I figured with the holiday weekend, I wouldn't hear about my resubmitted offer on the same HUD property until today (Wed). However, I logged into my HUD processor's web site Monday morning, and they had already reviewed my latest offer. It was rejected as well. I upped the amount by $7k, which was still about $7-9k under the theoritical 80% list price minimum I heard HUD allows, so it didn't surprise me. The house was listed about $6-7k OVER FMV, and needed at least $5k in repairs, so that was my final offer. Not too suprising, either, was the fact that my two bids were the only ones for this property so far. I guess other prople saw the high list price and repairs and already knew it wasn't worth it. I thought so, too, but figured I didn't have anything to lose. I'm guessing that property will sit a while before HUD gets their act straight and realizes it's priced WAY too high.
The other two HUDs I have my eye on come available to the public next week. I'll get with my agent today or tomorrow and get my offers ready to go out the minute I can bid. Both of those properties are in good locations and have less-than-FMV list prices, so I may get outbid. But then it's all a numbers game anyway. I got lucky with House #1, but that was after submitting a lot of offers first. We'll see if my luck comes a bit quicker this time. ;-P
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