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For newly listed properties, HUD generally won accept less than 10% or 15% below list, again net to HUD.
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Here what I would do. Put in the low offer as an "open" offer. They will reject. Than wait for several weeks. Watch the status line and see if it says "Availability of home is subject to the Asset Manager accepting a bid from an Nike Air Huarache Bleached Lilac earlier bid period or removing the home from the market." If so, it a waiting game. They may reprice with a sizeable List Price reduction (on the last HUD property I bought it was 28%) to get their final bids before taking yours. My contract price was over 18% below the last revised List Price.
Under the old regime, and it seems to be true of the new regime, UI properties behave a little differently than IN or IE property. For IE and IN, I agree with J Scott.
I have bought several HUD properties with cash but have learned that it does not speed or increase likely hood of winning a bid.
I never purchased a HUD owned home before but there is one I may be interested not anywhere near the current list price though. It a UI property in the Extended listing period. The price at which it would be attractive to me would be about 60% of the current list price or about 50% of what is listed for the "as is" price.
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In general, I never seen HUD accept a price less than 20% below list, and that 20% below is the net amount to HUD, not the gross amount. As an example, if the list price is $100K, generally after a few weeks of Nike Huarache Run Ultra Men's
in late 2010/early 2011, and there is no longer the concept of a "broadband broker". HUD may counter offer you. You do not have to accept. If your offer remains "open", they may come back in 3 or 4 weeks and accept your low offer. That happened to me about 6 weeks ago. SO it can happen.
I bought HUD UI properties before. My suggestion is to put in your best price and have the broker keep the bid "open" when they reject it. I believe you (actually your broker) just check the "hold offer as backup" radio button on line 10 of the submission your broker will place. UI means you can finance this purchase, so you need cash POF when they take your offer. The process changed for most of the country Air Huarache Utility All White
Also, I noticed the time between the "List Date" and the "Period Deadline" is 116 days. Isn the Extended listing period supposed to be 180 days? Any thoughts as to why the discrepancy?
Extended listings are 30 days after initial listing, BTW.
not selling, HUD will be willing to accept 80%, or $80,000 as their net proceeds. With 6% paid in commissions, that means HUD won accept anything lower than $85,106 (which would result in $80,000 to HUD after commissions). If you asking for closing costs, add that to the equation as well.
In my experience, list prices will be Air Huarache Textile
ï»¿Understanding HUD Extended Listing Period
Just so everyone understands, HUD only cares about the NET amount. Cash or closing fast means nothing to HUD.
If nobody submits a successful bid, is the property likely to be re listed at a lower price?
dropped every couple weeks until the property is sold the longer the property is listed, the shorter the period between price drops.
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