Home Buying in Boulder>Question Details

Ron Rovtar, Real Estate Pro in Boulder, CO

I am just wondering if anyone has had experience with buying or selling a property on Hubzu.com. Good experiences? Bad experiences? Impressions?

Asked by Ron Rovtar, Boulder, CO Fri Dec 28, 2012

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9
My buyer did not end up closing because there were more issues with the property than were disclosed but the process was pain free and even though it was an uploaded contract into a system, there was contact from the listing office and communication. It was so much easier than HUD and so much less of a hassle too. Hope this helps...have a great New year. Pam
1 vote Thank Flag Link Fri Dec 28, 2012
They have closed a lot of homes in Colorado in the past year. However, they are located in Florida, and it is very difficult getting in touch with people for assistance. I have not attempted to work with them but a a few agents in my office have with no luck.
1 vote Thank Flag Link Fri Dec 28, 2012
Never heard of it til now! However, I just checked it out, and I'm not very impressed. I did a basic search, and found one property in all of Erie CO and it's under contract. Found 3 in Longmont.
1 vote Thank Flag Link Fri Dec 28, 2012
These are bank owned properties...or almost...that's why you are only finding a handful. It's my investors who are buying through Hubzu to flip. Not your typical buyer. It's not a site to search for homes for sale.
Flag Fri Dec 28, 2012
We are in the middle of purchasing a house with Hubzu. We were supposed to close tomorrow but it got pushed back another week. What has been helping us, is the local listing agent that they use here. She is a great friend of our real estate agent. The only thing that has kept us from closing tomorrow is that the deed is not finalized. The deed has to be signed off in Florida, sent to India to be signed off, and then returned to the title company. There is a bunchof rules in the purchase agreement. Since the seller is delaying closing there is no cost for us. If we delayed closing there is a fee plus a per day fee until we close. If they did not have someone for each separate part of the process we will be doing great.
0 votes Thank Flag Link Wed May 8, 2013
Hi Sran2u: Thanks for the feedback. In this electronic age, so many people are trying so many different approaches that it can be hard to figure out which ones are worth pursuing and which to avoid. Sharing experiences as you did here really helps!

Best,
Ron
Flag Wed May 8, 2013
I have not been impressed with Hubzu. Poor communication, poor service and just plain cheap all the way around = buyer beware. If you are savvy investor capable of taking the risk associated with this type of service, then take your chances.
0 votes Thank Flag Link Tue Feb 19, 2013
I Just had a bad experience with Hubzu! Near the end of our bidding for 2 months, I found out that Hubzu's REO properties are owned by Ocwen. If you research that mortgage company, you'll see that they are a predatory lender and also have lost many multi million dollar lawsuits. I had a terrible experience with Ocwen 5 years ago when I tried to pay off a bridge loan. It took more than a month because there was no payoff statement, I couldn't wire the funds or send a cashiers check. After dealing day after day with the ombudsman, we finally got it taken care of, but I lost hundreds of dollars in interest. Everything I did was correct and no, we were not distressed buyers. Ocwen and Hubzu have their people in India. Good luck with that! ThUmbs Down!
0 votes Thank Flag Link Sat Feb 2, 2013
It seems like a reasonable auction process but be aware that winning the auction isn't binding on either party.
Art
0 votes Thank Flag Link Wed Jan 2, 2013
Hi all:

Thanks for the feedback. What I am learning is that this seems to be an okay company and website, used a lot by investors looking for bargains. The website used to be GoHoming.com, so it does have a track record. I understand that the company used to deal exclusively in bank-owned properties, but now tries to attract homeowner-sellers and more conventional buyers The biggest complaint I have heard is that getting information over the phone can be a little frustrating. This is all second-hand information, so it should not be taken as either a recommendation or a negative assessment. The MarketWatch link below also provides some basics.

Kind regards,
Ron Rovtar
Prudential Real Estate of the Rockies
303.981.1617
info@rovtar.com
http://www.rovtar.com
0 votes Thank Flag Link Mon Dec 31, 2012
Hi Ron, Have not used Hubzu. I do use zillow and trulia and find each to be great.
0 votes Thank Flag Link Fri Dec 28, 2012
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