Priest Lake, ID · Member since 2017 · 53 posts · 21 votes
Our first "real" deal, and our market is so hot right now it's hard to get in on anything. so we checked out a Hubzu auction, walked the property, and put in a bid. And we're the high bidders!
now we wait to see if they accept our bid, which I put as contingent on financing and inspection.
Then we double check the earnest money agreement, as i have had agents warn me that they try to pull something where earnest money is not refundable.
Then we get an acceptable PSA signed.
Then I can get the foundation and septic guys out for inspections.
lol, there's a lot of steps involved in these online auctions. not like the live auctions we've seen.
anyone who has any words of wisdom for me, as i start down the Hubzu twisted trail?
I'm new to Hubzu.com. Third forum I read through. Main takeaways, 1) use your own title company, 2) take screen images of the Hubzu.con pages before continuing to next page. Haven't experienced this yet, since we're just at the bidding phase. Client was outbid by three other offers. So we placed a backup bid. Moments after bidding closed, Hubzu.con relisted the property for a lower amount than previously, with a starting price of about $30k less. We're in the phase of wondering if we're going to receive the "famous" call of countering our backup offer. One more note, client obviously was charged a $2501 deposit. Has anyone had any issues with the refunding of deposit?