Hubzu Bidding & Counter Offering
Greetings!
I was the highest bidder on Hubzu REO property today for a single family home. The reserve had not been met so we received an immediate response from them that was $15k higher.
I'm wondering if anyone knows what would happen if we let Hubzu's counter offer expire.
Will the Hubzu follow up with us so we can make another offer? Or will Hubzu turn it back to the bank for them to decide what to do with our original offer?
I am not excited to raise the offer $15k although there would still be a return on the rehab flip. Just feeling a bit greedy and would prefer to stay at my original bid.
(FYI: I was the only bidder and the house has already been on a contract when it was with the MLS. It fell through and was passed on to Hubzu.)
Thanks for any experience-sharing.
Most Popular Reply
Don't succumb to their counter. It will go back to the auction, you just have to be patient. The last property I won on Hubzu, it went back on 4 times, and I ended up getting it for $5K less than I had originally bid up to the first time. Funny thing is on that 4th time, I almost forgot about it until about an hour before the end of auction, jumped in and only had to bid $1K higher than the previous bid to win it.
Good luck.