Anyone with Hubzu "special servicer" auction experience?
Hi, I had my first experience on Hubzu last week. I had never used this site before so when in blind.
A home went up for auction in a midwest state where I've had expeience investing. I was able to "win" the auction with the highest bid. The other good news is that the reserve was met. So a few minutes after I won the auction, I recived an email from Hubzu saying I was the "highest bidder" for this property. It also said the following:
- This property is associated with a special servicer. Selected bids or offers for special servicing properties are subject to approval through a third party financial institution and are not guaranteed approval. Bid or offer review and contract generation may take several weeks.
From talking to a nice womwn who is the listing agent for Hubzu, it seems that "special servicer" auctions are not a done deal when you think you "won" the auction. I was told that "special servicer" means that instead of one asset manager making the decision, it has to go up a bureaucratic chain at the bank with mutiple departments reviewing it and could be up to 6 weeks before I hear back from them. She said the bank has the option to choose my "winning" high bid or other offers if they so desire. So basically winning this auction didn't mean what I thought it did.
I really want this property and am hoping it will work out. I'd love to hear from others who have been in this similar situation with "special servicer" auctions at Hubzu. Hopefully some success stories to make me feel more confident.