Has anybody bought a house through hubzu?

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Zach Evanish · Answer

@Jahbari McLennan I have purchased 100+ properties through HubZu. During the crisis there were some amazing deals to be had. (Especially looking back) I would still buy through them if the numbers made sense. The transaction and customer service teams are all overseas which can be difficult if you run into a problem.

Laura Williams · Answer

@Jahbari McLennan I bought one house on Hubzu in 2015 and very happy with my purchase. I didn’t have any issues. I think there was some extra fees but it wasn’t a big deal.

Jahbari McLennan · Answer

Thank you! We are in the process now and the great part is that the house is in my area. So I have walked it several of times. It is 3% and everything is done online. They just issued us a closing coordinator and everything is going smooth. You are right about the listing agent, we have not talked to them once. We are set to close on Jan. 21 and we are on track. Thank you for your input.

Javier D. · Answer

@Jahbari McLennan

I’ve purchases several in Florida. Do your due dilligence.

Hubzu whom used to be ocwen if i remember correctly does not do any code enfocement/liens abatement. You are purchasing as is. Do not buy sight unseen as they dont do much to deter vandalism etc. Also keep in mind there is an additional fee they charge when you are the winning bidder(3% or something like that) so include that in your numbers. Listing agents are impossible to reach too.

Edgar U. · Answer

I haven't purchased a property on hubzu but placed offers on behalf of my clients. Treat them with care, and alway's make sure to do your own due diligence. Some of these properties you can place an offer, but hubzu will make it very risky when they don't want an inspection period, non-refundable deposits, and for the most part they want POF. If you have any questions you can always contact the rep that is handling that specific property, as most listing agents may not have much control of the process.

Javier D. · Answer

@Jahbari McLennan

My pleasure. Congrats.

I think the term they use is buyer’s premium or electronic fee.

3 - 5 percent i dont remember.

You’ll have closing costs.

Do a lien search if you’re buying cash. Their title insurance has exemptions. Just voice your concerns to your title company and agent. I got hit with a water lien on one which they would have paid if i had found it before closing. They’re a bit of a disaster and closing coordinators work out of India. Again, its been a while so my experience may be a little outdated.

Has anybody bought a house through hubzu?

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