Owner occupied HUD Minimum bid

[Prabodh Kumar kandala]

Dear Amazing BP Colleagues,

Wondering is the minimum bid that would get accepted on to be owner occupied HUD property?

I am planning to buy my first home and we found a good home which does need some rehab. It is already priced lower than similar homes in that area. However, adding rehab costs would put it in similar range to those other comps. 

My plan is to buy that property and slowly rehab it while living in it and later get an appraisal and refinance. Wondering if there any golden rule for minimum bid on such home owner occupied HUD properties. Some one told me that the minimum is 88% of actual listing price. Is it true?

Thanks a ton in advance.

Regards,

Prabodh