Help With HUD Offer

[J Scott]

Hey folks,

I submitted an offer on a HUD property the other day (through HUDHomeStore.com). I've bid on HUD properties before, but have never had one accepted or countered.

I checked today, and it appears that my offer was countered at just a few hundred dollars above my offer price. I'd like to accept the counter-offer, but apparently it doesn't work that way with HUD (there is no "ACCEPT" button anywhere or any other obvious way to accept the counter-offer).

There *IS* a way for me to resubmitted a new bid right from the counter-offer page.

My guess is that it's not a true counter-offer whereby I have the option of accepting and locking up the property. Instead, it seems more like HUD is just informing me that the minimum they would consider is the counter-offer price and that by resubmitting after I got the counter-offer, my new offer is just going back into a pool of potential offers that HUD may be receiving today. In other words, even though my new bid is above the counter-offer price, the property could still go to someone else.

Does anyone here have any insight to how this actually works? Just curious so I know what to expect from here (and in the future)...

Thanks!

[Mark Yuschak]

J, you're exactly right in your assumptions of how the HUD counter-bid process works. Theire counter offer really is not what we would consider a conventional counter offer. They're just informing you of what the minimum net is that they'll accept. If you want to "accept" their counter, you'll have to submit a whole new bid which meets their minimum.

I've dealt with this multiple times from HUD. And, I've also delayed resubmitting a bid which would meet their minimum net amount and missed out on the house. So, get your bid back in immediately if you really do want the property.