HubzuReviews 318

This started with a listing on Zillow. The listing was on a Pheonix MLS a. The property was located in Golden Valley AZ. It was listed for $120,000. After 3 days I finally got a live person. I was told to use HUBZU. I registered my client on the site. Starting bid was $80,000. We placed a bid and was the winning bid at $83,000. This auction is VERY misleading. My client got a WINNING bid notification. Shortly after an email came said 72 hours for the seller to approve. The agent sent an email the following day that said there was an undisclosed reserve not met and please go back on and send our best offer. There is a 5% reserve. Our offer was rejected and the property went back to auction. This is a property that my client wanted because it was close to her mom. At the very best it would be worth $180,000 maybe. They have an out of area agent pricing a home in an area he has never been to. Why hold an auction with a starting bid that is $20,000 below the reserve? This was my time with HUBZU and I will make sure I let anyone I cross not to waste their time.

If you have the money and a modicum of intelligence it can be a godsend for savvy real estate investors. I bought a great fixer-upper that I'm thrilled with. It was a little scary the first time. I'm still using Hubzu looking for my next property. Pay attention, ask questions and read the contacts! Get an agent or attorney if you don't understand!

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!

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!

Attempted to buy three different properties separately to see if first experience was in fact common practice. It was. The a scam is the auction which attracts buyers in hope of getting a deal when in fact the auction simply LURES buyers whom already have a vested interest in way of a deposit (needed to bid). Each time I had the highest bid and won the auction and each time I was told the bank refused the deal and was told I had to pay between 80-120k more for each property. Then they try and force you to sign a purchase agreement that's completely one sided and makes it nearly impossible for you to close. For instance; if your new offer for new, higher amount state a time frame to close the clock starts the day you make the offer...not the day it is agreed upon by all parties (the date the purchase agreement is signed by all parties). Hubzu is simply designed to trap the rookie real estate buyer in a situation where they either lose their deposit which you never get back. Also, you can never reach anyone from Hubzu of the realtor. And you may note the same realtor supplies all the property. This is not an auction site...its a bate and switch. We are referring site to the Massachusetts Attorney General.

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.

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 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.

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.

They will run some auction literally 50 times trying to get over retail value for occupied? Most of these homes have gutted interiors, so bid wisely!

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!

After I had submitted and won the highest bidder on a home, mysteriously a higher bid came in the got the property. It's a hidden auction with hidden buyers!

I am a broker and HUBZU charges a bid fee in order to bid but they do not tell you is that they will not negotiate the contract and there are no changes to the contract allowed and the contract is very one sided to the seller. They will not prorate what is typically done, they will not pay anything towards closing and they disclaim a lot. They only state they will issue a deed but do not state a warranty deed. This list just goes on and on and on. This is as bad as I have EVER seen and I have been at this for over 20 years. This is a very deceptive process at best.

You can win a auction but then if they don't like the price auction for then they will just put it back up for auction again so even if you win you really don't win

It actually got worse... After I won the bid. They sent me the following email...

Ningshen, Tonrei S
Mon, Aug 17,2020, 4:51 PM
To me, Tonrei, Christopher

Hi Jessiah,

I do apologize. I just received an instruction from seller that we need to cancel this contract due to legal issue.

Seller did not share me more information on what exactly the issue is but property cannot be sale at this time. The offer needs to be cancel.

Once again we apologize for the inconvenience caused.

Thanks,

Tonrei.

Tonrei Ningshen | Senior Specialist, Asset Management - Closing

Hubzu is a complete fraud site. J****P is pumping up the price multiple times. Explain this Hubzu, seriously.