Have experience with hubzu?

Question

Michael Noto · Answer

@Daria B.The tech fee in my experience has always been $299 and that fee is paid by the buyer at closing.  As far as the premium fee goes, it is different % of the purchase price based on the listing from what I see and some do not even have one.

As far as HUBZU's rhyme or reason in regards to why they charge these fees your guess is as good as mine.

Michael Noto · Answer

@John Cushing My recommendation would be to work with an agent who has  experience with transactions through HUBZU.com.  I have closed 4 of these for my clients here in Connecticut and all of the deals were different in terms of the process from offer acceptance through closing.

Submitting the bids through their site is not the hard part, but keeping up on the status of the bids and coordinating the process through close is where an agent with experience will help you immensely.  This is mainly because the listing agents, at least in my area in CT, are not the main sources of contact as you go through the transaction, reps from HUBZU are and experience helps when dealing with them because it is unique to say the least.

I had 1 of the 4 deals I mentioned which stated there was no interior access allowed because the property was occupied.  Upon going out to the property I discovered the property was vacant so I then reached out to the local listing agent hired by HUBZU who gave me the lockbox combo and we went forward from there. This ended up being a good deal for my client because it was actually not listed on the MLS, only on HUBZU because of the fact that it was thought to be occupied.  All of the other 3 deals I have closed for clients have been listed on the local MLS and HUBZU.

When your agent submits a bid on your behalf as an investor they will be able to pick a closing timeframe of 20-30 days upon a fully executed contract which they do all through docusign.

All of the deals I have been a part of have required the buyer to pay the technology fee that @Rolanda Eldridge mentioned and one of them had to pay the buyers premium.  Also, of note that although some have had delays in closing, all of the deals I have been a part of have actually closed.

Daria B. · Answer

oh, ok not bad then. Most always there seems to be a "fee" that is non refundable. Good to know. Thanks @Michael Noto

Michael Noto · Answer

@Daria B. You only pay the fees if you are the winning bidder. You pay them at closing.

Daria B. · Answer

@Michael NotoThanks....I figured the tech fee for what it's named is for web site maintenance. And I take these fees to be non refundable to bidders that do not win.

Daria B. · Answer

Are the fees always the same and paid by the buyer? I.e. Tech fee and premium fee....What are these for? Thanks....

Jeff Wallace · Answer

@John Cushing

I have had a few hubzu transactions - some took 4-EVER to close others took 5-EVER ... (which is one longer than forever) - but just sit back and enjoy the ride - it will eventually get there - assuming you actually contract.  That is another bit of silliness - I have watched some hubzu properties jump all over the board with regard to pricing and reserve price. A roller coaster of thousands or tens of thousands of dollars higher and then lower and then higher again from one auction cycle to the next.

As for entering the property, most that I have bought have allowed access. But, if the listing says you can not enter.... then you would technically be trespassing - BUT... it is your money at stake - so therefore your decision - and you who will pay the consequences -

Go in - -- and possibly face a trespassing charge.

Stay out - -- and face whatever property condition you encounter after you have made the purchase.

good luck

Rolanda Eldridge · Answer

@John Cushing..My client's purchase of a  hubzu property closed timely.  We viewed and inspected beforehand.  He paid a technology fee, buyers prem fee and closing cost because he wanted to use a local attorney,  My experience as a new agent in 2016..

Have experience with hubzu?

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