HUD retail

[John K.]

Ive been reading a few articles and listening to podcasts where investors in competitive markets are bidding on homes (up to 90% net to HUD depending on initial walkthrough, which is scheduled through the MLS prior to a bid being accepted) and then immediately listing them on the MLS at or a few thousand less than it was originally priced (after HUD has accepted their contract). Has anyone done or heard of this? What would this look like transaction wise? Im familiar with the purchase of a HUD home for investment purposes, but that usually involves getting a way lower bid accepted and then either wholesaling or rehabbing it. With bids that are as high as 90% net to HUD, that leaves little room for reno if needed. Maybe somone can clarify this for me? Thanks in advance.