Hubzu - Paying in cash. How fast can I close? Tips?

Question

Hello everyone,

Before anyone mentions it I am aware of the tactics Hubzu can pull. However, there is a property that I do not want to let go. I am curious if anyone has experience with quick closings when paying in cash? If so how quick was your closing and which bank had the property?  I understand that we shouldn't use their title company. Thus, we intend on using our own title company to do the title search, etc. We don't want to wait for a 30 day closing. For us the quicker the close the better. We're in the state of Florida not sure if that matters but this will be the first time we use Hubzu. I hated that the bank chose them for this auction otherwise, we'd already have the property.

Any tips anyone can give us regarding any part of the process, would be much appreciated.

Thank you!

Jonathan Greene · Answer

You can't rush anything on Hubzu and if you want to win, you will need to use their title company. Other than fake bidders, I haven't had a problem with Hubzu. I've close a couple for clients on there, but as @Greg H. said, it's just about patience. Most buyers who walk away do so because they can't wait. It's not like a regular seller who can decide, there are several layers for everything to go through to close and trying to tell them you will close earlier will fall on deaf ears.

Greg H. · Answer

Patience....Hubzu pulls no tactics other than to meet the minimum of their seller.  I have no problem closing with their title company as long as I get title insurance.  Either way, the closing is going to take a few weeks and your title company may take longer

Mary E. Taylor · Answer

Can you please explain these layers I am currently the highest bidder on a property I do not want to loose. What is there formula for a reserve? The starting bid was 93k cash owner occupied on a reo past stats are Sale history10/14/22 Price ChangedCHTMLSPrice Changed$127,000-14.8%$149,0009/16/22474%CHTMLS-9.7%8/18/22Listed / Active$165,000CHTMLS736.3%Sold7/21/22Public Record$19,730

Mary E. Taylor · Answer

Great I am looking at a owner occupied reo any experience on hubzu as far as what the minimum amount could be it looks like the starting bid is about 34k away from the MLS and the property is on it's third cycle at least.

Eliott Elias · Answer

You can close in one day if title allows for it

Mary E. Taylor · Answer

Did you end up paying above the minimum or did you negotiate? I am new to hubzu also how long did it take to close with cash? Thanks

Robin Cochran · Answer

@Greg H. and @Jonathan Greene Thank you both so much! I certainly feel better hearing this. I've read so much about Hubzu on Bigger Pockets but most of the posts are 5+ years old. I figured that they may of been having some growing pains. I am fine with using their title company, if that's the best way to do it. I don't want to mess this deal up. The owner is US Bank. I haven't bought anything from them before but haven't seen anything negative from those buying US Bank properties.

Of course, as humans we all want things immediately but the market is slim pickings right now. Therefore, if I have to wait it will be worth it.

Thanks again, I truly appreciate your responses. Wish me luck! 😉🍀

Hubzu - Paying in cash. How fast can I close? Tips?

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