A couple of years ago HUD made the results of all their online auctions public. You could simply go to their website and see how much other buyers were offering on HUD homes in Columbus and throughout the country. You could even see bids declined by HUD and who submitted them. That all went away when the HUDHomeStore.com webportal went online in 2010.
In their latest update to the HUDHomeStore.com bid results are once again available to the public. At least for a limited time and with some limited information.
Now you can see the actual purchase price HUD accepted on a property.
As bidding stats have not been published for almost 2 years, this is a welcome change to HUD’s website. Bid results of HUD homes are very useful when you develop your bidding strategy. Bid results help you determine which discounts are acceptable to HUD and how much you should offer to get a purchase contract accepted.
You can find the Bid Results Tab is in the upper right corner of the HUDHomeStore, just beside the FAQ tab. It lets you search recently accepted bids, by case number, state, county, city, zip, and street.
What kind of information can you find?
Most importantly, you will see the Net to HUD. That’s the amount HUD gets out of the deal and does not include realtor commissions and closing costs. You do not see the purchase price and whether a real estate agent reduced their commission.
You will also see, whether an owner occupant (O/O) or an investor (INV) purchased the HUD home, as well as the bid date, the open date and the date, when the offer was accepted.
Finally, it shows the name of the brokerage representing the buyer.
The Bid Results are only displayed for 2 weeks. You have to be quick, if you want to see how much homes are selling for.
Bid Results of Marysville HUD Home
The image above shows the bid results of a Marysville HUD house that was offered at a huge discount as compared to the retail values of other homes in the area. This house needed a lot of repairs, including mold remediation.
It was listed for only $68,000, while similar homes sold for twice as much. Needless to say, this listing generated immediate buzz which resulted in more than 30 showings in the first week.
As you can see from the bid results, this HUD house went in contract for $83,660 Net to HUD. The actual purchase price could have been as high as $92,000, if we figure in 6% commission to agents and approximately 3% in closing costs.
Do you need help with the Bid Results form?
Not sure what to offer on a HUD home?
