Updated over 7 years ago on . Most recent reply
HUBZU Purchase and Sale Agreement
Has anyone had experience closing on a property with after winning a HUBZU auction? Their PSA looks very one sided to me.
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I thought I'd update post-close. I think I might bring my own title company rather than taking chances with someone else... In hindsight, saving $1500 in title costs was probably not worth the headache. The title company for my transaction was often hard to communicate with, and lack of response delayed the close, in my opinion. In fairness, I changed from cash to finance - rookie first-time-hard-money-user mistake, hard money is not cash. :)
The title company/closing coordinator handled all of the required change documentation, but it was VERY slow - I'm talking 10 days to get a modified PSA, not even including signatures. That delayed my lender, which in turn delayed close.
Other than this, I had little issue with the actual PSA. I don't think it was any worse than any other PSA, but you don't get any contingencies, so you are taking a little bit of a risk. Everything went along fine, I got everything I was entitled to, etc. I was able to take possession the day after close, even though deed recording was delayed another 1.5 weeks due to holidays and backups at the county. (In Cleveland, that means no water at property either, until deed transfer is complete).
Process - at the 10,000 foot level:
1. Get winning bid.
2. Sign PSA and await formal acceptance
3. Wire Earnest (varies, expect 3-4%)
4. Complete intermediate paperwork as it arrives...
5. Sign closing papers (a closing agent will meet you in person)
6. Wire remaining funds and await confirmation of possession.
7. Await title and deed transfer.