Updated over 8 years ago on . Most recent reply
Buying a HUD property
Good morning fellow investors. I'm a newbie, and trying to get a 2nd deal. I made an offer on a HUD property, a bit lower than the ask. The bank countered and gave me a number by saying "HUD will accept any bid that is at least equal to or greater than the minimum acceptable net offer." My realtor explained that I'd have to add the entire brokers' commission amount (about $6K) to the bank's counter offer so that after deducting the commission, the bank is left with their own counter (net offer). So basically the bank is asking me to pay the broker's commission. Has anyone experienced this before? Any input is appreciated!