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What to bid on a HUD home in Ohio...

We are considering bidding on a HUD home in Ashville, Ohio near Columbus. The home is listed at $142,000 and is in excellent condition. One of the best HUD homes I have seen and we have been lookin for a long time! Can anyone give advice about offers on HUD homes? If they are in good condition do they usually go over the asking price? I just want to make sure we are making a smart offer.

Sincerely,

Trying to find the answers....

  • March 17 2010 - Ashville
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Answers (1)

I have sold dozens of HUD homes in Western PA as well as being a local listing agent for HUD in the past as well.  I can tell you from my experience that if the house is undervalued for the area, and HUD does occasionally grossly undervalue a home, they will sell above the list price.  I personally sold a HUD home that was so undervalued it sold for $25,000 over list.  But usually the list price is not undervalue, in which case if you feel that the home is being actively looked at by many buyers, put your very best offer in at first.  HUD usually wants to clear, 84-85% of the list price after paying commission and seller assist.  Have your agent pull comps for you and give you advice, take into consideration the level of activity on the property and make your best offer because you might not get another chance.  Hope this helps.
  • March 18 2010
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