Hubzu declined my bid even though reserve met
I bid on a house with Hubzu and my bid was the first and only bid that met the reserve price. I immediately get an email from Hubzu stating that the seller was reviewing my offer. The next day Hubzu sent me a generic email saying that the auction ended Unsucesfully. There was no explanation as to why my offer was rejected. I had a loan contingency on my application, with a 25% down loan. Do you think the reason my offer was rejected was because of that?
I'm confident that I will get approved for the loan, but I put the contingency there as a way out in-case I need it. For future bids, should I remove the contingency? I would be ok with removing the contingency provided I could get an inspection done before I give them the EMD, typically a two day window.
Does anybody have any experience with an offer that meets the reserve getting rejected?