How many bids can you put in for different HUD properties?

Question

I am looking to place a couple of bids on different HUD properties tonight. My realtor said if I do this I will get blacklisted. I thought I was able to bid as much as I wanted until I got an accepted bid. Am I going to get blacklisted or I'm good to go?

Thanks

Rob K. · Answer

If all of the bids are accepted and you are planning to close on all of the houses, there should be no problem.

Jeff Bridges · Answer

Your strategy would work if only one bid was accepted however they don't work that way. If all of your bids were accepted at the same time, then you would be on the hook for each of those properties. If you did not follow through with these accepted bids enough times, then your agents HUD access might get revoked. They are putting their account access on the line. Your best bet is to bid on one property at a time with HUD listings. You'll find out relatively quickly if the offer was rejected following the bid deadline in most cases.

Jake Kucheck · Answer

If you make lots of bids and don't follow through on the ones that get accepted, or do not have proof of funds to close on all of the offers you make, then I could see that as a potential negative.

If you have the cash to cover everything you are writing, there shouldn't be any problem.

It sounds to me like the agent is being lazy and only wants to write offers that have a higher probability of getting accepted.

Christopher Hoffmaster · Answer

Not quite sure about your area and if there are different laws there.  I know here in the eastern panhandle of WV I write several offers a day for investors and if we don't get accepted we raise it the next day.  You either get bid or you don't.  At that point, raise your bid the amount you want to or move on to the next property. Hope that helps...