Updated about 14 years ago on . Most recent reply
Newbie Needs Help with HUD Bid Amount
Hi All,
This is my first time trying to bid on a HUD property.
I just started watching it a few weeks ago when my realtor told me a prior contract fell through (it was vandalized during the inspection period so the winning bidder withdrew).
It's been on the market for over 80 days at this point. The previously accepted bid was $55,000. But now the home needs about 14K in repairs.
HUD has relisted it, but has not reduced the list price of $68,000. They didn't update the PCR to include the damages either.
Do they expect new bidders like me to still offer close to $55,000 and just eat the total cost of repairs?
If I'm paying cash, what's a fair bid amount that would be acceptable to HUD while still covering some of my cost of the damages?