HUD accepted lower price offer than mine. How is it possible?
I offered 50,000 to HUD through my agent for a SFH 2b/2b (listing price 62,000) where comps are around 65,000. The offer was on 10/14 and HUD kept sending us counter offer at 52,000 up until 11/07. There was no listing price change since our first offer. Our plan was to submit another offer at the same price once they reduce the listing price. Today, we found that they just accepted an 29,000 (less than 50% of listing price!) offer which was made on 10/31! What went wrong here? Is it some kind of insider deal? Did I just have to make the same offer every day or every week?
P.S. My agent had been dealing with HUD for several years and was pretty confident with their formula. We knew that they changed their formula recently when our offer was declined. However, less than 50%of listing price is quite a surprise even to my agent.