Posted by Dave T on November 17, 1998 at 23:27:55:
Unlikely that your idea would work in practice. HUD usually has a minimum price for their properties. Any bids below the minimum are rejected. Properties that stay on the HUD list very long are usually taken off the market for a couple of months then put back on as a new listing later. The new listing may even have the same price as its original listing but usually HUD will drop the price a bit.
Every now and then, HUD will list some properties that they have not been able to sell a little differently. These bargain properties are listed with a minimum price and the winning bidder is the first to offer the minimum or better.
At the HUD voice auctions, there may be some properties that are sold absolute. Absolute properties are sold to the highest bidder without regard to a minimum price – even if the winning bid is only $500.