Considering a counter from HUD

[Tony Thompson]

I put in a bid at $33k on a 5 bed 1.5 bath home and got a counter offer of $52k. The home is in need of about $25-30k of work. The goal is to wholesale the property around $61k, ARV is about $150k. My concerns are that the property has been on the HUD site for some time and the price has come down by $30k over that time period. Should I run with this or sit this one out?

[Mark Ferguson]

@Nathan Paisley you can't really accept a HUD counter, just rebid again at the price HUDs counter was. If no other higher bids come in then they will accept it.

@Tony Thompson a few things to consider with HUD

1. Huds counter is net to hud and does not include commissions. 

2. You will lose your earnest money if you get your contract accepted and then back out.  

3.  Extensions will cost you money if you can't find a buyer

4. You can't assign a HUD contract.