Hubzu

Went to review some townhouse etc. they are selling at West New York. Placed some pics on the website, but upon view of the area and house, it did not quite resemble the pics. People around told me that the place is deserted for 2-3 years. Rough estimate of some local contractors is - over $250K gut renovation is required to make the place livable. If you add that to the so called "good deal" + 5% commission etc., it's actually much higher than well maintained and renovated similar properties across the street! Strange this site managed to sell so many properties. It feels like another nationwide housing trouble in the making!

Make sure you read the contract and review which bank you are dealing with, more specifically Ocwen Bank is a complete scam and will not allow you to secure a lawyer and make any modifications to the completely unreasonable buyers contract. It was nearly impossible to even secure a lawyer after winning a bid as every lawyer in NJ recognized that Ocwen bank was unreasonable. Proofs in the pudding when a lawyer doesn't want to take your money!

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.

In my opinion this company is not really trying to sell any foreclosures threw the auction process. They already have a price in mind and all they do is keep re-listing the properties in the hopes that somebody gets into a bidding war and overpays. Just a TOTAL waste of time you're better off looking elsewhere and after reading some other reviews here I am really convinced its not worth my time. Proceed with caution my friends.

We just wasted our time - awaiting for decision on our bid, writing e-mails and leaving voice messages for the bank's representative, plus - communicating with someone else (one person's LLC), who was trying to sell the same property(!) online for much bigger price as an owner (but actually he is not the actual owner, he just re-sells his right to buy it for the additional $100k because does not have money to pay for it). We informed about this the bank repr., nobody reacted. The Bank's representative ignores e-mails & voice messages; the same property is on sale by someone else, etc. Very messy and chaotic. Looks like a fraud or scam.

I bid on the same property 4 times during its successive relistings, and won all 4 auctions, although admittedly the reserve was not met. The property continues to be relisted. I reached out for contact through calls and submitted multiple tickets, but have never been responded to. The "broker" of record has fake number and address. I challenge the business professionals responsible for the infrastructure of Hubzu to take an honest look in the mirror and decide if the company's practices align with their own values. I agree with Claudia (1/13/20) - all banks should avoid this service as its practices and techniques clearly do not align with their stated values. In my case - Bank of NY Mellon C/O PHH Mortgage Company. To all those working in the field of real estate and lending, may good karma be with you. But be assured you will not find any at Hubzu.

I won the auction with my bid well over the reserve price- CASH, NO CONTINGENCY. 2 days later I got an email saying "the seller has rejected your bid"... with no explanation provided. The property was relisted within 2 hours.

Any reasonable person can conclude this is deceptive practice, if not outright fraud.

Just because a company states in their TOS that they have the right to do anything they want doesn't mean it should be able to circumvent the laws of ethical business. They are wasting many people's time and resources with their deceptive business.

The auction is a scam... worthless. Not a legitimate auction.,. Even if you win. Hubzu. Will most likely not let you buy it. What they do is after you are the high bidder. Hubzu. Tells the other bidders what your winning bid and then asks them to bid above that with. Secret high bid. No matter who bids or what they bid the 2nd time. Hubzu will decide if they want to accept it. What the hell kind of legitimate buying auction is this. Most hubzu properties. Are sub prime. Derelict properties. They won't disclose if their are known defects,. And most likely they all have substantial defects. Thats why they are not being sold by realtors. TOTAL SCAM. MOST LIKELY ILLEGAL.

We were interested in buying a home Hudzu had listed in our town. We worked to win the auction on this one home for 4 months. Every time we thought we were the highest bidder we were told that our bid didn't meet the reserve or that we were outbid by what we believe to be their straw bidder. The auction went back on again and again with no resolution. We know for a fact that were not outbid on this last auction and we even set out a backup bid for an additional $3000. We were told on our last phone call that the property contract had started with another bidder. Last auction a week ago concluded in the same way and the Auction restarted again as before. I believe that they are just a scam in search of a reason to exist. My sister-in-law is a Realtor in Kansas City Metro Area who flips houses and she warned us when we first started bidding that this is the way Hudzu operated. Don't bother bidding on their site, it is a complete waste of your time.

The reserve amount is set to high in the bidding process by the banks. You can bid and bid but never reach the bank reserve price. So the bank tries lowering the initial/starting bid level to acquire more bidders. However, the bank reserve is not changed.

Note: The property fee of 4.5% is charged by the listing agent to pay for the sellers and buyers real estate agents. It can be negotiated and at 4.5% is too high for REO properties.The lowest property tax fee, is 3% (1.5% - Seller Agent and 1.5%-Buyer Agent).

It's amazing the stuff this company gets away with the list incorrect information to get the building up and when you tell them about it they don't correct The information. Examples of right now they have 4to 25 Enterprise Rd., Lexington, NC listed as a three bedroom two bath it's actually a three bedroom 1 1/2 bath which is a pretty big deal and they will not correct it they just signal or the information also they reset the clock when you're winning bidder, Right before the auction ends they restart Clock they do it all the time see other reviews it's common practice with them even when you were declared the winning better you never hear a word back from them and they'll just restart the auction the next day..

I was the highest bidder. My bid was over $30,000 above the reserve. My bid was rejected and the property is being relisted. What's the point of a reserve, if you aren't going to honor it. I have been told that if it is being auctioned by Hubzu, then they own it, but they hide behind "the seller rejected your bid", with no explanation. There were some last minute bidders that bid once almost an hour after the bid was supposed to close. What a scam!