How often does HUD reduce the list price on foreclosures & what is the min. percent to offer?We are first time buyers and have been looking for a home. A friend suggested HUD foreclosures. There is a property we are interested in that was reduced to 129,000 but our mortgage approval falls below that at 120,000. We have searched the internet and called some realtors to ask about HUD foreclosures. The only response we have gotten was: Hud does usually reduce the price about 30-45 days when has not sold. They want to NET about 87% of the asking price, therefore, you usually need to offer about 95-96% of the asking price if you want them to pay 3% closing costs and they cover the 6% commission. So 87 plus 9 is 96%. Of course, when a property has been on the market longer than the first 30-60 days, they are ready to sell and will sometimes take a lower %.The information on the posts we have found here say between 85%-90% but are aged posts. This property reduced on 10/9. How often does HUD reduce the list price & what min. percent can be offered to win the bid? Any information from personal experience or advice is greatly appreciated.October 26 2013 - US00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.