Gohoming.com experiences?

Question

Can you please share your experience if you ever closed a a deal with gohoming.com...
Thank you

L.Souza

Account Closed · Answer

REtTHINK before you buy through gohoming.com.... My husband and I bought a home through them. Two months after we bought it our county treasurer called us to tell us that the home didn't belong to the seller...it belong to the county for back taxes. our house had an auction date set and we had dumped a ton of money into it. We had to move out of our home and this company took our money for a home that didn't belong to them... We now have to go through a huge, and very long process to get back what we lost... But word to the wise... if your going to go through them.. be prepared for a VERY long closing process, no organization, answering machine after answering machine, no call backs and more fees then what you would typically pay on a home. Thought I'd share my story and try to save another family buying a home the stress.

Shari Posey · Answer

I was the buyer's agent on a deal a few years ago when the company operating under the name OCWEN. I'm sure it's the same outfit because the listing agent's name is always the same. It was extremely long and communication with the company was terrible--everything was in India. It took months to close and all the delays were on their side. However, my clients were FHA and we had put in $2k for repairs, which were primarily for a gas wall heater since the house didn't have a heater. OCWEN actually put in a forced-air system which was awesome plus did a bunch of other repairs--much more than $2k worth of work.

Geode Pratt · Answer

I recently closed on a property through GoHoming. The process was a bit stressful. They are slow and disorganized. We had to push them to close on their closing date and then the title company missed a lein. Small and inconsequential, but still. (The local law office/title company is a real piece of work.) Then they placed the blame on me for rushing them. We ended up closing in about 5-6 weeks and then I put about another 5 weeks of rehab into the property and got it leased. Minimal equity, but $400+ monthly cash flow. Yes, it was a pain, but for that kind of return, I  would consider doing it again.

Salma M. · Answer

I just bought a house from gohoming. It was in NY. I used a buyer's agent. He handled most of the process including coordinating with their coordinator. The coordinator was confused.  One thing that truly annoyed me was she had no sense of how long something should take. They will send us documents and we will be physically signing the documents 2 hours later (Both my husband and I are working during the day and we were still turning around documents promptly). In that timeframe, there will emails from them saying that we are causing delays and they want to put the property back into the market. Our turnaround time for every document they threw our way was about 2 hours. Every single time they kept threatening to put the property back into the market. It was ridiculous.

Their attorney was decent and helped us termendously. If not for their attorney and our agent, I was ready to walk out of the deal. We were not cash buyers. Not sure if that would have helped. They will only accept conventional loan.

Mostly due to my continously pushing, we closed within 3 months. So if they have good deals I will consider.  But I will be prepared.

Serge S. · Answer

I would pass on any deal from Altisource. They do their sellers a disservice. Beware of the title co they use called Premium Title. They are an affiliated Altisource company and not independent so you will have little sway in a dispute over earnest funds or anything else. They say in the bidding stage that seller will pay for title if you use their title co but they still charge you. There is nobody that will pick up the phone so you cannot dispute anything. If you do reach someone odds are they will not speak english. I'm shocked that this third rate company has not been shut down by NAR or the any of the other regulatory agencies. I understand outsourcing but how much more expensive is it to hire Indians that can speak english? I'm very shocked that sellers have not been fed up by now and moved inventory away from these guys. No idea how they are still getting listings.

Leon Y. · Answer

Gohoming is pretty terrible. I had a house which I was told fell out and I placed a bid in. It was accepted. But then days later, gohoming said it messed up the paperwork and the house went back to the previous buyer. It was extremely frustrating and I had even bid it to 67k, but now the previous buyer got it back for 60k. Nevertheless, sometimes I do get a good deal. Just beware you may not get the house even though you think you got it.

Andy Collins · Answer

I bid on two houses because they were very close to a rental of mine,,,another bid was accepted and both houses are 'under contract',,they have been, "under contract" for over 3 months now,,both houses have had damage to them during that period.

If a company can't close fairly quickly I don't want anything to do with them, a vacant house is just an invitation for vandals/thieves,,,

C Rich · Answer

Horrible company.  My agent won't even work with them based on bad experiences, bid-rigging, faulty listings and cheating BPO and R.E.A.s out of their commissions and other earned pay.

They are in India and cannot speak or understand English.  They send responses to written inquiries the same way HUD does which is that the responses are form letters and unrelated to the inquiry.

Ann Bellamy · Answer

I have funded a few deals that investors bought from them, they are no better or worse than the average REO deal.  We insisted that we use our own title company to close and they agreed.

Chris Calabrese · Answer

I can echo everything on here.  There are kind of like dealing with HUD, but maybe even worse.  I think all their support is outsourced to India, although they use a Florida number, so communication is definitely an issue.  They don't have voicemail, so you have to just keep calling until you get someone, and make sure you answer when you're expecting a call from them, or it may be another day before you can get back in touch.  They also pull the "highest and best" trick on every house, so just stick to your guns when bidding.

With that said, I've bought 2 flip houses from them and were 2 of my most profitable deals.  As a realtor, I would never want to buy a house for a client from them.  Way too frustrating for Joe & Jane  Homebuyer.