What's the lowest you've seen HUD go?

[Account Closed]

What's the lowest percentage of the asking price you've seen HUD accept? I'm looking at a flip property but would need to buy it for about 50% of the asking price to make it work.

They're asking $35,000

My numbers would look like this:

Purchase price = $17,350

Repairs = $15,000

Sale Price based on comps = $55,000

Commission = $1,650

Seller Concessions = $1,000

Profit = $20,000

Any thoughts on the likelihood of getting a 50% offer accepted?

[Stan Butler]

I keep track of all the properties that enter the Extended phase in my target buying area. I can tell you that the lowest % of List Price that has been accepted in 2013 in my area is 56.6%. Here were the stats of that property:

• Appraisal = $107,000
• List Price = $85,600
• Winning Bid = $48,410 (net to HUD)
• DOM = 117 days (from Appraisal Date)

Only 9 out of 327 properties sold for less than 70% of List Price.

Hope this helps!