Has anyone used hubzu.com?

Question

Just curious whether any of you have used hubzu.com and what your opinions of it are?

Dell Schlabach · Answer

We bought 5 houses from Hubzu this year...probably tracked about 50 that we offered on, the irritating part is the repeated weekly auction for the same property, month after month, there is one property that has been auctioned every week now for over three month. Most of our auctions start here at 10pm sometimes you sit there till 11:00 or later, you are the high bidder week after week only to find out that reserve wasn't met.

Calling it an auction is kind of a joke, they really are just checking on a weekly basis to see how much people are willing to pay and then they keep dropping the price.

But it is one of the prices that we have to pay to find deals.

Calling it an auction is kind of a joke, they really are just checking on a weekly basis to see how much people are willing to pay and then they keep dropping the price.

But it is one of the prices that we have to pay to find deals.

Will Gaylord · Answer

That makes me even more interested in getting involved. Just gotta make the jump, its just nerve racking. I don't wanna screw anything up lol.

Jay Hinrichs · Answer

@Will Gaylord

there is I funded almost 100 of them in the a last 24 months.

Will Gaylord · Answer

Alright sounds good. Definitely post on your transaction @Kevin Doyle. Thanks for your input @Jay Hinrichs. Theres a lot of properties around my area in Orlando, FL that seem like they would be decent deals for turnover.

Jay Hinrichs · Answer

I have funded a few that my guys bought through HUBZU seemed to go about like any other OREO type escrow...

Kevin D. · Answer

I recently put in an offer and had it accepted. I signed the paperwork with my agent and cut a check to the title company for escrow. As far as I can tell, its all legit; but everything is very one sided. They rush you and set a deadline to have the paperwork returned to them by, but then they drag their feet to finalize it. Also, my broker said that the standard purchase agreement is 50/50, but the Hubzu agreement is totally one sided. That being said, if you like the property and it makes sense, don't let it scare you away. I'll post more about my transaction when it is completed.

Has anyone used hubzu.com?

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