Bidding on a HUD property

[Jaron Walling]

A local property was pending but came back on market so we jumped on it. It's a distressed single family HUD. Does anyone have any tips for bidding on this type of deal? What was your experience?

From my understanding you can bid everyday. It's been on market for 3 months. 
"HUD is most likely to accept a bid that covers at least 85 to 88 percent of their costs. They may accept a lower bid if necessary, but the agency will hold a property for up to six months." Is this true in today's market? I know it's a slim chance get a DEAL but it's worth learning the process.

Our first offer was about 78% of list price because it's outdated, requires an escrow for a replacement roof, and I'm sticking to my numbers.