As I'm looking through REO's in my market, I notice several that require I used another website to make an offer.
Has anyone had any experience using these websites to make offers and any advice.
Have gotten one from each fairly recently actually. These two are fairly different types of sites though.
Homepath is fannie mae's site where they sell their homes. Only your realtor can put your bids in on those. Typically, those are in better condition. The one I bought last month (619 N diversatech) was in near new construction condition.
I bought it for 105k. Put in another 8k or so and it should appraise out around 160k or more. I think what happened is that they rehabbed the thing to perfect and then the roof leaked in a couple of places so owner occupants couldn't take it down.
Hubzu, on the other hand, is a true auction site. Most of their homes have some issues. And they tend to be well over priced when they're first listed. But if you stick with them, the sellers eventually drop their price. Just be patient. And that one you can bid on the homes yourself.
Personally, I like hud the most.
Hubzu uses offshore help for all of the administrative tasks during the closing process- Very tough to understand ( verbal or written )-- Make sure you use your own title company.
I'm glad to hear that they are both good places for leads.
I am based in Atlanta and would be happy to walk you through Hubzu's auction bidding process. The range of properties for sale on our site is quite extensive; some could use updating or repairs while others are move-in ready. Each property and transaction can be different and you can refer to each property's details page for specifics. Our FAQ page may be helpful in answering some of your questions: http://about.hubzu.com/faq-new, otherwise please feel free to reach out to me at [email protected].