Thank you! It wouldn't have been so bad, but the house was in great condition and across from a park and CHEAP!! Next time I am bidding an additional $102!!

Yes HUD homes are submitted online in a sealed bid process. Hud will usually take the highest NET to them NOT the highest bid price.

If it's a great deal you always go above asking as appraisal shouldn't be a problem. Most buyers will offer full price or go 1 dollar over. I always go more than that to outbid them.

You just got outbid plain and simple.

My question to you is if you were represented by a knowledgable broker/agent they would have told you to overbid because the price was so low. Just bidding full price on a hot deal shows me they are inexperienced in guiding you.

I work with HUD homes. Lately there has been bidding wars on really good properties. I had one recently go $24,000 over list. I never tell any buyer what to bid, but do let them know they can bid over list, and that they should offer the highest they are willing to pay, especially if it's a good property. During that first bidding period, we have no way of knowing what the other bids are, unless we submit them. I NEVER tell anybody what my other bids are, but to offer their highest and best. Sometimes, the higher offer will not win because they may be asking for closing costs. Sometimes,buyer agents will bid without a commission and win a lower bid. It all depends on the net, as Super Realtor said.

I have a quick question. I put a bid on a home a few days ago on the premise that the other bidder put amount x on the home based on what the selling agent said. Now she came back saying our bid is to low for the seller to consider however it's more than what the other bidder placed. Does the selling agent have a legal responsibility to provide my agent with the actual bid amount. I have a feeling she is not being truthful with the original bid amount.