Successful bidding on HUD's requires being consistent

[Chris Clothier]

I know that every market is different and our markets, Dallas and Memphis, are unique in a lot of ways, but I wanted to share a recent bid that we won to illustrate being consistent. We identify hundreds of homes to bid on each month and consistently bid on them every day at the price we will pay regardless of listing.

Yesterday we won a HUD home that we bid exactly 49% of list price on. We made the exact same dollar bid every day for 60 straight days and were told no every day. We watched the price inch down little by little and on day 61 it was listed at 85% of its original price and we bid 49% of original price again.

The 61st time we submitted the bid that we knew we had to pay for it to be a good deal for us and one of our clients, HUD accepted the offer. Nothing had changed in terms of closing date, deposit or bid and we bought it at half price.

If you are willing to be patient and consistently make offers, you can buy HUD's well below list price.