Bidding MORE than listing price for HUD home
I'm currently looking at a house on the HUD home store website. I would move into the house so I have priority in the bidding process. The market down here in Virginia Beach is very hot and the house I'm looking at is priced well below market value. I want to offer more than the listing price. I was told by my agent that if I offer more than the listing price I have to have in cash whatever I offer above the listing price in order to make a valid offer. So the house is listed at $120,000 and I want to offer $130,000 therefore I need to have $10k cash in addition to any down payment I want to make. Is there anyone out there who can verify that this rule is true? Or have they heard anything like this? I have searched all over the internet but I have not been able to find any information about this. Please help me if you have any experience with bidding on HUD homes.