HUD question

[Trey Leigh]

How long does a HUD property have to be listed for them to take something lower than 85% of asking price? I recently bid on a HUD home that was 29K, they countered with $24650 (which is 85%). It is in the "extended" period and bids are opened on a daily basis. How long till their formula allows them to go lower?

[Shane Woods]

Here's a great thread about this... Hope it helps

http://www.biggerpockets.com/forums/20/topics/67127-understanding-hud-extended-listing-period