Owner occupant HUD bidding

[Alex Gruenther]

I found a HUD I wouldn't mind living in after doing a complete rehab. Does anyone have experience with bidding in the OO period? Will they accept lower than asking prices, or just wait until the invested period hoping for higher bids? Any recommendations would be appreciated. Cheers, lex

[John T.]

Right but exclusively during the owner occupant period does HUD accept below asking or would they just wait til the open bid period I think Alex is asking here. I'm not sure how "internal guidelines" are found but here's some info regarding the hud process:

HUD will review all offers received from owner/occupant bidders during the priority period. If HUD does not receive an offer meeting internal guidelines the listing opens up for bidding to any qualified buyer, including owner occupants and investors. Bid Deadline is DAILY at midnight.

PRICE REDUCTIONS – Owner Occupants First for 5 Days

Sometimes a property does not sell during the open listing period. After several weeks HUD will reduce the price on this property and publish the re-listed property on a Friday. The first 5 days following a price reduction the property is available to owner occupants only. This shortened priority period ends the following Tuesday at midnight. From time to time HUD listings experience several consecutive price reductions.

OPEN PRICE REDUCTIONS – All Bidders DAILY

Should the property still not sell during the shortened priority period, it then becomes available for bidding to all qualified buyers again. Deadline for bidding is DAILY at midnight.

RE-LISTINGS – Owner Occupants First for 5 Days

Occasionally a property that was already in contract falls out of contract. In that case HUD will offer the property for sale again and re-post the listing. The price may be the same as before or reduced. A re-listed property is available for owner occupants only during the first 5 days. These bidding deadlines fall on a TUESDAY at midnight.

Open RE-LISTINGS – All Bidders DAILY

If the property does not sell during the priority period for owner occupants, the listing will open up to all bidders with a daily deadline at midnight.