Hubzu for foreclosure properties?

Question

Does anyone have any experience using the website hubzu for buying REO properties? I found it on one of the list bigger pockets provides for free listings of REOs. It seems like a reputable website, really easy to use and the design of it looks great. From all the other websites on the list this one is by far the best in my opinion and provides a lot of information. Just curious if someone can confirm this for me or maybe it's too good to be true. I'll post the link below.

https://www.hubzu.com/?gclid=CjwKCAjwuO3cBRAyEiwAzOxKsvfDTTlBLOsHfKPXTI14wtZjmqzcCK28jjCn0ildmwjop9fdY2rZdRoCV4gQAvD_BwE

Cheers!

https://www.hubzu.com/?gclid=CjwKCAjwuO3cBRAyEiwAzOxKsvfDTTlBLOsHfKPXTI14wtZjmqzcCK28jjCn0ildmwjop9fdY2rZdRoCV4gQAvD_BwE

Cheers!

Account Closed · Answer

Bought my last house from Hubzu. The customer service was poor, their closing agent was procrastinating. In NY they forced my to hire my attorney for my protection although i've told them i don't need one. +950 to expenses unexpectedly. The only thing they dismantled the dilapidated backyard patio that was erected without a permit. That saved about the same i spent on the lawyer

Kevin Schaefer · Answer

I would caution against what @Timothy Lewman is saying about it being a "colossal waste of time" to look at these properties ahead of time. I've bid on a bunch of these as have my clients, and there are many reasons to see them in advance (mold, bad location, terrible general condition of property, bad septic system, etc). Why go through the headache of bidding on it and then having to back out later, possibly risking the money you put down?

Even the properties where there is no interior access I would at least do a drive-by, and if vacant peer into the windows to at least get an idea of what your dealing with. Always do your due diligence ahead of time ...

John Boychuk · Answer

Don't want to hijack op's thread, but...

You're allowed to just back out of the deal after winning the bid? Do you get keys/access to the property after you win the bid, or are you just looking in from the outside?

There's been a property down the street from me that has been listed a few times, and I've looked at it from the outside (and that was enough to scare me and likely anyone else who has looked at it) which doesn't help me predict rehab cost. It looks like it is in rough condition from the outside, which may be why it is still listed even after 6+ months.

Chris C. · Answer

customer service is poor, and once you get added to their email list it's hard to get off of it.  even after you hit unsubscribe.  It could just be the properties I was looking at, but I see a lot more bids from the banks

Blaine Alger · Answer

@Chris Connolly can you explain a little as to why it is your least favorite?

Chris C. · Answer

Ive delt with forclosers and auction sites before. So far, hubzu is my least favorite.

David Michael · Answer

I have not any luck with hubzu in NJ but in PA I got lucky on property. your competing with others and possibly the bank representative who bids with you (a hunch). There is also a reserve. The property keeps coming back till it sells when the bank gives up. TBH your better off going to the local sheriff sale and getting a deal there. I have gotten great deals from the sheriff.

Hubzu for foreclosure properties?

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