HUD backup offer?

[Randy King]

How does it work when you submit a HUD offer and click that it is OK to hold as a backup. I have situation where HUD is about to drop the price on the property and my backup offer would probably be acceptable. Do they automatically accept your backup bid? I do not want it now at that price. When the price drops, I will be able to get it at a better price than my backup. Is there a way to cancel the backup?