After months of looking we finally found a house that mostly satisfied our needs, it was a HUD foreclosure and was currently in the bid stage, that is, it was open to bids, and the highest offer at the end of the weekly bidding phase would have themselves a house.
It was listed as a value of $26000, so we contacted the realtor and was explained the bidding process. We could make any bid we liked, but obviously the lower we bid the higher the likelihood someone else would beat us.
At this point i was very tired of losing out on houses i had fallen in love with. So i bid high, maybe too high - $28000. I didn't care, i wanted the house!
At midnight the bidding process was over, but we wouldn't know till morning. I can say that I hardly slept fitfully!
Well good news, we won the bid!
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