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
Thanks for the information
Jim,
How about an update? Were you successful, and if not, what did the house sell for as a percentage of list?
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.
What area are you bidding?
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
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.
The house finally finished up, and the winning bid was 10% over list.
Thanks to all for all of your input.
Jim
information is king!
information is like bullets - the more you got, the better!!!
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 ]