What are the best ways to win a home on hubzu? The home was first listed at 46k for awhile with a few bidders of 47-49k, reserve was not met. A couple days ago it was relisted at 35k, no bidders yet. Since the starting bid was listed at this price does it mean the reserve will not be more than 46k (there first listing price)?
@Stephanie Fenter There's no sure way to know what the reserve is- usually the starting bid is a teaser to get folks interested. If these sites are fairly new to you I wrote a blog post here in BP that will help answer questions many people have about these sites that you may find helpful: https://www.biggerpockets.com/blogs/6630/blog_posts/44315-auctioncom-hubzu-and-homesearch--what-you-have-to-know
I personally think they are always trying to drum up new bidders based on the starting bid. I've seen a property in Florida not sold in 3 different auctions and no rhyme or reason to the pricing and no one hitting the reserve. Initially listed at $35k one bid reserve not met / then listed for $20k a couple bids up to $36k still not accepted / listed again for $25k made it up to $40k in bids....
Jump through the hoops (documentation and POF, etc) and start your bid and bid up to your no-go price if you find other bidders outbidding you.
There is no real way to win. No guarantee they will sell if reserve not met or will accept your bid at all.
Good fortunes to you
I've purchased a few properties through auction sites, but hubzu is one I still have not figured out. I am looking at a property now that I would like to make an offer on. The min bid is 30k, the buy now price is 44k, there is no list price, and it says the reserve is not met. Does anyone know why some properties have list prices and some don't? Some are in the MLS and some are not? Also, a few people have mentioned being able to see other bidders offers, do you need to make an initial bid before you can see what other people have offered or am I missing something?