Hubzu

I have been the high bidder for 7+ auctions, they have dropped the price $500,000 over the listing so far, pictures are not of the property, they are of a lot miles away.
The home is not permitted and 1/2 the property has an easement with the neighbors septic.

No wells, no septic for the home listed,
9688 Barnett Valley Road, *******

I have called hubzu, the listed broker, the bank who owns the property and withen 200 miles of this property this Nevin agent does the same scam on all his listing.

I purchased a property through this site using a real estate broker. I have never been in an auction where the closing time kept getting extended. In this case over 8 hours. Then Altisource takes over with the most incompetent staff ever to do the closing. Their constant errors led to a 6 week delay in closing. Stay Away!

I bid some property on Hubzu behalf of my client. It is pretty simple but lot of people don't understand how does it work? They keep bidding and messed up. End of the day they never got approved finance or not capable to complete the transaction. Hubzu clearly mention on website that cash or conventional loan accepted. There is a lot of fees beside your bid price including buyer premium, technology fees, inspection or city inspection fees etc. These fees don't count on bid. Lot of bidder think only bid price is final price no other charge like traditional sale. Most of property has buyer premium 5% on bid amount. You must send deposit once you become selected bidder. You can't do any work or change on property if appraisal required to get mortgage. FHA loan always needs to do something including electrical or plumbing related work.

Hubzu/Altisource one of the worst companies to work with when closing Foreclosures. You work with off shore employees who speak very broken English, but their email states they office in Atlanta, GA. Their closing department refuses to return phone calls, Harass buyers, threaten to cancel signed contracts, charges buyers high fees to use them. Employees are rude and demanding. I would never recommend Anyone use their site to bid on a home.

I am both an agent and investor and I have either bought for myself or represented other investors on dozens of Hubzu deals. I see a lot of bad reviews here, but people don't always understand how Hubzu does things. They like to play games with the starting bids and reserve prices, but if you stick to your guns and let them bring their price to you, you can save a lot of money. Just be very careful with the closing process, as they have no qualms about giving out title with defects. Best to check with a R. E. attorney. Also, if they try to speed up your closing date much sooner than what you agreed to contractually, don't be intimidated. Either say, "no thank you, I will close on the contract date", or try to negotiate a few hundred bucks off the price in exchange for quicker closing. As for the 4.5% buyers premium and $299 website fee, they are obnoxious for sure, but if you get a good enough deal, it's just a cost of doing business.

This is a fake auction! The auctions are not real auctions! They listed a property for $60,000. The property was on Hubzu for six days. They had 1100 views but I was the only person that bid. At the end of the auction I was the highest bidder but they declined my bid. There was no note of any reserve. They just decided they didn't want to accept my bid even though they put it for sale for $60,000. After rejecting my bid they put it back on the site for 67,000. Why would anybody bit again when it's bait and switch they keep raising the price. It's a total scam!

BUYER BEWARE! We submitted a bid for this property and "won" but then found out it's not what you think. Deed is a Commissioners Deed, which complicates matters. Entire contract is so thorough on all points to cover the Seller, it leaves you scratching your head as to why you'd ever want to do business with this company. Not to mention the property is currently occupied and, due to Covid, cannot be evicted. And since you would ‘own' the property, all liability falls to you. Our attorney said it would be difficult to insure. But wait: there's more! There is also a Right of Redemption that the property can be repurchased by the Seller within a year. So even if you bought the property, there is no guarantee it will ever technically be yours. This company is taking $1,500 each time they put it back out for bidding. It's been "awarded" at least four times since they got my $1,500. Sure seems like a scam!

Hubzu is owned by Altisource and will not return your earnest money. Nor will they allow you to make repairs to homes that need repairs, even though they allow you to use financing upon bidding. Save your time and energy and run away as fast as you can. We are now having to retain an attorney to fight for our earnest money. Save your self the headaches and frustration of dealing with Hubzu and or their sister company.

I placed a bid on the wrong property
Bid was cancelled... Deposit was returned.
No major problems..

I've won the highest bid on a house in Georgia but then shortly after I received an email saying that my back up bid was below the sellers limit. I did not know what that meant so I called them and learned that they actually wanted $23,700 more for that property than the highest bid. This is the second time that the property has been auctioned. If they wanted more money, they should either disclose the lowest acceptable bid or they should start the bidding at a higher number. It was very disappointing. Specially, since I would never have known anything unless I had checked my email.
Also, knowing my interest in the property, speaking to human, could have worked out negotiation for that deal.
These people do not appear to know what they're doing and enjoy hanging onto those properties!

Behind there is a broker that sells out of the MLS.
I made my offer, the time of the auction ended. The system said: "congratulations! You are the winner" and two minutes after the system accept another offer $ 500 more higher.

The web portal has its own offer to raise the price automatically
In customer service they never answered my complaint.

I learned the hard way about Hubzu. I bid, met the reserve, then won against competition. The customer service posted number directed me to an answering machine that did not return my call. Hubzu, next sent an email that said it was allowing others to make final offers. Finally, the property came back up on a new 6 day auction. Who wants to deal with that garbage?

Why do you give everyone the same answer."give us contact number and we will call in 2-3 days.". They have already given their number and called numerous times. Take care of these people. NOW... I am potential buyer. But will not buy until you take care of my fellow Americans... give that person their $1000 deposit back. Be careful we might all get together and file charges..

We placed a back-up bid on a property that ended up taking over three months to close and required multiple renewals of the bid. In responding to inquiries about the status of the property for the purpose of renewing the bid, listing agents Drew Hershey and Neven Spralja gave us misleading information and then stopped responding altogether when they apparently realized that the existing escrow would close and back-up bids were no longer needed. The Hubzu team seems to have no problem stringing a back-up bidder along so long as it is expedient to the end goal of having a ready buyer. I will never bid on a Hubzu property again. The team sorely lacks basic ethics and communication skills.

Hubzu is a waste of time. First and foremost, bidding means absolutely nothing. Even if you are the highest bidder, they can pick someone else so don't keep bidding on a house. Also, hubzu will bjd against you just to raise the bid. It also takes forever to get any reply. Try to call Hubzu and see how much information you get. We were the highest bidder. We got a call after 3 weeks saying they had a lower all cash offer. They asked if we wanted a "back up offer" which we declined. Literally in less then 48 hours, the house went back up for auction. Hubzu also has outrageous "fees". Save yourself a headache and bypass anything that uses Hubzu.

My wife and I have been bidding for this property that has been on the market for over 3 months. We had the highest bid and allegedly the bank declined our offer. The realtor company assigned to the property doesn't know what he is doing. I heard lies after lies on people going to bid higher. That never happened and the house is back on the market. DO NOT WASTE YOUR TIME ON THIS SITE. I find it hard to believe that the bank won't take the offer made especially when you have a 5% premium and 3% fee for your realtor and other cost that drives the price higher. This home I'm talking about is SEA BREEZE WAY in Menifee.

I received an email from hubzu saying this;
The Hubzu team has reviewed this case and we will be refunding the $1500 charge on your credit card. Please allow 5-7 days for processing. In the meantime, please feel free to reach out to *******@hubzu.com with any questions.
I NEVER RECEIVED MY REFUND, I SENT 10 EMAIL REGARDING THIS ISSUE BUT THEY NEVER RESPOND ME BACK!
SEE ATTACHED EMAIL

Hubzu is not a scam. I am a realtor and have had success bidding for my clients on Hubzu. The bidding is straight forward and my clients who have won bids are happy with their purchases. I'll be happy to help anyone looking to bid on Hubzu properties in MD, DC or VA
Contact me *******@gmail.com.

I was a cash buyer and I was the only bidder, I watched the particular property go through 2 auction cycles and bid on the 3rd. I did not meet the reserve they were looking for, they emailed me with their counter bid which I accepted. It then took them 5 days to actually confirm that I was in fact getting the house, all the time the house was still being offered for counter offers with no personal communication, I realised my bid was probably going through when I saw the listing as withdrawn on realtor.com, it took them 2 more days to email me that I was going to close on the property. They then called me and arranged to close on a particular day of my choosing, but they never sent me the paperwork on time, it came a couple of days later with no explanation or apology. They do seem very focused on making you sweat at every stage of the process, they email you in the middle of the night and expect you to jump when they say jump, but it certainly doesn't work the other way round. I did find that they answered my email questions and also a couple of phone calls too, so I personally had no problem with communications.
I have been watching a few properties go through several cycles of bidding, It seems fairly easy to work out what the reserve the banks are looking for, by a simple search on zillow to find out what the bank actually paid at auction. So that gives you a ballpark figure.
Altogether not a horrible experience, because I was a cash buyer, but I can imagine throwing in a financial institution into the mix would make it even more fraught.
I did in the end get my house, now I have to get the previous owner to leave...

My real estate agent and I placed a bid on a house. Hubzu did not post a minimum "meet price". The auction ended with my bid being the highest bid, but they unilaterally cancelled my bid, did not provide an explanation and placed the same house back on auction 30 minutes later for $20K more than my bid. My agent tried to contact Hubzu, but like many other reviews I have seen in the internet, they are unreachable by emails and phone.
If the bank established a minimum price, they should disclose it.
Shady business practice.

Avoid using this product at all costs! Read every single bit of fine print. They will break State Law and keep your deposit. Avoid!

Honestly, I have not used Hubzu in a few years and I did have a client who put in an offer, it was accepted and then they said a higher offer came in but then it came back on the market at a lower price so that was extremely frustrating to my client. Hopefully, things have gotten better in terms of bidding and accepting an offer.

It took me all day to do auction online until last minute I was the highest bid but turn out unsuccessful bid because the bank said the not what they want for the house. This is the first and last time I do this just wait my time for nothing. It is very stupid company