Hubzu

My client saw a home on Hubzu that was also listed in the MLS. The property has been on the market for 50+days. The listing stated that a traditional sale was also an option. My client wanted me to bid on the property. He was willing to pay the list price but the auction price was a little lower and had no bidders with 2 days left. So we bid. In the meantime I called Altisource and offered the listing agent a cash deal. I was told I had to wait until the auction ended. I think OK no problem. The next day I go look at the property on Hubzu. Guess what they did. They closed the auction. I think ok I should be getting a call in reference to my offer. Nope no call. So I call them and ask what's going on with the property. I was told that the seller wanted to re-list it and that a new auction was going to begin that evening. I asked how long was the auction going to be. I was told 7 days. I ask why when I have a willing and ready buyer and an all cash deal. The customer service rep had no clue why, the listing agent was not returning my phone calls or emails(sent Internally, supposedly).
Auction begins I bid and go to bed. Next day I look i am out bid by 5 other bidders.
I have one bidder bid against himself his first bid was $ 128k then he bids again
$ 153K. I don't know what's going on but it smells real fishy. So me and my client are sticking with traditional sales or more reputable sites like Homepath and Homesteps. Any good reviews on here about HUBZU are lies. Horrible listing agents and clueless reps. DON'T WASTE YOUR TIME!

I was under contract to buy a home at 706 Saulsville Mtn Rd WV. I won the bid, sent my earnest money in early April. I received an email from REO settlement services (the people selling the house) stating the title had came back clear and we were ready to go. It said that if I wanted to pay for a Municipal title search I could at my expense. My lender however had Larricks Law Office complete a title search on my behalf and found an old lien from 2004 for $114,000. I notified the parties involved and we canceled the purchasing agreement. Larrick's Law office had attempted to contact the sellers but the seller would not return any calls or emails.
The house has since been re-listed and they are going to try to sell it knowing that there's a lien on this home. I am blessed to have a lender that looked out for me and Larrick's Law Office to do a great job researching this home. I worry about whomever comes after me purchasing this home based on the sellers title search. If you take their word on the title search you will end up with a home you can never sell. Be careful and if you do buy a home like this, don't take their word on anything. Pay to have it completed yourself. As for me, I will never even look at another house that is listed on Hubzu.
On a positive note, I did receive my earnest money back and the communication was always pretty good between me and the sellers agents. I usually received a response within a few of days if not sooner.

There was problems from the get go! I went to look at this property May 25th. We went to see inside a couple days later and wanted to put in a bid and was told the auction ended and they weren't taking any more bids ok. Well a couple weeks later it was back on auction but you couldn't bid on it there was problems with the bidding process so it had to be resubmitted. Then it was back up again. I was the highest bidder and the auction ended on Thursday, June 25th. MLS *******. My realtor submitted my info that night. We were told we would hear something in a couple days if the offer wasn't accepted. Nothing-but it shows on all the realtor sites under review, under contract, contingent. My realtor reached out to Real Homes rep and said it was under review at the bank and she would forward it to supervisors and approval might be as long as a week that was Friday, July 10th. I call customer service Thursday, July 16th for a status and was assured I would hear something, anything within 24-48 hours. But usually he said it would only be a couple hours. Called yesterday left a message, called today left a message. It's been 48 hours absolutely no response.

We put in a cash offer, reserve was met, with a quick closing date. What is the hold up on a house that has been vacant for over 6 months. Do you want to sell the home or not?

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...

So I dont get it, as I read these other reviews alot of people are unhappy with Hubzu, saying that auctions are rigged or false claims to the condition of the house or square footage or unable to speak with anyone or that they have thick accents and are very difficult to understand, well I want to say I had a great experience buying a house thru Hubzu. Here are some points to take in consideration, first you are bidding on a house that has been foreclosed on so chances are the house probably is not in the best of conditions but more importantly Hubzu is very clear in every single document they say that they do not own the property nor do they make any claim as to the condition of the house, so my advise is go take a look for yourself, if you dont then dont write blame about Hubzu. I won the auction on Jan. 31 2017, closed the deal on Feb. 24, received the deed on March 7, thats 35 days to buy a house folks, lets see you do that as quick going thru a local agent, and guess what else, I never once spoke to a single person, they were all very prompt communicating via e-mail, practically everyday til closing day. So if they all have this think accents then so be it they all typed in english very well. I also used Premium Title Service that they suggested snd at their cost, and again had no. Problem with the transaction or communication with them either, Furthermore I had a cash deal so maybe that sped up the process Im sure, but I want to say in this review that this deal in no way is a scam, and a i will gladly purchase a house thru Hubzu again. One last thing I want to. Mention, Hubzu is a member with the Better Business Bureau and has a 3.8 of 5 rating which is respectable.