I am looking to purchase my first investment property to flip, and have been eyeing a few properties on Hubzu.com, I read recent articles about issues people were having with Hubzu, but I wanted to see if anyone has closed an deals on Hubzu in the last couple months, and how the process was. Thanks in advance.
So ultimately, what people need to understand about Hubzu is that it's really closer to an auction than a traditional real estate sale.
Also realize that it's not unusual for altisource to choose to let properties sit for a long loooonnng time not accepting the real value of a property.
Assuming you have inspected the property to the degree you know what you are buying within reason, you understand the sale terms and fees, and so on then they are fine. Just accept up front that you close at their terms and realize they almost always require an extension to close.
Thanks for the info.
Hubzu has steep fees that will be added to your winning bid. So check the fees before bidding for no surprises.
I closed a few months ago on a hubzu purchase. It was a long process. I think I won six auctions before I finally got the property - it would be listed, taken down, and relisted over and over.
After I won the auction, it took over one month from the close of the auction to get a completed purchase agreement. They outsource most of the processing to India and this causes delays. It wasn't until I emailed the Altisource CEO and some other senior execs that I found someone who was able to effectively move things forward (amazing what a little online research can find).
I would purchase again with Hubzu but only if it's a great deal and I'm ok waiting - for a long time. I felt like I was on hold with my search because I didn't want to start making offers on other properties and stretch too thin with my cash or ability to get a loan. If you're in a place where you can sit and wait, it should be fine. Just be prepared to be patient - and assertive.
Thanks guys for the information.
Thanks for the info.