Hubzu Auction House - Doing my Due Diligence
Hi Everyone,
As it turns out, the house across the street from my childhood home is getting auctioned on Hubzu. Since my parents still live in the same place, I'm very familiar with the home and its goings on. From what I can gather, there was a divorce and it seems the lady in the relationships wasn't able to keep up with the payments.
Anyway, I understand Hubzu's bidding process and fees for the buyer's premium and technology fee.
What I don't understand, even after reading the entire 30+ page Purchase and Sale Agreement, is how long they provide for closing?
Has anyone bought an auctioned house via Hubzu? What was your experience like and do you have any tips?
Another thing I don't quite understand is that they expect me to pay an attorney to go through attorney review, when all I have is a sample contract. Does that make any sense?
BTW, details are as follows:
- ARV for that style house in the neighborhood is about $290k
- Repair costs are unknown because there are no contingencies or inspections.
- I will not be bidding anything over about $180k total cost for the property.
Thanks for any info!
Helder