Looking to bid on HUD house?

I want to place bid on HUD house and know that they take total bid amount and subtract out requested closing costs and realtor commisions to get their net. I have been pre-approved up to certain mortgage amount of course, my question is will the total bid be my mortage amount, or will my mortgage be based on the net amount to HUD. Need to know what I can bid up to.
Thanks you for answers, some more details; I previously bid on this property with a co-signer, my bid was accepted with hud to pay 3% comm and 3% closing costs (max they allow). I than found out co-signer won’t work because he wouldn’t be living there. Now I need to lower my bid and resubmit. (Another question really) What is best way to do this cancel offer wait till property re-lists and bid again?
Anyway am I really paying these costs even though I am asking them to?

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This entry was posted on Friday, August 28th, 2009 at 11:54 pm and is filed under HUD House. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
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how much should i bid on a house that is 49000,

One Response to “Looking to bid on HUD house?”

Michael T says:

August 28, 2009 at 11:55 pm

First of all there isn’t any realtor commissions on a buy. The offer you make is the amount to be paid to the seller. All extra costs are not included in the bid.

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