NEW: BP Podcast 66: Flips, Apartments, & Protecting Yourself From Professional Tenants with Michael Blank

Hide this

From the BiggerPockets Blog

 BiggerPockets Blog »

Jump to Forum View All

Click a category below to view different forum categories.

BiggerPockets

General Info

BiggerPockets Q&A, Site Questions, & Announcements

1514 topics, 14394 posts — Last Post 04/18/14, 08:14PM

BiggerPockets Exclusive PRO Area

117 topics, 839 posts — Last Post 04/18/14, 05:47AM

New Member Introductions

10884 topics, 85601 posts — Last Post 04/18/14, 10:01PM

Real Estate Success Stories

396 topics, 6147 posts — Last Post 04/18/14, 07:52PM

General Real Estate

General Real Estate

Buying & Selling Real Estate

5935 topics, 46772 posts — Last Post 04/18/14, 09:14PM

Renters

642 topics, 5810 posts — Last Post 04/18/14, 07:52PM

Get Foreclosure Help - Help Stop Foreclosure Forum

316 topics, 2557 posts — Last Post 04/16/14, 03:58AM

Home Owner Association (HOA) Issues & Problems Forum

237 topics, 1609 posts — Last Post 04/17/14, 08:53AM

Do it Yourself

655 topics, 6264 posts — Last Post 04/18/14, 04:19PM

Reviews & Feedback

Real Estate Deal Analysis and Advice

3673 topics, 29445 posts — Last Post 04/18/14, 09:22PM

Real Estate Guru, Book & Course Reviews and Discussions

1133 topics, 11557 posts — Last Post 04/18/14, 07:51PM

Ask About A Real Estate Company

740 topics, 7318 posts — Last Post 04/18/14, 11:52AM

Real Estate Investing

Real Estate Strategies

Wholesaling

5602 topics, 43731 posts — Last Post 04/18/14, 10:12PM

Rehabbing and House Flipping

3333 topics, 30986 posts — Last Post 04/18/14, 07:34PM

Real Estate Development & New Home Construction

552 topics, 4682 posts — Last Post 04/18/14, 04:31PM

Innovative Strategies

703 topics, 6027 posts — Last Post 04/18/14, 08:48AM

Tax Liens, Notes, Paper, & Cash Flows Discussion

866 topics, 6676 posts — Last Post 04/18/14, 05:56PM

Rent to Own a.k.a. Lease Purchase, Lease Options

691 topics, 4871 posts — Last Post 04/18/14, 03:32PM

1031 Exchanges

143 topics, 1054 posts — Last Post 04/18/14, 08:41AM

Foreclosure Investing

General Foreclosure & Pre-Foreclosure Forums

1686 topics, 11285 posts — Last Post 04/18/14, 01:32PM

HUD, VA, and Tax Sales

414 topics, 3089 posts — Last Post 04/18/14, 12:05PM

REOs

1214 topics, 10570 posts — Last Post 04/17/14, 02:28PM

Short Sales

1534 topics, 13120 posts — Last Post 04/17/14, 04:44PM

Landlord & Tenant Forums

Landlord & Rental Property Questions

7202 topics, 70729 posts — Last Post 04/18/14, 09:52PM

Mobile Homes & Mobile Home Park Investing

638 topics, 5140 posts — Last Post 04/18/14, 03:22PM

Investor Basics

Starting Out

7698 topics, 60428 posts — Last Post 04/18/14, 10:15PM

Investor Psychology

431 topics, 6104 posts — Last Post 04/18/14, 06:08PM

General Real Estate Investing

4716 topics, 37179 posts — Last Post 04/18/14, 09:50PM

Real Estate Investor Marketing

1730 topics, 14092 posts — Last Post 04/18/14, 01:03PM

Commercial Real Estate

Commercial Real Estate Investing Forum

1410 topics, 8985 posts — Last Post 04/18/14, 10:17PM

Multi-Family and Apartment Investing

1109 topics, 9221 posts — Last Post 04/18/14, 09:48PM

The Business of Real Estate

Real Estate Technology and the Internet

Real Estate Technology, Social Media & Blogging

639 topics, 4885 posts — Last Post 04/18/14, 02:57PM

Business Basics

Goals, Business Plans & Entities

831 topics, 7562 posts — Last Post 04/18/14, 04:25PM

Real Estate Finance & Legal

Financial, Tax, and Legal

Tax, Legal Issues, Contracts, Self-Directed IRA

2784 topics, 20000 posts — Last Post 04/18/14, 03:01PM

Property Insurance

309 topics, 2045 posts — Last Post 04/17/14, 07:41PM

Personal Finance Discussion

328 topics, 2731 posts — Last Post 04/18/14, 04:33PM

Loans, Mortgages, Credit Lines

Private & Conventional Lending Discussion

2832 topics, 19694 posts — Last Post 04/18/14, 06:48PM

Creative Real Estate Financing

1209 topics, 8768 posts — Last Post 04/18/14, 08:34PM

Crowdfunding Real Estate

35 topics, 461 posts — Last Post 04/18/14, 05:17PM

Real Estate Professionals

Real Estate Professionals

Real Estate Agents

1209 topics, 7981 posts — Last Post 04/18/14, 09:11PM

Bankers, Lenders, and Mortgage Brokers

441 topics, 1922 posts — Last Post 04/18/14, 09:39AM

Contractors

267 topics, 1677 posts — Last Post 04/18/14, 01:58PM

Local Real Estate

Local Real Estate

Local Real Estate Networking & Recommendations

1988 topics, 11602 posts — Last Post 04/18/14, 04:54PM

Americans & International Real Estate

161 topics, 566 posts — Last Post 04/14/14, 11:19AM

Foreigners Buying in the USA

62 topics, 409 posts — Last Post 04/10/14, 06:27AM

Canadian Real Estate

64 topics, 428 posts — Last Post 04/18/14, 04:22AM

Marketplace

Real Estate Marketplace

Real Estate Marketplace

15015 topics, 53950 posts — Last Post 04/18/14, 09:07PM

Real Estate Events and Happenings

163 topics, 2499 posts — Last Post 04/18/14, 07:45PM

Off-Topic

Off Topic

Off-Topic

2905 topics, 32408 posts — Last Post 04/18/14, 05:31PM

Housing News & Real Estate Market

914 topics, 8351 posts — Last Post 04/17/14, 08:41AM

BiggerPockets Real Estate Investing Summit

97 topics, 1751 posts — Last Post 04/10/14, 02:27PM

BiggerPockets Resources

Forums » Ask About A Real Estate Company » Buying from online auction site HUBZU

Buying from online auction site HUBZU

69 posts by 45 users

Signup

Real Estate Investor · New Haven, Connecticut


Has anyone out there used the REO auction site HUBZU to purchase a property? They like like they have great deals but I haven't been able to get anyone from their customer service on the phone so I'm concerned that this may be a scam site.

Does anyone have any experience with HUBZU.com



Real Estate Investor · Dublin, Ohio


Owner of this site is Altisource, I know some other topics here about this company. They have also another website but don't know the name.

-Uwe



Real Estate Investor · Ellicott City, Maryland


I believe these are the same people that own GoHoming.com (it may even be the new name for that site)...do a search on here for GoHoming and you'll get more info.


Small_lishproplogoJ Scott, Lish Properties, LLC
E-Mail: [email protected]
Telephone: 770-906-6358
Website: http://www.123flip.com
CHECK OUT MY BIGGERPOCKETS BOOKS: http://www.biggerpockets.com/flippingbook


Real Estate Investor · Huntsville, Alabama


My experience was with GoHoming (which has morphed into HUBZO). I needed a Realtor to make the bid, they required EMD of $1K (if they accepted your offer). The house I looked at had the kitchen and bathrooms completely gutted, water damage and was a general wreck. I offered about $55K of their asking price ($78K) which they rejected; however, 6 months later the house ended up selling to someone else for about $52K. Bottom-line, I think they are for real, but every property is different and their rep on the ground can either make the deal go quick or make it last longer.



Condo Investor · Chicago, Illinois


I have purchased from this site before (when it was gohoming.com - they just changed the name to hubzu.com). It is just a online auction site, you are still buying through a broker and from a bank (usually). Completely legit.



Real Estate Investor · Dublin, Ohio


Originally posted by Carl Randal:
... I offered about $55K of their asking price ($78K) which they rejected; however, 6 months later the house ended up selling to someone else for about $52K. ...

I love this irrationality :).

-Uwe



· Mc Keesport, Pennsylvania


It is just a online auction site, you are still buying through a broker and from a bank (usually). Completely legit.But you need to be careful when buying you need to visit the home before bidding they don't show you everything in the photos just the eye catcher one.Do your research on the area also crime rate,etc .When a house is so cheap makes you wonder........



Real Estate Investor · Santa Fe Springs, California


I recently purchased a property from GoHoming.com which was the predecessor to Hubzu.com

First of all, it is totally legit and for real.

It took me resubmitting an offer (I am an agent) several times to get the property. You definitely need to have patience.

From what I have observed, here is what I think is happening.
Buyers/agents go to the site, and place a bid, based on the pics and the comps in the area, without seeing the property. They bid high enough to get the highest bid. Then, they get their offer accepted. Then they go out the see the property, and see it is REALLY BAD! (the house I ended up getting was totally gutted, and had a bad "flow"). So, the buyers seeing a crappy property either cancel completely, or they try to ask for a credit, which they don't get. (why would the bank/seller give a credit, they have other buyers waiting in the wings). Eventually, bid goes low enough that somebody with enough patience actually buys it.

Hope that helps,
Brian


Small_394x122_ie_logoBrian Wall, Investor Experts, Inc
E-Mail: [email protected]
Telephone: 562-445-3848
Website: http://www.InvestorExperts.com
Make 5 Offers in 5 Minutes!


Real Estate Investor · Santa Rosa, California


I've bought a few, and Brian Wall is right. It takes patience. Almost every one that I bought I was not the highest bidder, but got it after the highest bidder backed out.

Sometimes you are the high bidder, but don't meet their reserve price, so the auction ends with no sale. Then they later re-auction it and the cycle repeats. Some of these we've bid on for months before the reserve price gets low enough for our high bid to stick. Crazy.


Small_praxisBrian Burke, Praxis Capital, LLC
E-Mail: [email protected]
Website: http://www.PraxCap.com


Real Estate Investor · Grand Blanc, Michigan


I have been bidding on multiple properties through hubzu.com (formrely gohoming.com).

Most of their inventory is quite distressed. For a rehabber, they can be a great source of potential deals.

Their auction process is pretty lousy, in my opinion. For example, I was the highest bidder on a property at $52K. The reserve was $55K. After the auction ended I received a system-generated email that I did not win because the reserve was not met. The following day I got a call from their customer service department advising me that the house will be coming back on the market in 5 days and to immediately resubmit an offer for $49K so that the AM can immediately review it and accept it. Even though I was apprehensive, I did. That bid sat out there for 6 days and someone else came in and bid 59K and got it.

The site shows the property as "Under Contract". I have to assume it was bid up by someone who has not seen the property since (like mentioned), all the pictures make it look like a real nice home. Nowhere is documented that there's 18" of water in the basement or have mold!



· Hudsonville, Michigan


I want to bid on a property on HUBZU but I am concerned about acouple of things:
1. The property I want to bid on is occupied and it is buyers responsibility to obtain possession- Any experience out there with this? I doubt they will just up and leave when I tell them I just bought their home.
2. Should I order title prior to bidding or has there been any title search on the property already?
3. What kind of Deed is obtained with the purchase? Need to know if I will have a problem selling again if I do not obtain a warranty deed.

As you can tell I have never bought properties this way and I am very leery. Anything you can tell me about the process woudl be helpful.

Respectfully,
Sue



Wholesaler · Bradenton, Florida


I've snagged a few deals from altisource which is now hubzu. I closed one last week which was my first in a few months but everything went very smoothly. It was listed for $58k, we offered $50k and they accepted. We wholesaled it for $54k and it closed within 3 weeks of the offer being accepted.


Small_optimized_final_files_061113Braden C., Optimized Investing
E-Mail: [email protected]
Website: http://www.optimizedinvesting.com
http://www.optimizedinvesting.com


· Massachusetts


braden, when you put in your offer, how long did it take to hear back? I submitted an offer on one that had a "listing price" not an auction. They updated the site to show my current offer and it says:

Time Remaining: No Limit - Best Offer

I had to select 7 or 14 days for the my offer to expire, I'm wondering if they'll wait the full 7 days to see if they get a higher bid before they come back and accept/reject mine.



· New York City, New York


Does anyone have recommendations on the best auction sites/companies for commercial properties besides the one discussed in this thread?



Rehabber · Corona, California


I have purchased a handful through Altisource (Now Hubzu) over the last three years or so. As of today there is a minimal amount of properties if any available were I have purchased (Riverside, Corona, Upland, Ca).

Timing was everything, from being the first cash offer in and getting my offer accepted.
As well as watching a property go from pending to active then quickly getting my offer in and accepted.

The benefit with their platform is you can track your interest list.

The Cons are when properties just get listed they typically add a premium that buyer has to pay.

If you get one accepted be prepared to deal with customer service in India from start to finish.



Multi-family Investor · Pawcatuck, Connecticut


I have used them mainly for MLS listed properties. They have been quick to respond to my offers. Generally within a few hours. It does take a lot of back n forth as they only usually come down about 1500 off list price then 500-1000 after each subsequent counter offer you put in. But the listed properties have been priced very good so there is not much room to negotiate. Also like the fact that I can put in the offer myself without needing my agent to do it.



· Metairie, Louisiana


Originally posted by Shawn Mohovich:
Has anyone out there used the REO auction site HUBZU to purchase a property? They like like they have great deals but I haven't been able to get anyone from their customer service on the phone so I'm concerned that this may be a scam site.

Does anyone have any experience with HUBZU.com

My experiences so far have been extremely frustrating and it comes across as a mickey mouse operation. I placed a bid higher than the "current high bid" about an hour before the auction was scheduled to close earlier today. I checked the auction a few hours later to see if I won and instead of it saying the auction had ended it is now saying " Time Remaining: No Limit - Best Offer".

So it went from having a set auction end time earlier today and saying "Highest and Best" to now it's "No Limit - Best offer". WTF ? If you advertise the auction is going to end at a certain time them it should be over at that time. It's not like they didn't meet a reserve, my bid was much OVER the listing price.

My frustration doesn't end there. I looked through their site for an explanation of how this could have happened and there is none. I then tried to speak with someone through their live support chat window, after wasting 10 minutes speaking to an outsourced $2 an hour worker from India who knows nothing I then tried to locate a phone number. I called their 800# and there is no option to speak to a live person, all recorded messages and voice mail. I then sent an email to their support email address just to get an auto reply back telling me to go to their live support area (live chat and #800 number). So around and around we go.

It's not like I am trying to ask them some trivial question. I am an investor who is trying to find out if I won the auction and if not why and how it works. I am trying to spend money on THEIR site.

When I can't reach a human who actually works for the company on the phone to simply assist me with the purchase of a house through their site, then to me that wreaks of a mickey mouse operation. I will not waste any more time using this site in the future.



· Metairie, Louisiana


Originally posted by Tony Salazar:

If you get one accepted be prepared to deal with customer service in India from start to finish.

GREAT, so if I did win this auction, I will continue to have to deal with india customer support, which knows nothing and has to stick to a script. For a site that claims 65,000 houses sold and an easy way to buy and sell houses, they leave a LOT to be desired.

I hope the banks take notice and stop using you them, but I know that is going to be wishful thinking. In the future if I come across a property that I am interested in that is listed with Hubzu I will just skip it.



Real Estate Investor · Dallas, Texas


Hubzu drives me crazy as well. I looked a property a couple of weeks ago. They called it a 3 bedroom. Someone had slapped up a makeshift wall half way down the one car garage (imagine a real field day for inspectors). MLS list price was about $10k too high, even for a two bedroom. It was bid up $2k below list. Pics were great. Bet the winner hadn't seen the inside. I probably need more patience with this site as well if I want to capture a good deal.


Small_dreamstime_l_17553651_-_copy_crCarlos Flores, Stronger Communities Alliance, LLC
E-Mail: [email protected]


· Plano, Texas


they have very limited resources. communication is going to be a nightmare. they almost never pick up your phone, not reply your email no matter how urgent the issue. It really drives you crazy. Sounds like a company in India.





Sign up