HUD Properties/VA Bidding process


We have found a VA foreclosure we want. I am not certain how to win this bid. I am a cash buyer, is there a way to bid and win? I do not understand how the bidding process works. I have read about people bidding high and losing then others bidding low and winning. I lost out on a HUD home, but I don't want to miss out on this! Any suggestions would be greatly appreciated!

VA, like HUD, has what is called a blind auction.  Simply put, each bidder makes a bid and it is sealed and held until the day of the auction.  Then all bids are opened at the same time and the best bid is taken.  There may be a slight advantage to being a cash buyer but normally the highest bid wins.  

All one can do is make the best bid that they can as no one knows what anyone else is doing.  You need to feel comfortable with the bid you make based on what you feel the property is worth.  Don't offer more than you think the value of the property is.  

Wish there was more that I could tell you but since this is not an open auction everyone is guessing what everyone else is offering.

Best wishes in the auction.


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Steele V. Propp


I can answer most foreclosure related questions. Buying, selling, the process of foreclosure, Loss Mitigation, Short Sales, etc. Both for HUD and VA homes as well as conventional foreclosures. I work 100% in the Foreclosure arena, dividing my time equally between consumers going through foreclosure, people interested in buying foreclosures (investors and those looking for a home of their own for lesser cost), and with the lenders doing foreclosures. This unique three prong approach allows me to see all three sides of the typical foreclosure scenario. Our goal is to offer advice and create a win-win-win situation.


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