Investor · New Haven, CT · Member since 2012 · 285 posts · 175 votes
Has anyone out there used the REO auction site HUBZU to purchase a property? They like like they have great deals but I haven't been able to get anyone from their customer service on the phone so I'm concerned that this may be a scam site.
Lender · Tyngsboro, MA · Member since 2009 · 3k+ posts · 2k+ votes
13y
One tip when dealing with Hubzu: Always choose the option to select your own title company, even when it means forgoing free title insurance.
I don't trust their title insurance, their closing agent, or their practices.
When I got an accepted offer on a property, and inspections revealed an extra 20K worth of needed foundation repairs, I sent them correspondence declining to close at the contracted price, within the time limit, and offered 30K less. They came back with a price reduction of 4K and wouldn't drop any lower. I cancelled the transaction and requested they sign a release of my deposit, (which was held at my attorney). They ignored my request for 2 weeks - they didn't refuse, they just ignored me. I had my attorney threaten legal action and they signed off on the release of my deposit within hours.