Comments on: Determining the Minimum Acceptable Bid for a HUD Home http://www.twowiseacres.com/buying-selling/determining-minimum-acceptable-bid-for-a-hud-home/ In Pursuit of the American Dream Wed, 08 Sep 2010 00:01:57 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: Kristine http://www.twowiseacres.com/buying-selling/determining-minimum-acceptable-bid-for-a-hud-home/comment-page-1/#comment-13962 Kristine Mon, 14 Jun 2010 02:57:30 +0000 http://www.twowiseacres.com/2007/11/02/determining-minimum-acceptable-bid-for-a-hud-home/#comment-13962 i'm bidding on a house that is listed for 68,000 and is has been listed since march. What would be a good bid?? thanks Kristine i’m bidding on a house that is listed for 68,000 and is has been listed since march. What would be a good bid?? thanks Kristine

]]> By: MISSY http://www.twowiseacres.com/buying-selling/determining-minimum-acceptable-bid-for-a-hud-home/comment-page-1/#comment-13654 MISSY Thu, 29 Apr 2010 14:15:55 +0000 http://www.twowiseacres.com/2007/11/02/determining-minimum-acceptable-bid-for-a-hud-home/#comment-13654 I think it is safe to say this blog is DEAD.... No one responds to any inquiry. Placing your info on here will only lead to getting spammed. Don't even bother and the blog owners need to get with it. Update this damn site or delete it! I think it is safe to say this blog is DEAD…. No one responds to any inquiry. Placing your info on here will only lead to getting spammed. Don’t even bother and the blog owners need to get with it. Update this damn site or delete it!

]]> By: TJ http://www.twowiseacres.com/buying-selling/determining-minimum-acceptable-bid-for-a-hud-home/comment-page-1/#comment-13638 TJ Mon, 26 Apr 2010 20:33:38 +0000 http://www.twowiseacres.com/2007/11/02/determining-minimum-acceptable-bid-for-a-hud-home/#comment-13638 TN Management - Pyramid Realty does not show the bid statistics on their website. Where else can I get that information? TN Management – Pyramid Realty does not show the bid statistics on their website. Where else can I get that information?

]]> By: Amy http://www.twowiseacres.com/buying-selling/determining-minimum-acceptable-bid-for-a-hud-home/comment-page-1/#comment-12412 Amy Sun, 31 Jan 2010 16:45:38 +0000 http://www.twowiseacres.com/2007/11/02/determining-minimum-acceptable-bid-for-a-hud-home/#comment-12412 We want to a buy a house for ourselves, I am so scared that are min bid will not beat someone elses. I have fallen in love with a particular house and it closes tonight, can you bid over the list price or bid the list price to get the house, how can I know if that is biding to much?? We want to a buy a house for ourselves, I am so scared that are min bid will not beat someone elses. I have fallen in love with a particular house and it closes tonight, can you bid over the list price or bid the list price to get the house, how can I know if that is biding to much??

]]> By: Beth http://www.twowiseacres.com/buying-selling/determining-minimum-acceptable-bid-for-a-hud-home/comment-page-1/#comment-10587 Beth Sat, 05 Sep 2009 19:15:46 +0000 http://www.twowiseacres.com/2007/11/02/determining-minimum-acceptable-bid-for-a-hud-home/#comment-10587 Insightful article. My questions are do I deduct from my offer such things as renovation costs(missing fixtures, appliances, possible plumbing leakage, kitchen/bathroom rehab)? I've read much on HUD properties but I'm still unclear what the escrow amount is for. Is that money set aside for the buyer to use for repairs? Thanks and can you send me the mgmt company name and contact you used. I want to buy 1 or 2 HUD properties. Beth Insightful article. My questions are do I deduct from my offer such things as renovation costs(missing fixtures, appliances, possible plumbing leakage, kitchen/bathroom rehab)? I’ve read much on HUD properties but I’m still unclear what the escrow amount is for. Is that money set aside for the buyer to use for repairs? Thanks and can you send me the mgmt company name and contact you used. I want to buy 1 or 2 HUD properties.
Beth

]]> By: anna g http://www.twowiseacres.com/buying-selling/determining-minimum-acceptable-bid-for-a-hud-home/comment-page-1/#comment-6721 anna g Sun, 08 Mar 2009 23:22:07 +0000 http://www.twowiseacres.com/2007/11/02/determining-minimum-acceptable-bid-for-a-hud-home/#comment-6721 Simple question: from the bid statistics - you have your list price...and then "net"? price...and then your "purchase" price Is the "net" what was accepted, and then all your closing costs added, is now the "purchase" price? Simple question: from the bid statistics –

you have your list price…and then “net”? price…and then your “purchase” price
Is the “net” what was accepted, and then all your closing costs added, is now the “purchase” price?

]]> By: Mike-TWA http://www.twowiseacres.com/buying-selling/determining-minimum-acceptable-bid-for-a-hud-home/comment-page-1/#comment-6419 Mike-TWA Sun, 22 Feb 2009 18:55:45 +0000 http://www.twowiseacres.com/2007/11/02/determining-minimum-acceptable-bid-for-a-hud-home/#comment-6419 Mike, Many questions. I'll take a stab at 'em. Yes, they will not notify you of a rejected bid. When the bid goes to daily, that means that they will review bids everyday and either accept the highest from the prior day or reject all bids. If the property sold, it should be in the bid results. However, keep in mind that the daily bid means that the bidding closes each day at 11:59pm. Then the next day, the bids have to be reviewed--which won't be instantly in the a.m. Therefore, if a property has been sold, it will not show up as such until whatever time the review period ends on that day (around noon). There also may be (although I haven't seen this) a short lag between the time that a sold property is pulled off the available list and moved to bid results. My best guess is that your property has been sold. Check the bid results again to see if it shows up there. The bid statistics (as opposed to results) do have a lag time. I've seen 7+ days. Generally, they'll update statistics on Friday for all properties sold through the prior Friday. One other note: keep an eye for your property even if it has sold. An accepted bid doesn't equate to a closing, particularly these days. Rob and I have bought quite a few properties after they have sold, fallen through, and then been relisted. Good luck! Mike,

Many questions. I’ll take a stab at ‘em.

Yes, they will not notify you of a rejected bid.
When the bid goes to daily, that means that they will review bids everyday and either accept the highest from the prior day or reject all bids.
If the property sold, it should be in the bid results. However, keep in mind that the daily bid means that the bidding closes each day at 11:59pm. Then the next day, the bids have to be reviewed–which won’t be instantly in the a.m. Therefore, if a property has been sold, it will not show up as such until whatever time the review period ends on that day (around noon). There also may be (although I haven’t seen this) a short lag between the time that a sold property is pulled off the available list and moved to bid results.
My best guess is that your property has been sold. Check the bid results again to see if it shows up there.
The bid statistics (as opposed to results) do have a lag time. I’ve seen 7+ days. Generally, they’ll update statistics on Friday for all properties sold through the prior Friday.
One other note: keep an eye for your property even if it has sold. An accepted bid doesn’t equate to a closing, particularly these days. Rob and I have bought quite a few properties after they have sold, fallen through, and then been relisted.

Good luck!

]]> By: Mike http://www.twowiseacres.com/buying-selling/determining-minimum-acceptable-bid-for-a-hud-home/comment-page-1/#comment-6403 Mike Sat, 21 Feb 2009 23:30:18 +0000 http://www.twowiseacres.com/2007/11/02/determining-minimum-acceptable-bid-for-a-hud-home/#comment-6403 Thanks for the information. I did end up placing a bid for a house in IL where I live, but nothing happened. No email. Do they only contact you to let you know if they have accepted an offer? The house has been listed since Feb 1st and said all bidders, bid deadline daily. Does that mean that they check the bids daily? I place a bid on this tuesday, but we heard nothing back. So I put in a higher bid at 12:30pm this friday. It was still listed for sale all Friday night, but when I woke up this morning it was no longer listed. It's not in the bid results or statistics. Does that mean they accepted someones bid or do they take it off after 20 days to relist it? I'm confused because there is no way to check on my bid. When are you able to see the results if it is sold? Thanks for all of your help with this confusing transaction. - Mike Thanks for the information. I did end up placing a bid for a house in IL where I live, but nothing happened. No email. Do they only contact you to let you know if they have accepted an offer? The house has been listed since Feb 1st and said all bidders, bid deadline daily. Does that mean that they check the bids daily? I place a bid on this tuesday, but we heard nothing back. So I put in a higher bid at 12:30pm this friday. It was still listed for sale all Friday night, but when I woke up this morning it was no longer listed. It’s not in the bid results or statistics. Does that mean they accepted someones bid or do they take it off after 20 days to relist it? I’m confused because there is no way to check on my bid. When are you able to see the results if it is sold? Thanks for all of your help with this confusing transaction. – Mike

]]> By: Mike-TWA http://www.twowiseacres.com/buying-selling/determining-minimum-acceptable-bid-for-a-hud-home/comment-page-1/#comment-6400 Mike-TWA Sat, 21 Feb 2009 20:48:11 +0000 http://www.twowiseacres.com/2007/11/02/determining-minimum-acceptable-bid-for-a-hud-home/#comment-6400 Mike, Indeed it has. While the principles of this article for determining minimum acceptable HUD bids are still applicable, the formula appears dependent on the management company handling the foreclosures. In other words, they seem to have discretion rather than following specific HUD rules for all regions. Since this article was posted, we have had gone through two management companies and the minimum acceptable bid has changed even during the time of the same management company. Rob and I were able to purchase a HUD home several months ago for about 60% of the list price. So, in any market, determining the minimum bid takes a little homework. Watch prices for a period of time and look for these patterns: a percentage of list price, the lapse of 30 day periods, and relists. From the bid statistics, you should see a pattern develop. Also, test it yourself with low end bids on properties that have sat for awhile. Good luck! Mike, Indeed it has. While the principles of this article for determining minimum acceptable HUD bids are still applicable, the formula appears dependent on the management company handling the foreclosures. In other words, they seem to have discretion rather than following specific HUD rules for all regions. Since this article was posted, we have had gone through two management companies and the minimum acceptable bid has changed even during the time of the same management company. Rob and I were able to purchase a HUD home several months ago for about 60% of the list price. So, in any market, determining the minimum bid takes a little homework. Watch prices for a period of time and look for these patterns: a percentage of list price, the lapse of 30 day periods, and relists. From the bid statistics, you should see a pattern develop. Also, test it yourself with low end bids on properties that have sat for awhile. Good luck!

]]> By: Mike http://www.twowiseacres.com/buying-selling/determining-minimum-acceptable-bid-for-a-hud-home/comment-page-1/#comment-6329 Mike Wed, 18 Feb 2009 20:49:47 +0000 http://www.twowiseacres.com/2007/11/02/determining-minimum-acceptable-bid-for-a-hud-home/#comment-6329 Has the acceptable bid changed at all in todays market, since housing prices are all dropping. Thanks for the great info- Mike Has the acceptable bid changed at all in todays market, since housing prices are all dropping. Thanks for the great info- Mike

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