Hud Bid Counter

[Meagan Travis]

Hi All,

I placed a bid on a HUD home yesterday that has been listed for 32 days (list price has not been reduced yet) at 82% of the listing price. HUD countered my offer today at exactly 88% of the list price (textbook from what I have read on the BP Forums). My question now is can I offer lower than their counter? If so, what is a reasonable amount to come up? Should I bid now or should I wait to see if the price will drop? Ideally I would like to get the home for around 82-83% of the list price based on my analysis of the market but I could go up to 85%. This is my first time chasing a HUD home so I appreciate any advice. I am in the Texas market.