The bidding is transparent. However, only people with cash or perhaps 203k financing can really do these most of the time. They will not turn on utilities, so inspections are limited and most lenders require people to get all the utilities on.
I only recommend them for buyers on a limited basis because there are no contingencies. If you don't get the mortgage, you lose your earnest money.
Sometimes the homes need a lot of work and sometimes there are hidden issues. You can still do an inspection without utilities but you will not know about your furnace, ac, or plumbing. Can sometimes do an air test to prove pipes are not broken.
Can be a good opportunity but caution is very often required. Also, on any auction site. Read the fine print. These are not traditional avenues to sell and you need to be comfortable with the terms, requirements and deadlines. And make sure you check - sometimes these homes have occupants (former owner) and you will need to get rid of them. Also, make sure you know your lending requirements.
I have never listed through Hubzu as I mainly list bank owned for other institutions, other than Ocwen.
As a buyer's agent Hubzu has been a great resource for me. I have closed a very good number of transactions through this auction.
The internet is jammed with complaints about Hubzu, mainly from agents that in my opinion have a little trouble going outside the box.
Read, learn and follow. Be patient as often just like any other REO there are title issues and therefore huge delays on closing.
If you have an investor clientele Hubzu can easily bring millions in sales in the next 12 months.
Good luck and good eye!
Go ahead and register yourself and read all the stuff. It's not complicated but it is stuff you REALLY want to know before you engage a buyer.
Understand the money thing, especially that $2,500.
This seems to be the preferred path of many lenders is resolving their short sale situations.
It is a good resource.