Anyone have experience with Hubzu?

Question

I bid on a property and stopped when it got to my highest possible bid. It looked like it got bid up way past when it was reasonable. Two days later, I got an email that it's being re-listed at the original starting price. Is the site a scam? Has anyone bought a property successfully from the site? What was your experience?

Ruth Lyons · Answer

Thanks for the comments everyone. Just an update. Since I posted this question nearly 3 years ago, I have bid on a few properties, however, I have not personally acquired a property from Hubzu because the reserve prices were ridiculously high. As an agent, I recently helped a client acquire a property and it went smoothly. In my experience, it takes patience and perseverance to pursue a property (for the reasons noted by Jeff Wallace in his comment above).

Jeffrey Taylor · Answer

I just closed on a property from Hubzu on Thursday 11/3/16. The transaction went kinda smooth in my opinion. The only issue I had was their need to postpone my original closing date to do a land survey. They did try to charge me close to $4,000 for the survey after I declined it in my original paperwork, but quickly removed the charge once i brought it to their attention. They were very responsive to my phone calls, I never had any issue getting in contact with their agents. Every time I called he answered his extension.

Ruth Bayang · Answer

It was xome.com

Ronald Bourgeois · Answer

It's possible that the winning bidder got cold feet or did his/her due diligence after winning the bid and backed out.

I have listed a few homes for Hubzu, they are legit and part of Altisource - Ocwen.

I always tell the buyers and agents that they need a lot of patience with online auctions.  Sometimes I give the buyers a Rabbits Food for good luck.   (Friday Humor)

Edgar Yepez · Answer

@Ruth Bayang if you don’t mind me asking, what was the website you used? I want to make sure that whatever I use is legit and safe. So if you wouldn’t mind helping me out, I’m 18 and I’d be putting it all on the table if I bought my first house since I don’t have much

Ronald Bourgeois · Answer

@Stanley E.

No problem, but I really think you just wanted a free Rabbits Foot.   :)

Ruth Lyons · Answer

Thanks all. Lots of people seem to think it's a scam if you search the internet, but that's probably true of many things -- and people do love to complain :-0.

I'd love to hear from someone that's bought a property from them. How did it go?

Jeff Wallace · Answer

I have purchased from HUBZU and represented clients on purchases through HUBZU - it isn't a scam, but the properties in my experience can have ridiculous reserve prices - The email you received is standard operating procedure - they send a "buy it now" second chance email after the auction doesn't meet the reserve.  I have seen them restart auctions every other week for a year on a property.  Then they eventually reduced the reserve to a reasonable level and we bought.  Keep bidding - eventually the "Second chance" email and reserve price may meet your target - Unless some other fool pays too much first!!

Eric Mayer · Answer

I purchased a beach condo on Hubzu. It’s legit as others have said. Sounds like the reserve wasn’t met.

Anyone have experience with Hubzu?

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