Hubzu listing
hello all,
I'm a new investor :). I'm looking at aproperty in Florida in a very nice gated neighborhood that's in foreclosure. The property is listed on hubzu. The property seem to be in great condition, but no inspection was done. Termites and mold might be a concern. The property is 3400 sf. I did some research and it seems that the property went on the city public auction back in March and ended up with the bank. The bank is now listing it with hubzu. Here are my concern so:
1. The bank that foreclosed is not the first mortgage. The property was bought in 05 with a mortgage of 300kish. This loan was never SAT. A few years after, the owners took out another loan for 500kish. This is the loan that forced the foreclosure. Again, I'm a newbie, so I'm just sharing my findings. Should that be a concern?
2. Is hubzu a legit website? I did some research and got mixed reviews.
3. Hubzu has no contingencies, so I would lose my earnest money if there was an unfavorable outcome to the inspection or the title search. I have 48 hrs to pay the earnest money. Do you think I can do a title search and inspection within that short timeframe?
4. Worst case scenario, how much can it cost to treat a 3000 sf house for termites and mold?
Thanks for your time, any respons would be helpful :)