Profile picture for mprssdbyu

Hubzu

I have seen many say they like bidding through Hubzu because they don't need a realtor to do the bidding. I would never purchase a home without seeing the inside. How does one see or get inside one of these homes if they don't have a realtor?
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December 16 2013 - US
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Answers (41)

Profile picture for bthrtn54
I recently purchased a home through Hubzu and it was a good experience. They required I work through a realtor. A little more work with paperwork on my end but I got a fantstic deal. Everything seemed very honest.
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September 14
Profile picture for philip felice

Hi Pasadenan,



I wanted to clear up a few items from your post as it includes some misconceptions about how Hubzu operates. It is very understandable given the growing popularity of the online transaction and the numerous ways auction companies operate. 



Hubzu believes in the transparency and integrity of auction and wishes to protect the public trust and further the goals of the auction profession.  Therefore, we join the National Auctioneers Association (NAA) in condemning any practice of "shill" bidding to artificially inflate bids or circumvent the declared intention to sell the property to the highest good faith bidder.



Shill bidding (also referred to as "by-bidding", "ghost bidding" and "puffing") or any other schemes to inflate bids are not permitted under the NAA Code of Ethics and under many state laws.  While the NAA Code of Ethics establishes obligations which may go beyond those mandated by law, we also believe that many state laws address shill bidding.  Beyond these ethical considerations, in virtually every jurisdiction an auctioneer (or auction platform) is prohibited by law from knowingly receiving a bid on the seller's behalf or permitting the seller to make or procure such a bid unless notice has been given that liberty for such bidding has been reserved. In many jurisdictions, bidding by the auctioneer or seller is prohibited even where notice is given of the right to do so. At a minimum, if the seller or auction company chooses to employ shill bidding, it should alert the other bidders each time a shill bid is entered, so the auction process remains transparent and the auctioneer protects the integrity of the process.



While most auctioneers and companies maintain the same anti-shill bidding goals and policies as Hubzu, we understand that some companies engage in shill bidding and use veiled disclosures in their terms and conditions to attempt to exonerate the auction company's shill bidding.  Hubzu does not condone or permit shill bidding, and further, we do not allow our sellers to dictate and mandate shill bidding.  We do not allow shill bidding in our auction short sales or any other auction sales (REO, non-distressed, retail, foreclosure, etc.).  We believe that the use of a reserve price is sufficient to protect the seller's interest, and that shill bidding simply creates mistrust and confusion in the auction process and its use denigrates the entire industry.



I hope this helps clear up our position on this issue and we hope you might reconsider using Hubzu for a future purchase and keep us apprised of your experience. 



Very Respectfully,

Phil


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September 09
Profile picture for blue screen exile
It states right on their site that the site will automatically bid against you up to their secret "reserve" amount, so I have no clue why anyone would bother.  It is just a waste of time and money.  You can get a better house in better condition in the same neighborhood for half the amount by searching sites like this, and writing offers directly.  Auction sites only exist to benefit the auctioneers.  Sellers don't benefit either as such deceptive tactics don't sell homes.  Nobody wants to bid against a rigged slot machine!
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September 08
Profile picture for philip felice
Hi Gloria,

I'm with the Hubzu Team and very sorry to hear you have had such a challenging experience. I just left you a voicemail and would like to find out more about your situation so we can work towards an immediate resolution. Please feel free to call me when you have a moment.

Phil
Hubzu Team
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September 08
I hate to report negative, but if it helps it is for the greater good i have no problem doing so.  I have attempted several times to bid on properties for Owner occupants and investors alike.  Not one time was an initial offer accepted.  Every time it amazingly goes up. I am not just saying once or twice, and this is not just a pattern throughout my office, or company, it is other agents I have asked as well.  It is not feasible that every single bid, gets out bid.  and the home has more paperwork than a government owned home.  If a client wants to offer on Hubzu I still will.  But I give them the heads up before the offer is submitted. 
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September 07
The Hubzu auction process is shady at best.... the exorbitant fees added in addition to the fact that that they don't lay all the facts on the table and can be completely misleading for the poor buyer that has hopes that they may indeed be buying a home when they reach the reserve and the auction ended without having any other bids in the last 15 minutes!! That is definitely NOT the case so don't get your hopes up too much. My buyer had me bid on a property that NO one else had bid on in a 3  week period and when we finally hit the reserve in the 3rd week, one other person did bid before that auction ended but we ultimately won the bid.... as it turns out the other bidder was friend of mine, another Realtor that was bidding on the house for herself for a rental but with the crazy extra fees fees combined the 15 minute window each time she said she lost interest!! We won the bid 4+ days ago and have heard NOTHING from Hubzu and when I called they gave me the run around about why we hadn't heard and suggested that I contact the listing agent who is also a friend of mine and she was very frustrated saying that she has pretty much no more news that I did and she has no way to intervene!!! Banks need to STOP using this forum to try and disperse their assets!!!! They would likely get them moved faster and have MORE interested parties which could drive the sale price up if that fee wasn't included and they had a better means of communication.NOTE TO ALL NON REPRESENTED BUYERS: If you are not represented and you are financing the property that you are bidding on... if you are not aware of the actual market value of that house and maybe the bid you make on it seems a reasonable amount... if the appraisal doesn't make up for the difference with the fees on top of bid price ........you come up with that amount out of pocket.. at the end of the day you should have a Realtor do a market analysis for you... just because its a foreclosure doesn't mean you are getting a killer deal!! Not to mention those fees you are paying are partially factored to pay for one and if you choose not to use one.. you are paying for it anyway... so have someone in YOUR corner when dealing with this ridiculous process!!!! 

 
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September 07
Profile picture for Paul gallegos7
Thank you Ken for your concern but I already received a voice mail confirming what I wrote. The auction means nothing because according to your policy anyone can place a backup bid within 24 hours after the auction ended. The wording that Hudzu gave me was that the seller can accept or reject any offer. The backup offer in most eyes, is an offer excepted if and when the winning bid fell through. In your policy the back up bid is the winning bid if it is more the the winning auction bid. I was told, the only chance I had to win this house was that the back up bid fell through or I out bid the back up bid last week. According the the web site it is now under contract.
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August 19
Profile picture for connect84
Hi, this is Keith from Hubzu.  We are already investigating this situation.  In the meantime, I wanted to reassure you that neither Hubzu nor the banks that list properties on the site bid against these same properties.  Please share your contact details with me so that I may contact with you directly going forward.  Thank you!  - Keith, Hubzu Customer Care
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August 19
Profile picture for Paul gallegos7
I purchased a home on Hudzu, or thought I did. I was the highest bidder at the end of the auction with the reserve being met on the first bid. The site has a fifteen minute rule and adds 15minutes at the end of the countdown if a bidder puts in a bid within the last 15minutes. after several extensions we won. Our realtor told us that we would get an email with instructions. We received an email the next day stating that we were outbid by a bidder about 20 hours after the bidding was closed. There is no use bidding on an auction if the auction house and bank can sell the house to someone else after there is a winning bid. By the way, the winning bid looks like it came from the bank.
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August 18
Profile picture for user4392990

I've had a negative experience with a property in Montana that was a hubzu auction.  We did our research and knew all the fees, etc, associated with hubzu and bid on the property ten times before it was a decent price.  Similar to what I'm reading here, the Florida bank did NOT winterize the house, or did so too late and there were major pipe issues.  We only found this out when our plumber DID turn the water on for an inspection (even though he wasn't supposed to do so), and water starts pouring in through the walls in three different locations.  We then find out from the listing realtor that FOUR other buyers walked on this issue.  Why can't hubzu/listing realtors be up front about these things?  They waste our time and thankfully, our realtor had NOT sent Altisource the $6,000+ earnest money yet! 

We are letting it go back to the bank with a letter from our plumber, detailing needed repairs at $30,000.  This was a more expensive property, at $242k.  Most people will need a loan for this property but will not get one, as the banks will not loan money with an issue like this.  Altisource/hubzu won't fix the issue or come down much, at least I don't think they will.  We want to buy the house, but not for $242k. 

Another concern I have is clear titles.  Has anyone purchased through hubzu only to find the title wasn't clear?

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July 27
user4296254 COULDN'T OF SAID IT BETTER MYSELF!
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July 12
I'm considering a purchase through Hubzu within the next couple of weeks.  I've read all the comments on this site and I guess it all comes down to what your goals are.  As an investor who's looking for a cheap, quick property to flip it may be ideal; but for a person who's looking to purchase as a primary home, I think that would require much more research and knowledge in what you're purchasing... that's common sense.  I don't think all the negative comments are fair to Hubzu when in most cases, all it takes is preparation and knowledge in what you're doing to make a successful purchase. I'm definitely surprised by the negative realtor comments because ANY experienced realtor should know the ins and outs of dealing in real estate and how to spot a 'bad' deal, regardless of whether it's listed with Zillow, Hubzu, or any other listing site.
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July 12
Profile picture for rmarkwallace
Because these properties are vacant, they are abandoned and quite possibly have been neglected or vandalized.  Just not properly winterizing the plumbing on a vacant house can create terrible problems.  I don't think that anybody with an ounce of brains would bid on a house unless the bid was "subject to internal inspection with all systems up and running".  You might find out that you have to completely re plumb or that the previous occupant took the kitchen cabinets with him or did work without pulling permits that is not up to code or something.
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July 01
Hubzu is not the best avenue to seek financing deals through because they do not have inspection/appraisal contingencies and do not pay for anything, although, somehow, some way I got them to credit us $4,000 plus a bunch of vacancy fees, back water dues, and other city fees that the title company did not pick up on (we found out from the city of Woodhaven, they did not have liens, but would not allow title to transfer until these were paid).  

I have an inquiry out the the Hubzu Agent in MI to see why they even consider financing if they do not allow the water to be on.  I consulted on one deal out of state and found out the people had the property de-winterized, and then re-winterized right after the water was shut back off.... that sounds very risky and I would not recommend that as you could be liable for any damage associated with bad plumbing found at the time of inspection/appraisal/winterizing.  
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June 17
Profile picture for wesley baugh
Mark B - I am a first-time home buyer working with a buyer's agent to get a property on Hubzu, but I'm having trouble navigating around the "no water on" stipulation of the contract since the only financing the seller will consider is a conventional loan. (an FHA 203K loan would seem more appropriate, to me). I can't seem to find a lender that will do a conventional loan with the water off. How does one do that? Your advice would be appreciated.
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June 17
It really comes down to having a Realtor that knows what they are doing.  People have one little thing go wrong and rather than research and find the right people to talk to, they come on here and complain.  Hubzu does not overprice their properties.  I always track down the bank info and see what they foreclosed on as that is usually a pretty good indication of where the reserve is, unless they owed a lot less than what it is worth, and then they will try to get more money just like anyone else would.  This is the same process as buying a foreclosure from a bank that is on the MLS, it is only as hard as one makes it.
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June 12
I have purchased property on auction.com, williams and williams, hudson and marshal.  Not yet through HUBZU.  reviewing their listings they seem to be over priced - especially considering they wont turn on utilities, strictly as-is and the buyers premium fee.  I showed a client a few hubzu listings- for every one of the hubzu listings the showing service gave me the WRONG lock box code.  I had to call and get the correct number.  FUN while standing on the porch in pouring rain trying to navigate their automatic phone system.  
so far my experience has been negative.
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June 12
Hi Kim Mary11,

Sounds like you have had a bad experience.  Either you are misinformed or your agent is.  Hubzu is a seamless website if you know what you are doing.  I'm slightly offended by your rude comment.  
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May 27
Profile picture for kim mary11
Mark is a ringer for hubzu scam. Check trulia and every other site.. He seems to be defending and lying everywhere
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May 27
On the PA, the buyers premium is added to the purchase price.  It is a built in cost just like commissions are built into traditional real estate transactions.  Buyers agents earn 3% on Hubzu deals, and the listing agents for Hubzu get around 1% give or take a few $$.  I would only feel comfortable doing conventional financing for Hubzu deals given the fact that they do not allow for inspection/financing contingencies - and they want to close deals in 30 days.  Bottom line, do cash or conventional with Hubzu.  Still a great site as you have limited competition and few agents know what they are doing - and how to guide buyers through a seamless transaction.
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May 17
Profile picture for user0328469
Does the lending community allow a Buyer to pay a 4.5% HUBZU auction fee plus a $299 HUBZU technology fee?

FHA would never allow this ... not sure about Conventional ?

And if Conventional Lenders allow this ... how do you disclose these fees ?
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May 16
Glad I could be of assistance and build your confidence zuser20140314173721414!!
  
[Self-promotion removed by Zillow Moderator. Please see our Good Neighbor Policy]

Mark Blashkiw 
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April 28
Profile picture for zuser20140314173721414
I have to agree with Mark Blashkiw on his posts. After reading hundreds of complaints I bid and closed on a HUBZU property in under a month at an "absolutely absurd! " low bid price without a hitch. I had all the paperwork within an hour of the accepted bid, actually after midnight.  Thanks Mark for giving me the confidence to bid through HUBZU.  HUBZU selected a closing agent in (Removed by Zillow Moderator per Good Neighbor Policy) Milford CT. that like yourself was the answer to the HUBZU bidders dream. They had great direct communication, found several water and sewer leans, during the title search, that I hadn't found and answered all my questions about property taxes, keys etc.  HUBZU requires you to use a real estate agent so you would be a fool not to since they are being paid, as Mark states, by HUBZU from the sellers assets. I now own my first rental property and am looking at the next. 

I read a post that stated that they liked HUBZU because they don't answer your phone calls and no one feels confident to bid on the listed properties. Now I liked that as well, however, my real estate agent did call the HUBZU number and got me the entry code within a hour to view the house as it was unoccupied. Maybe I got lucky but the staff at HUBZU kept in good email contact, supplied all of the documents flawlessly and selected a stellar closing agent who supplied a clean and insured title. I followed their rules, met all of their dead lines and didn't make ridiculous requests. The support and confidence, that the sale would go forward, that I got (Removed by Zillow Moderator per Good Neighbor Policy) made all the difference to me and I hope that they will also represent HUBZU with my next purchase.  

Sounds like a commercial but I can assure you that it is not. 
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April 28
This whole HUBZU is absolutely absurd! I cannot believe this is even allowed or even legal!!!

We have the listing and then had a buyer and we represented both sides. We submitted the offer to Ocwen, who told us that we had to submit the contract to Hubzu. Because we had a contract we put it in Pending. I got an email from a Rep. at Hubzu, telling me I had to put my MLS back on as Active and reduce the list price! My offer was higher than the list price they told me I had to list it at! And not to mention my contract clearly states that no other offers will be submitted to the bank (no mulitple offers) on a short sale addendum! So we were basically told to be unethical and create potential legal actions against us in future that would not be backed by HUBZU. Our buyer cancelled that contract due to all of this professionalism by this company! We now have the property back on the market as Active, but is still not even listed on Hubzu as a property to be be able to put a bid on! So now what??? We are really hoping this Hubzu does not become a common company for other short sale lenders to use! 
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March 29
Not sure what Ryan is talking about.  You get 3% as a buyers agent.  Buyers never pay out of pocket?  Even if the listing is under $30k, they offer the typically foreclosure commission of $1250.  Always get a realtor to represent you on foreclosures and/or Hubzu properties.. why in the world would you not want to use an educated realtor with foreclosure experience to represent you on these types of transactions when you pay them absolutely nothing out of your own pocket?  I guess the key is having the ability to find one that knows what he/she is doing - there appear to be a lot of agents in the dark here.
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March 19
You don't get in even with a Realtor. They cut Realtor commissions. I'm a Realtor and I will never touch one of their listings again. If you want an agent to work with you, you'll have to pay them out of pocket to cover what Hubzu steals from them.
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March 19
From a Local HUBZU listing:

On-line Auction dates 03-05-2014 through 03-12-2014. List price is contractual price.  Property Sold AS-IS W/O Repair, Warranty or Seller Disclosure.    Seller will not activate water for inspection.  Buyer to pay Tech Fee and Buyer's Premium to Hubzu.

So, not really an auction when they say "The price is the price".  Of course, the price has been dropping $10,000 or $15,000 each month and every month like clockwork.   They won't turn the water on for inspection?  The "auction period" ended last week?   The location is at least 50 miles off if you use a map.  The listing agent is several states away.  They offer to pay a Buyer Agent.

The best part:  They are still $10,000 higher (plus tech fees and premium)  than when the property languished on the market for months BEFORE Kudzu came along and tried to collect tech fees and "no haggle price".  Looks like a business model to copy!  Except, not.
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March 14
Profile picture for user9485104
some you have to buy sight unseen because the sellers dont want to be bothered
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March 06
[Promotion and website deleted by Zillow moderator. See Good Neighbor Policy  for posting guidelines.]
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March 02
Lets get one thing strait... you as a buyer have ZERO advantage by bidding on Hubzu without listing a Realtor with your bid and viewing the property with a local Realtor. They will not credit you any money's off the purchase by NOT entering a Realtors name, email & phone number (so in essence... what your doing in that case is sending that extra money back to the government instead of giving it to the working man out their trying to feed his family (If you wish to add a few bucks to the governments pockets than by all means don't enter a Realtors name with your bid).

For those of you who say those monies will revert back to the list agent (who in most cases is 50+++ miles away from the HUD house) You are wrong (the list agency may capture a small portion of it according to their arrangement but the rest goes back to the government.  

Now... In terms of how you view/tour a HUD foreclosure... You need to go to a HUD approved agent like myself and ask them to show it to you. I find its easier on you if you find someone nearby the location (calling in a Realtor to show you the house from 50+++ miles away can make for some waiting, hassle, frustration sometimes).

Some agents are VERY good at procuring foreclosures for their buyers at the most advantageous price and some have ZERO experience doing it. Knowing the options, how HUD handles things under certain circumstances are an advantage to the buyer (and this expertise cost you absolutely ZERO $$$, WHY WOULD YOU NOT WISH TO UTILIZE THAT TO YOUR BENEFIT?)
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February 28
Related Questions
Conventional financing for fixer upper foreclosure
Profile picture for Paul F. Marzolla
Latest answer by Paul F. Marzolla
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About bidding on a HUD home
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17 hours ago | 10 answers
how to buy poreclosed property
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22 hours ago | 4 answers
What steps do I take if I am interested in trying to buy a preforclosure?
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How can I find out what happened to a house that was on auction.com a couple of weeks ago?
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