All Forum Posts by: Zaheer Jabbar

Hi @Zaheer Jabbar

I have had success using Hubzu.  Purchase two properties from here.  There are generally some buyers fees associated - technology fee and buyers premium - so figure those into your buy price.  Also, the properties typically have a reserve value so being the highest bidder doesn't necessarily mean that you will get the property.

You certainly need to do a bit of homework.  These properties are also typically listed so you can usually get into it to view.  Also, do a quick check of the county taxes and municipal ordinances.  I haven't run into a tax challenge, but I have run into houses that have significant code violations.  A simple call to the city inspector will answer that.

All that being said, if you are high bidder and don't meet the reserve, the seller will generally make you a counter offer.  Don't accept it.  The property will go back up for auction again.  If you were the high bidder last time, chances are you will be the high bidder next time.  Let the seller come down to the price.

Disclaimer: I'm not an expert on this subject nor do I have experience whatsoever, the following is purely my understanding based on what I've read or heard.

AFAIK some states don't allow online auction, there are websites that allow you to help facilitate registration process but in those states you'd have to be physically present. In terms of pros: possible to get a good deal and cons: non-trivial risk management (i.e. many moving parts). Just my 2 cents.

 There often aren't deals with sufficient margins.