Not much going on

As expected we received counters on our HUD offers. None were good enough to accept so we are waiting for another price reduction and hoping no one buys in the meantime! Here are the numbers if anyone is interested (By the way, the 1st list price is true. Do you love it?! 1-2-3-4-5-6 They really thought about that list price!):

Listed Price Our Offer Counter from HUD
$123,456 $65k $98,900 (80%)
$94k $50k $65.8 (70%)
$98k $78.4 $60k (80%)

HUD is great b/c you almost always have an idea of what they will counter with. Not always but most of the time. Sometimes they come in even lower. It seems to me that they follow a formula for when they lower the % they will accept. I have found that a new listing will never go for less than 90%, if a property has a "Price Reduction" they usually take 80%, the 2nd price reduction is 70% and "Significant Price Reduction"(s) usually start at 60% and go down from there. I know other people will argue with me that there is no "formula" and they can get HUD properties for much less than what I am saying. This may be true but from what I've seen these numbers hold true. And, I'm sure the house itself/location makes a big difference.

Anyway, enough of boring everyone. We also got out the 4 REO offers I talked about in my last post. My husband went to look at one and he really liked it which is rare. This is the one in a higher price range. When he and our realtor were looking at it another group came to look at the same time. We're pretty sure we are not going to get that one. As for the other 3 offers, we are about $30k apart on price... heehee. One is actually $40k now that I think about it. There is 1 out of the 4 that may come back with a decent counter but we shall see.

Okay, there have been a few showings on the property we just closed on and a lot of good comments but no contract yet. I'm thinking positive thoughts and telling the universe that we WILL have a contract by next weekend!! Are you listening? ha, ha.

I think that's it for now. Everyone have a great weekend!!