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Updated over 10 years ago,
Buying first property. HUD?
I am looking to make my first purchase, I have found a HUD house. I called the listing agent to ask questions about it and he gave me great information. Explained to me how the process worked and what i should look for. Definitely opened my eyes to the HUD process.
My only question/concern was one thing he said. He said the house is listed at $35,000 and so i should put in an offer at around 28,000. When i told him i was thinking about offering a lower price than that he made the comment that if i put in a bid too low then they will ignore my bid. At first i thought this seemed logical as the house is already listed below market value but then i listened to Podcast ep. 38 with mr. dagget and he said you can send as many low ball offers as you want to figure out the minimum they will take. So is the realtor (who says he does a ton of HUD deals) trying to keep my bid high so he makes a nice commission or is he right?? Any help would be awesome! Thanks