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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: How much should I bid?? Posted by Bill H on September 24, 2003 at 6:26 PM In Reply to: How much should I bid?? posted by Gene B. on September 24, 2003 at 11:39 AM : I'm interested in a home that HUD has listed on their site. The property was listed in May of this year and was valued "As-Is" at $130,000, which I and the agent feel is high for this home in the shape it's in. The property has since been reduced to $105,000 due to severe water damage and mold. Additionally, the home was built in the 60's, LBP and is categorized U/I. : My real estate agent is as inexperienced with foreclosures as I am so we're wandering what strategy should we follow and where to start the bidding. For instance, if we offer a low amount, do we need to present our own appraisal or documentation to justify our bid? : Facts: : Major damage due to water infiltration. : This will be an "owner occupied" purchase. : Winter here starts in mid November (Water pipes are not drained and snow can cause additional damage due to roof) : No one else has ever bid on the property. In all likelyhood you are not the only person looking at this property on the HUD site. My suggestion is start at $40K...then closely watch the HUD site for "Bid Statistics" and see if anyone else comes in with a bid. If so they you can begin to raise your bid. If not stick by your guns and see what HUD does. They will redue it every 90 days or so. Perhaps they will come to your numbers if you are the sole bidder. Good Luck, Bill H : Replies are appreciated!! Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : I'm interested in a home that HUD has listed on their site. The property was listed in May of this year and was valued "As-Is" at $130,000, which I and the agent feel is high for this home in the shape it's in. The property has since been reduced to $105,000 due to severe water damage and mold. Additionally, the home was built in the 60's, LBP and is categorized U/I. : : My real estate agent is as inexperienced with foreclosures as I am so we're wandering what strategy should we follow and where to start the bidding. For instance, if we offer a low amount, do we need to present our own appraisal or documentation to justify our bid? : : Facts: : : Major damage due to water infiltration. : : This will be an "owner occupied" purchase. : : Winter here starts in mid November (Water pipes are not drained and snow can cause additional damage due to roof) : : No one else has ever bid on the property. : In all likelyhood you are not the only person looking at this property on the HUD site. My suggestion is start at $40K...then closely watch the HUD site for "Bid Statistics" and see if anyone else comes in with a bid. If so they you can begin to raise your bid. If not stick by your guns and see what HUD does. They will redue it every 90 days or so. Perhaps they will come to your numbers if you are the sole bidder. : Good Luck, : Bill H : : Replies are appreciated!! Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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