In Texas, you bid through an agent online at Bidselect.com. I usually send pictures and comps to my investors before we decide what to bid. If you’re in town, the broker can let you in to get bids. We also make sure the net to HUD is above the 85-87% mark or they won’t accept your bid at all.
In Austin, most people have been offering over HUD’s asking pricing since HUD can pay closing costs and your bid includes the 5% agent fee.