HUD Bidding Question
I'm a little confused about how HUD handles backup bids when evaluating offers and how that should affect my bidding strategy. On the day HUD decides to do a price reduction, do they go back and look at all the backup bids that they have on file along with any new bids submitted for that bidding period before awarding the property, or do they just look at the new bids? I'm trying to figure out if I need to be submitting my bid every day so that I don't miss out on a price reduction, or if I just wait to hear from them once they have my best and highest on file? Thanks for the help!