Advice, HUD 2nd chance auction
I am new to real estate investing. I ran across a property in post auction. The auction company said it is in HUD 2nd chance option, and they gave me a number too high to pursue. I have 2 questions.
1. What is a HUD 2nd chance option.
2. Will they accept lower if I explain that the ARV and repairs will barely combine to be the purchase price (it does not fit the 70% rule or the 2% rule)