Just made my first offer on a flip!

[Andy Hailey]

I saw a HUD foreclosure in my hometown today and ended up making a cash offer. This is my first offer of any sort for what will/would be a flip property. Now I'm full of nervous excitement. I am told that I will find out tomorrow.

[Tom Mole]

@Andy Hailey, HUD is weird. They don't act like a traditional, emotion motivated seller. They're more like a machine. Their counters are designed to convince you to pay more than you need to in order to get your offer accepted. They will often accept much less than you'd think.

The funny thing is that they don't seem to care. Repeated lowball offers don't piss them off. I know a few investors who, after getting a counter, simply resubmit their prevous offer plus $1 until they get accepted.

Do you plan to keep doing HUD foreclosures? If so, take a look at some of the posts in the HUD, VA and Tax Sales forum (and by "some", I mean "all") There's a lot of expertise out there to tap.

I hope this helps.

All the best.