is listed at 100K, will they just laugh at an offer of 80K? Looking at the visitor log, I have been the only one at the house, and the deadline is tomorrow.



Any help would be appreciated.





Thanks



Jim



Comments(9)

  • JHeidorn12th August, 2006

    Thanks for the information

  • DaveT4th September, 2006

    Jim,

    How about an update? Were you successful, and if not, what did the house sell for as a percentage of list?

  • JHeidorn4th September, 2006

    I was not successful, and the house has not closed yet. As soon as I get word on what it went for, i will let everyone know.

  • InActive_Account5th September, 2006

    What area are you bidding?

  • biglen27th October, 2006

    I have seen the results of some of the accepted bids in my state (just looked). one house had gotten a 30%discount off the asking price. the as-is price was higher. if you base the price off of the as is price it was a 57% discount.

    My real estate agent told me that when the property first goes on that they wont accept under 85% of the asking price. But the Results I saw says otherwise. I need to talk to my agent.

    -BigLen

  • APrealty27th October, 2006

    When bidding on a HUD home, there are no set rules engraved in stone. I have seen HUD homes sell in Ohio at 65% of LP. It all depends how long the house has been on the market and how soft the market is at the time.

  • JHeidorn29th October, 2006

    The house finally finished up, and the winning bid was 10% over list.

    Thanks to all for all of your input.

    Jim

  • noobdog10th November, 2006

    information is king!

    information is like bullets - the more you got, the better!!!

  • anqunette10th November, 2006

    yes, correct an assignment. The seller has agreeded to the assignment. i am doing an offer to purchase for buyer, including my assignment fee, along with my personal contract stating my fee at closing out of escrow.
    [ Edited by anqunette on Date 11/11/2006 ]

Add Comment

Login To Comment