So I found a property on Hubzu. It's not an auction, just an REO for sale. I made an all cash offer (low ball, but not insulting) since I walked through the property with my agent and contractor and it needs a lot of work (furnace x2, tons of outside work, water in basement, windows, flooring, copper plumbing, etc.) I assume the site uses an algorithm to negotiate, is this correct? The site would budge $200-$400 per counter. I have walked away for now, and letting my offer expire.
Does anyone have any experience with this? If so, please enlighten me. All I wanted was for my agent to call the bank's agent and say, "What's it going to take to make this happen?"
Can the bank's agent override Hubzu?
@Kevin D. you should do a search on this site for the keyword "Hubzu". You will find many informative posts about their very odd bidding methodology.
@Dawn Anastasi I've read several posts about Hubzu on here, but the thing is that it's not an auction, so I wasn't placing a bid. I was making an actual cash offer.
Maybe I was just venting about the way the algorithm would counter my offers and wanted to see if anyone has run in to this.
I am a property manager and agent in Kansas City. My broker only lists REO properties that often go to different auction sites. We had a property go to auction on Hubzu a few months ago. I know this is a little different than your situation, but this property went to auction 6 times, before they started negotiations with my client. You can try to contact the listing agent, but more than likely they will refer you back to Hubzu if you are asking questions about price. We usually don't get a lot of information from them. We are primarily in place in order to act as a local agent, showings, signs ect.
My name is Jonathan Dees and I work for Hubzu.com. Our sellers generally have a minimum amount they are looking for in order to sell a property. I would be happy to research your situation and help out in any way that I can. Please email me the property details at [email protected]
@Jonathan Dees Thank you for posting. I'll shoot you an e-mail later today.
@Jonathan Dees Can you let me know if you're getting my e-mails?
Have fun closing through HUBZU :(
Hello Kevin, I got your email and I am researching. I will follow up as soon as I have more information.
I am closing my first deal through Hubzu next week. I will post my story....it is a doooozy.
Have you closed? I'm under contract on one now and was wondering what to expect. Anyone know what the buyer agent commission is?
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing