Buying on Hubzu
I've read mixed reactions to the real estate auction site hubzu.com. I am interested in a house in my area that has a few days left for auction. What i don't get is the house has a starting price of 87 K. when i check it out on Zillow i see it as a foreclosure for 127 K. The listing on hubzu says if reserve is no met the bank is willing to negotiate. what are the chances of me getting this house for the 87 K listed on hubzu?
No chance.
That's the starting bid. HUBZU never really negotiates (never meaning so rare that it's as close to never as possible). The sheriff sale winning bid ($127k) doesn't really have much bearing on the reserve price at Hubzu.
What I can tell you with 100% confidence is that a house on hubzu will never sell for the starting bid.