What do you think about Hubzu, formerly GoHoming?

Asked by Jonathan Bowen, Stoughton, MA Fri Nov 9, 2012

I have had nothing but bad experiences with this company. I can't ever get a live person on the phone when I call. And what is up with their "Buyer's Premium" fees and "Technology" fees?! It's gonna' cost my buyer $7,315 for a "Buyer's Premium" fee if the deal closes? And an additional $299 for a "Technology" fee if the deal closes! What are they actually doing for this money besides not answering the phone? Ridiculous!

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Answers

176
mpilla, Home Buyer, Saint Louis, MO
Sun Dec 1, 2013
Hubzu.com is basically unethical in the way they operate. They put a house up for auction, state a specific cutoff date and an exact time the auction will be over. Then, if you win the auction and they don’t like your price, they give you a “Take it or leave it” price. They refuse to negotiate after they give you the “Take it or leave it” price. They should just state the price they want up front instead of trying to entice a buyer with their nonsense approach. Don’t waste your time and energy on this company. Also, we found out there are all kinds of fees involved if you do accept their offer. This company appears to be nothing more than a rip off. Not worth your time. I strongly suggest you try a different avenue when looking to buy foreclosures.
9 votes
I definitely agree. My husband and budded on house. The Technology fee $299.00 and then Buyers Preimum $25,000.00. Then your earnest deposit of $15,000.00 or 3% down.

My husband and I got an appraisal and the house is only valued at $507,000.0 in the Bowie area.

Hubzu will not negotiate the price down. Once they collect your down payment. All bets are off and they can keep your deposit if you decide not to buy the house.

Yes, this company is scam. Buyers beware
Flag Thu May 11, 2017
I found a house on Hubzu that I wanted so our agent bid on it twice for me and they rejected both offers, he told me they would probably never accept my offer, he choose not to bid anymore so I bid 2 more times with rejects but the 3rd time they accepted my offer which was 10, 000 below what they wanted. Whole transaction from when they accepted to when the deed was recorded was about 3 weeks, I followed all the instructions and actually when I did have a questions I was able to talk to someone that day, I also was able to talk to the real estate agent handling the deal. It must have been my lucky day as everything went like clock work and I was able to secure a nice house with a lot of land for a modest amount. Sorry everyone else had such a bad go of it.
Flag Fri Jul 17, 2015
Oh, but wait, there is more...So far, we have two unresolved tax liens which we have to sent to the title insurance company. My educated guess is that the title company did absolutely no title search prior to issuing the policy.
Flag Wed Jan 28, 2015
I was interested in a house and tfound it was under their control. After 30 min of investigation I am walking away from the they seem to just be a scam to move property and inflate prices
Flag Sat Aug 30, 2014
I don't go near them for this and many other reasons. Waste of time.
Flag Tue Aug 19, 2014
This just happened to us. What a joke. Now, nobody is bidding on the house. I don't get it. Don't they want to sell it.
Flag Tue Apr 29, 2014
Do you have other suggestions where I can find foreclosure?
Flag Wed Mar 26, 2014
I have seen some properties that will sell at the highest bid although the reserve has not been met. This isn't likely to happen on the first 7 day auction round, though. I'm sure they have at least a few BPO's (or appraisals) to determine the "as is" value and probably cannot sell below or they could be in breach of their fiduciary responsibility to the owner of the asset.
Flag Mon Dec 2, 2013
softvoice, Home Buyer, Onalaska, TX
Thu Jul 18, 2013
Wow...We've been trying to get to a contract on a traditional sale, not an auction property, for nearly two weeks. Back and forth negotiation on price ( which I understand). We came real close when a couple came out of the blue, after 5 months being on the market. Once they found out that the seller was not going to meet their concessions, they withdrew their offer and that was three days ago. Our agent cannot reach anyone to find out the status on our offer that is still showing in Hubzu as the highest offer but the system will not allow our agent to add notes or to reenter our offer ( as it was a 2 day offer). No one will respond to the email we've sent and the selling agent says he's going to call the asset manager but that has proven fruitless as well. Monday I had sent information directly to a customer service email with a promise that they would call my agent directly. That has not happened. I'm about ready to call the property owner directly as I have their number but I keep having a little faith that our offer might be formally accepted by tonight. You'd think they'd actually want to get another home off their inventory...especially one that's been sitting for almost 6 months.
5 votes
We are in the same situation. They presented us a contract in 24 hours as promised, but the closing date was a day my wife was out of town, AND they didn't have us written in with a financing contingency (even though we told them we were financing in our bid). WE had quickly come to an agreement of price on this traditional sale of a foreclosure... but once we asked for those 2 simple items changed, we went on hold.. its been 3 weeks now. Our agent has called EVERYONE at Hubzu and they blame the seller. Really? what seller doesnt' want to get it under contract. We are moving on with other opportunities. Not closing the door... I'm mostly curious how long it will be before we see a contract presented?! LOL. Its still listed on hubzu as "under contract" but we have no contract at this point. We love the house, but that doesn't mean a thing if the seller doesn't want to move. Wow. And we wonder why banks (this is a bank-owned) went down in 2008? This is a good indicator why...
Flag Wed Aug 13, 2014
is there a way to contact the selling Bank directly and bypass the site all together?
Flag Fri Jan 24, 2014
Yes ,they play games. People are going to start play games with them if they haven't already with crazy bidding
Flag Thu Jan 16, 2014
Good luck- They are soooo difficult to deal with. Fortunately mine when through, not easy though.
Flag Thu Jul 18, 2013
Carlymeo, Home Seller, Fremont, CA
Tue Aug 18, 2015
Buyers should be nervous about foreclosures because there are a lot of reasons to worry; Disgruntled owners and tenants, hidden fees and such that can become your problem when or if you do get the property, repairs that you don't know about or damage done by former tenants, etc. A friend of mine is in contract for a house on Hubzu and says, "They are a desperate bunch." They bump up the prices of the houses but if you keep your bids low and keep bidding you will get the property. Even without meeting the RESERVE PRICE! Just keep bidding and be in it to win it.

Web Reference: http://ForeclosureIQ.com
4 votes
Wow, I have a winning bid on a Hubzu property! Will I get the property? I have no idea, but within minutes of the bids closing time, I received an e-mail to give me a 24 hour chance to INCREASE my bid by $7,000 so it would have a better chance of it being accepted! Damn, this property has been vacant for nearly three years and the last buyer dropped out (or financing for a very low loan wasn't approved). Let's review: (a) House empty for nearly three years, (b) house in such horrible condition, it can't get an occupancy permit, (c) No one else wants t house!; last time it was me and one other person--they got the bid because bidding appeared to be over early, (d) What's wrong with accepting the winning bid, even if it's low or the ONLY one? Stop playing games. Here's the auction, again, and again. In summary, stop being greedy/selfish (for playing mind games w/bidders) & take any bid and be done with it! btw, the place is listed as occupied and it's been empty for over 2 yrs!
Flag Thu Mar 16, 2017
Thanks for your advice Carlymeo. I am new at this, and have experienced a number redflags with Hudzu, starting with the fact that the house was NOT allowed to be inspected, even though it's been empty for two years. How did we learn it was unoccupied? We visited it and the signes were all over the property. Then a realtor never showed up, even though we waited an hour to get in. Finally, when I went to bid on a property, the bidding closed two hours before the scheduled deadline with one offer under review and this while I was on the phone with Hudzu asking why their deadlines kept changing! Then, my back up bid I placed had to be $6,000 above the first bid! How can they raise minimums by $6,000? Who decides these things? In short, my first "flip", while not a nightmare, has reminded me to check "scam" and "complaints" on ALL companies, not just some of them. I guess I'm just naive!
Flag Thu Feb 23, 2017
Mark Blashkiw, Agent, Grand Rapids, MI
Sun May 4, 2014
You see a lot of people complain about Hubzu. I have successfully closed on 7 properties on Hubzu, both for investors and primary residence. I've closed timely on ever auction I've won. Why/how? I thoroughly researched Hubzu, understand the purchase agreement and closing process, and educate my buyers on what to expect.

I get calls everyday from buyers all over the country, their realtors try to talk them out of Hubzu because they are not willing to roll up their sleeves and understand the process. Self inflicted issues and complaints.

Hubzu is not a scam. You have limited competition, thanks to all the bitter people that complain about them. If these people took the time to understand how the system works, they would not be complaining. In my opinion, Hubzu does a poor job marketing their properties, they rarely even hit the MLS in Michigan. It is my understanding that Hubzu contracts with banks/lending institutions to market, sell, and facilitate getting rid of their distressed properties. Banks HATE dealing with foreclosed properties, and Hubzu helps take the burden off of them. It is my understanding that Hubzu makes their money based on the 4.5% buyers premium that is added to the winning auction price. In my opinion, Hubzu is a brilliant company and I would invest in them if they sold shares.

Please contact me if you are seeking help with a Michigan Hubzu property. I have driven all over the state to assist buyers with Hubzu in the following cities: Grand Rapids Adrian Beaver Island West Bloomfield Monroe Woodhaven Middleville Alto Freeport Sprint Arbor Ann Arbor Lansing
4 votes
Do banks listing with huzbu have a timed listing-ie gives hubzu a specified time to sell a property before they can list with another Agent or company?
Flag Fri May 19, 2017
Mark your response is insensitive to the CONTENTS of complaints about Hudzu. I does not take a rocket scientist to understand that if Hudzu says one thing and does another...this is unethical. If according to Hudzu's OWN website re a particular property, "bidding ends in two hours," does that MEAN it ends in two hours? Yes or no? One need not have a lot of perspicacity to actually believe that two hours doesn't mean "bidding is over." I'm sorry, but what would you think of a company that arbitrarily ends bidding two hours before the noted deadline on THEIR website and while you're on ? Sorry, but I've read complaints, and I haven't seen complaints that appeared to prove folks don't know how to "follow the process." Your response shows disrespect to people who indicated real complaints and exercised real logic and reasoning in those complaints. I'm happy you had good experiences with them.
Flag Thu Feb 23, 2017
Can you possibly assist on an Ohio property? No need for driving here I don't think, as I have already seen inside (I am a licensed Realtor, but have never worked w/ Hubzu), the property I was watching for 4 weeks which started at $63K, then the next week went to $61K, then to $58K, then to $55K (no bids), just got "canceled" and "re-listed" at $57K, so I'm a bit confused about that. In my opinion the house is definitely not worth more than $30K (not a great neighborhood and needs extensive reno). I tried reaching out to the "listing agent" (who is located 150 miles away), but to no avail. Please let me know if you are willing / able to represent me on this purchase (attempt). We can communicate via phone or email if you prefer.
Flag Thu Jan 12, 2017
he's probrably a seller lol
Flag Thu Aug 4, 2016
please let me know which financial institution you used as my lander said she's afraid they cant give a loan for a house if they cant turn the water on for appraisal
Flag Thu Aug 4, 2016
I am sorry but they are a scam. I have been the successful bidder on three separate properties. The first was a complete tear down that was seriously misrepresented. The second was nearly as bad. The third was a property that had two sinkhole events that resulted in the foreclosure, which the Seller is required to disclose. They not only did not disclose it when I pointed it out to them, they then insisted that they were not obligated to ---- sorry, that is a clear violation of the law and a sign of just how seedy and unethical these people are.
Flag Thu Jun 2, 2016
you definitely drank the kool-aid
Flag Tue Apr 26, 2016
Hi Mark....I bought one rental through Hubzu and was very happy. What do you think of Auction.com? I saw many negative reviews but really want a house they are offering in GA. Thank you!!
Flag Sun May 17, 2015
It sounds like you are trying to get business Mike. Most others here are frustrated customers spending their money not trying to get other people's money.
We have had an impossible time with Hubzu. When I called I spoke to a horribly rude man in India who offered no help or information. You win the bid and then you don't hear from them. It is the strangest concept. Are they just trying to get leads? This site has been a waste of time. I imagine they will change their name 'again' in a few months.
Flag Sat May 2, 2015
Do you also help in illinois? Thanks - Jyo (773)759-8300
Flag Thu Apr 23, 2015
I have a complaint about Hubzu in that someone outbid us on a property back in January 2015. Well, they didn't get their contracts signed or returned for almost a week after auction. Now it's April and they still haven't closed. The bank selling the property has a habit of not forking over deeds to their REO inventory. I figured that Hubzu has set time limits for transactions. What's the hold up? We have the highest backup bid and are hoping the buyer will walk away so we have a shot.
Flag Mon Apr 13, 2015
Would you recommend using your own title search company?
Flag Thu Feb 5, 2015
So there's a magic formula on how the "system" works? I have been trying to close on a cash deal since Nov. After months of on and off auctions, buy it now bait and switch tactics, they finally accepted my offer and earnest money down. Terms were we would close in 20 days. Three contract extensions later, they cant come up with a deed? Cant contact the seller? My agent, also a real estate atty. is baffled! what kind of company cant close on a cash deal? or answer a phone? Hubzu is a nightmare!!!
Flag Tue Jan 27, 2015
I agree with the agent from Grand Rapids! I have closed dozens of transactions as an agent representing buyers and twice as a buyer myself. The very first transaction was actually on gohoming.com, (hubzu's former name), and it definitely felt 'fishy' not knowing what we were really dealing with... But it is very legit. Once you understand the rules, it is easy to navigate dealing with these people after you win the bid. They do respond to emails and I can always get someone on the phone, even though they are in India and tend to stick to the script. ;-) My buyers get GREAT deals, way better what our MLS offers. Properties have clear title, unlike county auctions. This website is poorly advertised and has bad rep, which is perfect for my customers and me - more deals for us! ;-)
Flag Tue Dec 23, 2014
Hubzu is the foreclosure bank themselves for a majority of there properties. Premium Title who they like you to use is also owned by them.
Flag Sat Nov 1, 2014
Blashkiw,
I'm a Real Estate Investor/ Agent located in Carteret, New Jersey. I'm looking to buy distressed properties in Middlesex, Mercer, Union and Monmouth counties in New Jersey.

I'm looking for a WHOLESALER who's very active in these counties. I only Fix and Flip properties, I don't wholesale them. We buy houses for CASH and close quick.

Kindly email me at RealtyWealthBuildersLLC@gmail.com or call me at 732-860-8788 for more information.Looking forward to working with you. Talk to you soon.

Regards,
Abdur Rehman Ghani
Flag Tue Oct 28, 2014
girl please. are you trying to tell us that you actually can contact a human at hubzu? are you trying to tell us that they answer emails? are you trying to tell us that you don't get disconnected after hearing a recorded message that they are too busy to handle calls? did you spend days and days trying to call them at different times?

girl, please.
Flag Tue Aug 19, 2014
I AGREED WITH WHAT BLASHKIW , AGENT FROM GRAND RAPIDS IN MICHIGAN. I BELIEVED THAT HE UNDERSTAND THE BUSINESS OF HUBZU COMING FROM OCWEN AND ALTISOURCE.
NOW, TO THOSE PEOPLE WHO DONT UNDERSTAND THE BUSINESS TRY TO CALL OCWEN OR ALTISOURCE AND THE CUSTOMER CARE ARE VERY WILLING TO EDUCATE AND ENLIGHTEN PEOPLE WHO NEEDS EXPLANATION ON HOW THE THINGS WORKS...
PEACE TO ALL AND GOD BLESS....
Flag Tue Jun 17, 2014
I am looking to bid on a property in the Traverse city area, can you offer any help.
Flag Sun May 25, 2014
I share the same experience:
"I get calls everyday from buyers all over the country, their realtors try to talk them out of Hubzu because they are not willing to roll up their sleeves and understand the process. Self inflicted issues and complaints."
Flag Sun May 4, 2014
Karen E Bail, Agent, Waikoloa, HI
Thu Dec 26, 2013
No seller should use HUBZU. This site does not give the seller their highest and best price because HUBZU servers cannot handle the last minute bids. My offer on a bank owned property was higher than the accepted bid. We were the highest bid up to the last 15 minutes of the auctions. We tried to submit our higher bid for 45minutes but were hung up in the no mans land of an overwhelmed server. Sellers have lost millions on this website because everyone waits until the last 15 minutes to bid or raise their bids which overwhelms the system so that the highest and best offers are not allowed to bid. Would be interesting to compare the back up offers with the winning offers to tally the seller losses.

Not happy that banks doing business in America that were bailed out by American taxpayers go cheap to India with HUBZU cause they think they are saving commissions but really they are losing money because HUBZU cant handle the volume of their auction process. They are serviced in India as you can tell by the improper grammar of any email response you get. The listing agent also verified they are in India. Another example of American Banks ripping of Americans and sending American jobs overseas. And these Patriots don't even pay their share of taxes.


SELLERS: YOU ARE NOT GETTING THE MOST FOR YOUR PROPERTIES ON HUBZU. YOUR BEST OFFERS ARE YOUR BACK UP OFFERS BECAUSE HUBZU SEVERS CANNOT HANDLE THE ONSLAUGHT OF LAST MINUTE BIDS.
4 votes
absolutely true... experienced the same technical difficulties when trying to re-submit my bid within the last 15 minutes and system could not process. I had to submit my best and final bid as an "back up" when auction ended.
Flag Mon Dec 30, 2013
Have you contacted HUBZU? I've bid on several auctions and haven't experienced the problems you have. I have also waited until the last 17 minutes to bid...
Flag Thu Dec 26, 2013
Yanoska Diaz, Agent, Miami, FL
Tue Mar 18, 2014
To the never ending thread about HUBZU:

Because of my participation on this question, I have received dozens of phone calls from all over the U.S. and would like to add some more information (FAQ) for the many interested buyers of "Hubzu" properties:

1. If you cannot find an agent to assist you in your location, please post the question on this forum (Trulia), there will be an agent willing to help you. Do NOT attempt to complete a transaction in Hubzu without professional assistance. If you are interested on a Florida property, please feel free to contact me.
2. No FHA offers can be made on Hubzu.
3. If Conventional offers are entertained on a particular property, the auction will state so: "Financing considered". If the auction states "cash only" do NOT place a bid, Hubzu will NOT later accommodate you.
4. Hubzu will NOT allow utilities to be turned on for any reason, therefore inspections are limited to the use of electric, gas, water, etc. NO exemptions.
5. Inspections as a contingency allowed on "Traditional Auctions" only, they will though, limit the use of utilities as well. If you wish to bid on a "Timed Auction" there is no inspection contingency, if you must have inspections completed due to financing or personal concerns, then Hubzu is NOT for you.
6. If the reserve is not met on a "Timed Auction", even if you are the highest bidder, Hubzu reserves the right to counter your bid or re-list the property.
7. While Hubzu offers the services of their Title Co, you may choose your own, given you pay for the title policy and other title related fees. You can also deposit escrow funds with your title/closing/escrow agent.
8. If there are any title issues with any of Hubzu properties, open permits, liens, violations, etc and marketable title cannot be delivered by the Seller, you will receive a full refund of your escrow deposit, Hubzu will NOT keep your money.

I believe I have covered the most FAQ, best wishes and happy bidding!

Oh, one more thing! Even though financing is entertained on many Hubzu properties, in my very own personal opinion, financing is not always an option. Please visit the property, look for potential issues that may hinder financing, take photos and bring them to your mortgage professional.
3 votes
Except. They don't always sell a house even if the bidder met the reserve price and for a property that allowed financing provided a strong prequal letter from lender (where strong means it describes having looked at borrower's debt, assets, income, and credit score).
Flag Fri May 1, 2015
so far i purchased 3-4 properties in orlando for my clients...had a good experience.please let me know if anyone needs any help.
Flag Wed Sep 17, 2014
what about a FHA203k or renovation loan?
Flag Thu Jul 10, 2014
hi! How can I contact you??
Flag Wed Apr 30, 2014
I agreed
Flag Wed Mar 19, 2014
Thank You!!
Flag Wed Mar 19, 2014
Thank you Alma, any additional information that may help buyers out there is greatly appreciated.
Flag Wed Mar 19, 2014
Great post! Also because of the short closing time frame a Buyer needs to work with an efficient direct lender that can close quickly so conventional with at least 20% down (no PMI approval required) may work on properties that are not in horrible condition. Definitely not enough time to get a Renovation mortgage.
Flag Tue Mar 18, 2014
Deborah Scia…, Agent, ofallon, MO
Mon Mar 3, 2014
Hubzu definitely doesn't give the buyer many ways out of the deal.

I have only submitted bids on properties that offer an inspection contingency. Some of those as is, no inspection, no excuses, look before you bid, properties sound dangerous.

Did get one bid accepted as a back up and it was contingent on inspection, so when my buyers saw previously unnoticed termite damage, we called in a $50.00 termite inspection (tried to renegotiate the price via many emails and an awkward phone call from India... no dice) and cancelled the deal, based on our inspection.

Hadn't even sent in the earnest money and never signed the papers.

Not a company that I seek out to work with, but I'm not afraid to use them. They DO take many hours to respond to email, their "local" agent does not answer the phone, and the broken English is difficult to decipher both in emails and on the phone. These are LEGAL situations... I don't want to be misunderstood.
3 votes
have you ever been concerned about shill bidding? since there's no good faith deposit to bid? or, even if there were, they could just not enforce payment from their own bidders. you mention that you had a "back up" offer accepted; was that similar to ebays second chance offer to the next highest bidder? and if so, did they remove ALL of the winning bidders bids? and realize that this too could be countered by having more than one shill bidder...
Flag Wed Apr 8, 2015
Alma and Yanoska, please stop responding to every damn comment! Its like you worship Hubzu. People came here to read DIFFERENT people's experiences, wow!!
Flag Sun May 4, 2014
Yes I don't think HUBZU will ever allow any "renegotiation" after inspections; they simply will re-list it and week by week reduce the "reserve" price until it sells.
Flag Tue Mar 4, 2014
Mark Blashkiw, Agent, Grand Rapids, MI
Thu Feb 13, 2014
I've posted on here before about my positive experiences with Hubzu - and my overall comfort level with the auction process, explaining every detail, contracts, inspections, and bringing these properties to a timely close. I love helping people with these properties as they treat me differently than normal investors who want things their way or the highway.. well with Hubzu, it is their rules or the highway, plain and simple, and I understand their language.

Continuing to help Michigan buyers EVERY DAY. Do not hesitate to find me online and reach out with questions, I love helping people reach their goals!

Mark Blashkiw - MI Real Estate Agent
3 votes
Hey Mr. Mark Blashkiw, are you an employee of Hubzu?
Flag Fri Feb 5, 2016
I have a question Mark- thanks for offering to answer. I am new to Hubzu and am an investor.
If your bid is accepted how long till you sign the contract? After you've signed contract is it assignable to another investor as a wholesale deal?
Flag Mon Apr 14, 2014
Jayne - the buyer premium is 4.5%.
Flag Sat Mar 15, 2014
How does Hubzu determine buyers premium?
Flag Tue Feb 25, 2014
Some Realtors go the extra mile to make home-ownership possible, well done!
Flag Thu Feb 13, 2014
Kevin Hudoba, Agent, Wheaton, IL
Fri Nov 9, 2012
Customer service is horrible, but I have investor buyers across the country that love submitting offers with them because they don't have to sign a contract until the deal is accepted.
3 votes
Bjones7671, Home Buyer, Kannapolis, NC
Mon Feb 3, 2014
Has anyone else had issues getting HUD approval? I've never seen a contract like this or the fees on the seller side of the HUD anywhere close to this before. It's a $163,000 purchase and the total fees on the seller side are close to $21,000. 7k to Hubzu, full commissions for listing and buying agents, closing coordinator fees, technology fees.

Why does the contract state that the buyer pays the "buyer's premium but then says the seller will pay it? Fannie/Freddie limit seller concessions to 2% on an NOO property, so how are people getting these HUDS approved?
2 votes
Yanoska Diaz, Agent, Miami, FL
Thu Jan 30, 2014
I guess this question will never die, it goes back to November 2012! For all critics please keep in mind that in order to succeed in HUBZU:

1. You must be able to read English.
2. You must be able to interpret what you read.
3. You must own a calculator and know how to use it.
4. You must be able to follow directions, keep up with time lines.
5. You must understand English with an Indian accent and/or not have an "issue" with it.
6. You must be able to deal with not the best of customer service.

If you cannot commit to the above please stay away from HUBZU, those of us who have enjoyed successful experiences will certainly appreciate it.
2 votes
Hi Yanoska, Do you know of any Realtors that have had success with Hubza in Minnesota? There are a couple of interesting properties I have been following, but I am concerned about the title insurance. The sales contract appears (from other comments here), to contain a clause that good title is not guaranteed by the seller. Does the title insurance provided by the seller guarantee good title? Is the title insuranc eprovided by a reputable company? I can get my own title insurance, but in my experience the insurance companies around my area take about two weeks to get a policy together - well beyond the 48 hour turnaround time for agreeing to the sales contract. Do you have any advice you could share? Thanks for your help! Mark
Flag Wed Sep 24, 2014
A "place where you find a great deal" does not translate to a "great place to deal with". If you want a deal then you deal with not the best of customer service.
Flag Fri Jun 6, 2014
If they are such a great place to deal with, why is #6 still an issue?
Flag Sun Jun 1, 2014
Ramzi Shamieh, Agent, Vancouver, WA
Mon Jan 20, 2014
I have to agree that HUBZU is an absolute JOKE!! I'm a principle Broker in the State of Washington. I was looking for an avenue to post a negative review about HUBZU. Everything about the process was bad. Horrible communication, ridiculous fee's, lack of a live rep, etc... Very frustrating. I would say it required about 3x the normal amount of work throughout this transaction on my end. I would advise any potential buyers or realtors to stay away from this company. Hopefully, they will make some changes, but I wouldn't count on it. Very disappointing that companies like this exist in the market place.
2 votes
The hubby site is a good idea, but only for hubby. Fees, fees, and more fees. Normal closing costs are expected, but not excessive for both buyers and sellers. Hubzu keeps everybody in the dark to conceal this. Extending the bid time is basically allowing an upset bid before it should be considered. I also strongly suspect planted bidders to drive up the price. Why else would they use the backup bid. Crooked as it can get!!!
Shame on hubzu!!!
Flag Wed Jan 18, 2017
Some brokers just are used to not working and getting paid.
Flag Thu May 29, 2014
At auction.com you must register a credit card, try canceling or walking on a deal...not as easy and often as buyers do it in Hubzu.
Flag Mon Mar 3, 2014
Are you familiar with auction.com? A more difficult process with 5% buyer premium with zero or a maximum of 1% to the Realtor.
Flag Fri Jan 31, 2014
Yanoska Diaz, Agent, Miami, FL
Fri Dec 13, 2013
I have closed 14 properties through Hubzu in the past 6 months and have about 6 - 7 more under contract, I would have closed more if other Realtors will share the same negative opinion, apparently that is not the case.
2 votes
I have had to deal with Ocwen the parent company.They a bunch of crooks.Check with New York state or California.They tried to steal a rental i have.Had mortgage with GMAC,it was sold to Ocwen and the trouble started.demanded an escrow ,I had 45% equity in property and had been on time with mortgage with GMAC for 6 years.Then they said we did not have insurance,tryed to sell their insurance at about 700 dollars more than the American Family that I had.No speak English.Habib doesn't know what Moe is doing.It took 4 months of phone calls and finally letters to the White House,senators,Attorney general of US,state of Illinois,5 TV stations and 3 newspapers and U S fraud department .Sent letters tothe prez,vice prez Financial director of Ocwen to get this straightened out.One of their properties is for sale 2 doors down from me,they don't take care of it,Overgrown grass and weeds.Buyers beware
Flag Thu Oct 2, 2014
Please as a buyer working with our realtor this co. Has been a complete joke.. How about increasing the starting bid by $5000 two days after bidding at the lower "starting" bid. What a joke, you sound like a hubzu ringer.
Flag Tue May 27, 2014
24 and counting!
Flag Thu Apr 3, 2014
As of today 22 properties successfully closed in the past 9 months.
Flag Fri Mar 21, 2014
5 others closed since the date on this response, yet, none of the issues that have been exposed on this thread.
Flag Fri Jan 31, 2014
Mark Blashkiw, Agent, Grand Rapids, MI
Thu Dec 12, 2013
I have bought a property myself and also helped 4 investors/owner occupants secure properties on Hubzu.
It is no different than a HUD/Fannie Mae foreclosure sale – Hubzu just protects themselves more by saying over and over “property is AS-IS”, “Seller takes no liability”, “Seller is not responsible”, etc etc. I’ve had 2 clients have their attorney review the documents and they are indeed legit – you buy the property AS-IS.
I am a licensed Realtor in the State of Michigan and am very familiar with Hubzu and would be more than happy to help anyone secure property. You can do this alone, but you will be stuck with a 30 page sales contact, arranging title insurance, inspections and all of the other admin/paperwork. I do this 100% free of cost to you. If you don’t use a Realtor, you do not get a discount on the home, the listing agent just gets both sides of the commission. I live and breathe real estate and come from a banking and CPA background.
I’m here to help – Mark Blashkiw 616-706-5341.
2 votes
All I can say is that you got lucky 4-5 times. I had a simple cash deal on a 142k home. Closing was suppose to take place within 30 days. So 45 days out I send a message to them asking when we can close. I get a message back asking for wiring instructions on where to send the EMD back to. I ask why. They said because the EMD and docs were not received in a timely manner. Mind you all were received well within the time frame at the beginning of the transaction. The title company essentially lost it. i dont know how you loose a money wire but after my buyer threatened legal action they then agreed to allow us to continue. Then we still had to wait another 10 days to close. Keep on telling us they were waiting on the deed. Fast forward to this morning. My client put an offer in based on financing. They insisted that we had a max of 45 days to close and based on their contract my clients EMD would have been at risk. Now they couldn't close a cash deal in 45 days.
Flag Mon Feb 9, 2015
I agree with you 100% Blashkiw, if you don't know what you're doing better to stay away. I encounter issues with my very own REO listings every day, agents that do not follow MLS directions, in addition, they do not want to follow directions even when they are told to do so, these are probably the same that complain about HUBZU. I mean, what part of cash only, no inspections and 20 days to close did you not understand? Get real!
Flag Thu Jan 30, 2014
I see a lot of people also have issues with their support group in India. I know how to manage these people and keep them happy. I can see how if a buyer did not have a Realtor - and received the emails I did from this India group, would be flustered. Hubzu is great if you know what you are doing!
Flag Sat Dec 21, 2013
Also a Realtor can help do a little background history check because oftentimes the property up for auction was listed previously and may have vital information. In Tampa Bay some of the prior listings will have Seller property disclosures, too. Additionally an experienced Realtor will aid a buyer by doing other research, i.e. permits, contacting prior listing Realtors, etc. I've already gotten a few calls from Buyers out of my area seeking advice and if I get any potential buyers looking in Michigan I'll pass them along to you! All the best, Alma 813.244.9898
Flag Fri Dec 13, 2013
Yanoska Diaz, Agent, Miami, FL
Thu Aug 8, 2013
I have never had a problem communicating and have also received dozens of emails (as Foursmine3-1) in immediate response to any action taken during the transaction, contract received, escrow received, ready to close notification, extension needed, etc. It seems others have not had a horrible experience either since there are always multiple bidders to every property. Buyer's premium? It is disclosed from the beginning, so is the technology fee, they do pay us a respectful commission unlike other similar sites that offer a 1% or 0% to cooperating Broker and still charge the Buyer a 5% premium.
2 votes
should you go with OCWEN or there is some lenders who'll give a loan?
Thank you!
Flag Thu Aug 4, 2016
I read that the buyer's premium is sometimes paid by the seller. In your experience is this the case? what expense does the buyer cover during this process?
Flag Tue Jan 19, 2016
I was able to purchase as well. They just are different to deal with.
Flag Mon Sep 16, 2013
Claude Thomas, Agent, Cape Coral, FL
Sun Apr 14, 2013
My first offer was $53,000 (all cash-no repair) to find out the sold price is $52,199
My second offer was $36,000 (all cash-no repair) but the higher bid is $35,000
There will be no third offer ever on hubzu.com from me...
Waste of time...
2 votes
RAM is new and looks promising..

realestateassetmarketplace.com
Flag Fri Sep 20, 2013
bunz.gs_12@y…, , Florida
Mon Nov 19, 2012
The Technology fee is similar to a Service charge, which is billed to the Buyer for using the services provided, which in turn is the revenue to maintain the technology plat form.

The Buyer's premium is equivalent to a Auction fee, charged to Buyer for facilitating the online auction service

Both these items are added in the purchase price, to let the Buyer realize, that it is their responsibility.

Now comes the confusion, Then why is it declared as Seller concession in section 4.2.3 of contract.

It is because, The seller wants to declare that he / they are not getting the above fees, and is being paid by Buyer to HUBZU through the Seller. Hence making sure this is not part of the Net purchase price( Purchase price Minus Selle's concession ), on which the commissions are calculated. and resulting in giving out accurate commissions.

And hence as per the recent version of the purchase and sale agreement, The seller concession is not shown as credit on Settlement statement, But a charge to the seller in Additional Charges section.

If you have felt the service was not to the point of your expectation, please escalate issues to the respective esclatation contact
2 votes
I am currently in the midst of closing on a Hubzu home, first time out. Cash buyer, so far it has been moving pretty quickly, Aaron this is my first home buying experience ever, but reading the HUD it is pretty clear to me how the fees are spelled out.
Flag Wed Aug 24, 2016
The premium and technology fee are part of the purchase price, then fees are paid by the Seller accordingly, it is clear on contract and HUD as well. Whether many may feel is right or not, that is just the way it is.
Aaron, regarding your comment about the listing agent (now Trulia does not allow more than one response) it is the same here in Florida, Sibiga is more like a ghost, he called me once about a very important matter and I shared with him the fact I thought he was a "dummy agent", didn't exist, not that I need him for anything...what do you need the listing agent for? Hubzu is not your typical transaction as we all know, not for every buyer. If you find yourself struggling for any reason then these transactions do not suit your clientele. Personally I do not push for Hubzu properties, if a prospect buyer calls me and I find that the buyer is not fit for Hubzu, I let them know. Feel free to email me if you need clarification.
Flag Fri Mar 21, 2014
I have gone around and around on this part today. If the seller is paying this fee on behalf of the buyer, why then is it not credited to the buyer on the HUD??
Flag Mon Mar 3, 2014
Cmkennedy88, Home Buyer, New York, NY
Fri Apr 29, 2016
I just purchased a property through Hubzu and some other companies (Premium Title and Altisource). They were a nightmare to work with. My real estate agent said she would never take a listing through them again. Aside from having no negotiating room whatsoever, the people working at or for Hubzu don't even seem like they are in the US. We'd receive emails around 4:30 in the afternoon (our close of business) starting off with "Good Morning everyone." Additionally we couldn't understand much of what they were saying. They are very unprofessional and slow to respond, even when the timeline for closing is urgent. My attorney and Premium title's closing team kept going back and forth trying to figure out who is supposed to do what, because Hubzu only allows you to play by their rules, at your own risk. For example, they wanted me to wire the money for the house without a seller executed deed. I had little to no protection, until I called them and demanded the deed be executed before I send the money. After a very stressful closing on the house, it took them a month and a half to record the deed.

This doesn't even address the horrendous fees they tack on.

Unless it's your dream home, don't go through Hubzu. Bottom-line
1 vote
Diane Quattl…, Home Owner, Alamogordo, NM
Wed Apr 27, 2016
We bid on a house at 819 Azelia, Alamogordo, NM back in Feb of this year. We won the bid and met the reserve. Hubzu called us right away and wanted the earnest money of $23,000 within 48 hours. I read through the fine print of the terms of agreement of the contract and there was a clause that stated "no inspection" clause. We could not reach anyone at any of the contact numbers to tell us if that meant we could not have an inspection done of the house and even though we left messages, nobody called us back. I got a hold of the realtor who bid for us at auction and had to ask over and over to answer my direct question of "do we get our earnest money back if there are major problems found on the inspection". He finally answered and stated an inspection is not allowed at all and that we would lose our earnest money if we did not follow through with buying the house. When I told him that he told me that we could get our earnest money back under such circumstances prior to bidding, he stated "I mistakenly told you the wrong information". We have watched since and this same house has been "under contract" many times and then will go back to auction. I have a hunch that this auction house is only out to take one person's earnest money after another, knowing the house will not pass an inspection for a loan. With earnest money of $23,000 every couple months, they never have to sell the house and can continue to scam people. My advice for dealing with this company is not give any earnest money until they allow a home inspection. We asked if the inspection clause could be changed to sate "yes" so that we could get our $23,000 earnest money back if there were major structural problems of the house found upon inspection. They told us no and right as soon as won the bid, we were getting called asking us to send a cashier's check for the $23,000 earnest money. However, all the phone calls and messages we left went unanswered. I would bet money this company has been scamming people out of their earnest money only to put the house up for auction again each time. This scam is on the level of what schemes get exposed on the TV show "American greed". It should be illegal and categorized as white collar crime.
1 vote
Please tell them the lender backed up from the deal and sent an addendum to cancel the deal.
Flag Mon May 2, 2016
Scott.a.arjun, Home Buyer, San Clemente, CA
Wed Jan 20, 2016
HUBZU is a total scam.
I have bought properties on their "auction" site where the reserve price was not breached. What do they do next, they re-up the property for another week.
Totally un-ethical! They didn't even contact me to see if they would negotiate. I strongly recommend that anyone interested in an auction site avoid this one.
I cannot use the appropriate words to describe this business as they would get me banned on Trulia.

1/20/2016
1 vote
Lia, Renter, Emeryville, CA
Thu Jan 14, 2016
Terrible, terrible company! Even with all-cash and being the highest bidder, the company wasted our time. The agents are incredibly incompetent and very likely to mess things up. Yes, we heard back from them and received documents to sign. But, after that the whole process was a joke and the sale was cancelled due to the sellers agents losing our documents somehow. Don't waste your time with Hubzu or Altisource. We have tried twice, and had communication problems with them both times. They claim you can contact them for help, but most of the time no one answers the phone. When they do, they are clueless.
1 vote
Info, Home Buyer, New York, NY
Thu Aug 27, 2015
OCWEN, HUBZU, PREMIUM TITLE, ALTISOURCE
They all seem to be part of the same group.
It is almost impossible to talk to someone in the UNITED STATES, most calls originate from INDIA (from what the people tell me).

In my opinion "There is a reason that they operate OUTSIDE of the United States of America!"


BUYER BEWARE!
1 vote
Mark.valleyh…, Home Buyer, Modesto, CA
Fri May 8, 2015
STAY AWAY FROM HUBZU !!!!!!!!!!!!!
Just ended what SHOULD have been a clean deal with HUBZU.
FIRST don't bother sending proof of funds or a pre approval letter when you register to bid.
THAT information s NEVER RELAYED to the asset manager to be taken into acct in the decision making process. UNFORTUNATELY I was not made aware of this until winning the property and the PSA was emailed to me.IN FACT as soon as I finished registering to bid I called HUBZU to confirm receipt of the letter THEY TOLD ME SUBMITTING IT WAS OPTIONAL and they had no way of knowing if it was received AND to "take it up with the asset manager IF we won the bid"
We were the high bid on the property. but the reserve was not met .SO HUBZU gave the two of us who bid on the property a BEST and FINAL opportunity. I'm thinking the asset manager has my pre approval letter in hand and KNOWS that my buyer needs 3% credit for closing costs. SO we won the initial bid at $252k .HUBZU said the BEST and FINAL could not net the seller ANY LESS THAN $259K I structured a BEST and FINAL offer of $271k knowing we needed $8500.00 back for closing, and left the seller with a net of about $262,500.00 .WE WON I got the disclosure-mailed to me ,got them signed.Got the PSA e-mailed to me and not only did they have the buyers
places of employment listed as THE BUYERS but there was no 3% credit. I called the processor for altisource in INDIA and he said I needed to talk to the asset manager,I called HUBZU to see if the pre approval had been forwarded to the asset manager and was told THEY DIDN'T KNOW.
I did some research ,found the asset managers name in the file they sent,and called Altisource after some time on the phone I got the phone number for the asset manager ALSO IN INDIA,
When I got Shayam on the phone he just kept asking me if I had discussed this with anyone else. I informed him yes,the processor Subbaiah A L S O in INDIA. He said he had to talk to someone else about it.THAT WAS THE LAST I HEARD FROM SHAYAM. Next I got Shayams supervisors name
Rjindra guess where HE was I N D I A AGAIN . ONE WEEK AND 36 PHONE CALLS TO INDIA LATER.....WE ARE UNWINDING THE DEAL. AND while ALL this is going on HUBZU KEEPS RESENDING THE PSA TO ME TO SIGN WHAT AN ENORMOUS JOKE NO WONDER OCWEN IS IN TROUBLE. My offer gave OCWEN $3500.00 MORE than they said would work and they STILL SCREWED IT UP STAY AWAY FROM HUBZU
1 vote
PLEASE stay from Hubzu! I haven't been able to make a purchase in a while thank to those who continue to overbid hoping for credits and concessions. How can you make a bid on an online auction when you need money towards closing costs?? This auction is NOT right for you, please go ahead and pursue regular fair market sales and leave Hubzu to the no contingencies all cash investors.
Flag Sat May 16, 2015
Tommy Banks, Agent, Northport, AL
Tue Apr 21, 2015
I have to agree with you ! I was send an email confirming that we have the high bid, and our bid was accepted, however, I can't seem to get any paperwork for my buyer to complete. NO SUCH THING AS TALKING TO SOMEONE ON THE PHONE WITH THEM !!!! In each email you get from them, at the bottom it says "I strive to provide excellent customer service. If you feel I am not providing timely or complete service, please feel free to escalate any concerns to my Manager: sandip.patel@rw.altisource.com; who can also be reached directly at (855) 427 – 2178 | ext: 297547 |, THEN ANOTHER EMAIL HAD A DIFFERENT MANAGERS NAME, Since I couldn't get the reprsentative to EVER call back, I call both supervisors, NEVER to get a call back from EITHER of them. They are insult to the common decency/courtesy to real business men and women.
1 vote
TommyBanks,
I would be happy to answer questions and assist in any way. Please send me your contact information to connect@hubzu.com. I look forward to your response. - Keith, Hubzu Customer Care
Flag Thu Apr 23, 2015
gahighpockets, Home Buyer, Barnesville, GA
Tue Apr 21, 2015
We were the highest bid on a auctioned property, we were notified that we were highest bid and Auction closed. The Reserve was met and we were waiting for the seller to review the bids. three days later we get a e mail that the auction was unsuccessful and property was relisted. The starting price for the new listing was the exact price that we had submitted. When i called Hubzu (yes I got to talk to a live person) his first reason for the unsuccessful auction was that reserve was not met. I told him that we had taken a screen shot of the auction web page which indicated that the the reserve had been met and that status was listed as "under contract." He checked his screen shot which depicted the same and then told me that he would forward a inquirey to the Asset Manager. I have not heard back from him, however the realestate agent who was representing the property was livid. She was sent an e mail stating basically that the seller could reject all bids. My feeling is that while the language was indeed there on the auction site, it would be underhanded for a company to reject a high bid that exceeded the reserve by 15,000. If that was going to be their plan to raise the price they should have made it clear that the reserve was not a material part of winning an auction. If I didn't know better one could think that there was a "shill" bidding process in place to drive the price up.
1 vote
Tyson Reeves, Agent, Sterling Heights, MI
Mon Apr 20, 2015
I've never had any problems with Hubzu. I hear about the problems that others have had but knock on wood I keep the untarnished status with them. It could be personality sometimes. I'm always willing to dig and dig deeper for my clients and if there is a snag I almost get a kick out of resolving it. But the easier ones are always welcomed. : )
1 vote
You are not alone, I've no issues either. Not being able to speak to someone on the phone? I am always able to speak to someone on the phone. In fact I receive numerous call from their staff during the transaction. Those horror stories, not here...
Flag Fri Apr 24, 2015
flippingform…, Both Buyer And Seller, Odessa, FL
Mon Jan 26, 2015
What a SCAM. I bought my first home on Hubzu and doubled my money. About to buy my second home. If you don't know what your doing, you'll lose your shirt. Run away. Don't bid. I like buying homes at 30% of market value and no one bidding against me. Stay Away! BAHAHAHAHA
1 vote
Fantastic! Cash Buyers looking to buy anywhere in Florida please feel free to contact me. I have made it possible for many who couldn't find the right guidance.
Flag Fri Mar 27, 2015
Karyn Murphy, Agent, Mokena, IL
Thu Dec 11, 2014
I was bidding on a home on Hubzu for my client. We did the auto-bid and won the highest offer. At 11:19 PM, they sent out an email to ALL bidders that they will be taking highest and best due at 11:35 PM the next day and the minimum offer is $10,000 OVER what we won it for! We had H&B only $20,000 under the Buy it now price! They never came back to us as the winners with even a counter. Scam! How can these practices be allowed when we as licensed Brokers we so heavily regulated?
Has anyone ever tried the Buy it now? Curious if they counter that too.
1 vote
Annette Law…, Agent, Palm Harbor, FL
Fri Sep 19, 2014
Remember, so many years ago..way, way back, when a friend would ask you, "Is that test hard?"

The answer is, the test is always EASY if you know the answers!

The same is true with Hubzu.

If you want a good outcome, you need to pick up the phone and call those REALTORs who know the answers. Many of them have raised their hands right here on Trulia.

Failure to rely on experience is like taking the exam without taking the course.

Along with Eric, Avi an Yonoska, I have found Hubzu to be a proven, viable resource for the knowledgeable and informed buyer and seller.

Just like ANY real estate transaction, Stuff happens! That is why an experience professional is the difference between success and disappointment.

Don't misunderstand, there are BETTER ways to buy and sell real estate.
Much better.
If you choose to wade into the auction environment, you need to know what you are getting into. Such a decision on your part reflects YOUR willingness to increase the cost of a real estate transaction SIGNIFICANTLY. Along with increased costs is lessened customer service and few assurances. Know what you are getting into.

As you can see the majority of the 122 responses preceding this comment are from those who did not know but seek to place blame on other for the decisions they made.

So tell me, "Is buying a house through the HUBZU auction site difficult?"

(answer in 4th line above)
1 vote
There is nothing easy nor acceptable about dealing with deceptive sellers. They give all real estate professionals a bad name.
Flag Tue Nov 4, 2014
integrityhom…, Both Buyer And Seller, 53714
Fri Sep 5, 2014
Hubzu is a fraudulently operated business. It is a subsidiary of Altisource, who has a direct relationship with mortgage servicer Ocwen.

There are a couple of persistent complaints that I frequently hear regarding Hubzu...

Regardless of stated opening bid, they will reset and restart a bid after closing date if they have not met the reserve. They do so without disclosure or notification.

Property descriptions frequently do not reflect reality; material adverse facts are routinely omitted; facts which the listing agent or representative is certainly aware of.

Regrettably, I believe that Hubzu is a contributor to the ill will of the mortgage lending industry, which, as we know, has created a massive amount of ill will already.

Hubzu represents the dark side of an industry that used to have integrity; not any more. I avoid them like the plague that they are.
1 vote
Avi Maganda, Agent, Orlando, FL
Sat Aug 23, 2014
I love Hubzu a lot.

You don't get a local customer service person neither a local closing. Instead you just get:
Great_DEALS!!!!

Many thanks to all the agents avoiding these Hubzu Properties!

If you need a Licensed Agent in Orlando, Florida let me know!

Just got another property under contract 2 days ago...
Web Reference:  http://www.MouseMansion.com
1 vote
Robert Senter, Home Buyer, Richmond, VA
Fri May 2, 2014
If you find a house you like on Hubzu, break your computer screen. It'll be less of a headache than the buying process. Run, do not walk, from this "business." My wife and I are currently in the buying process and have bent over backwards thus far. As we approached our closing date (and wrapped money in escrow), they let us know that they didnt actually "have" a foreclosure title yet. When will they have it? Guy in India has no idea. Guy's boss in India has no idea. We REALLY want this house and will wait for awhile to see what happens, but that doesn't decrease my thoughts of flying to India and strangling these people.
1 vote
Justworking, Home Buyer, Stuart, FL
Wed Apr 9, 2014
My experience with Hubzu makes it appear to be a complete fraud and an insider's game. I bid on a house on 3 separate auctions. Each time I was the high bidder. One time I offered $168,000 with my total costs being $175,859 (with the Hubzu fees). The MLS showed the asking price for the property to be $174,000. Hubzu said the "reserve price" had not been met. The house was removed for one day from the auction site and re-auctioned. At that time, they dropped the MLS price to $164,000. I did not enter the bidding at that time because they say they hold your bid for 60 days and roll it over to the next auction. That time the auction topped out at $160,000 and showed reserve was met. I was not contacted and now the website shows the house being under contract. I offered more than 5% more than the alleged winning bidder 2 weeks previously and was not contacted. Hubzu appears to be at best incompetent, and at worse a complete fraud and scam. I will not waste my time with them again.
1 vote
Here's the tip.... submit a backup offer at the price you're willing to pay. Then if the current high bidder fails to submit their earnest money within the specified time they can be kicked out of the contract.
Flag Tue Apr 15, 2014
I got an e-mail each time the subsequent auctions took place and a bid was higher than my previous offers. Each time, the higher offer was mine as I maintained the highest bid each auction (except the last which didn't go as high). I took screen shots of the pages when you are placing a bid. The second line on the page where you actually put in the dollar amount you are bidding says:"If the seller doesn't accept the final bid amount after the auction ends, the seller may decide to place the property up for sale again in a new auction. At that time, your bid will automatically transfer to the new auction." They obviously didn't do that so,...is it gross incompetence or an insider's game? I'll deal with real people face to face, that way when they are lying to you, you at least can physically identify the liar and pass the word. (No, it wasn't Manatee). Hubzu showed itself to be too secret to be honest.
Flag Mon Apr 14, 2014
If you're talking about 5056 SE Manatee - please call me asap.... I have a tip I want to share with you that may improve your chances of getting this property after all... 813.244.9898 Alma Kee Future Home Realty
Flag Thu Apr 10, 2014
I think the 60 days is only if the house is actually sold and if you want HUBZU to hold your bid as a "backup". Did your Realtor advise you not to re enter your bid? I've gone for several weeks before an acceptable offer price was ultimately accepted and it ended up a bargain. It was a bit tedious to have to keep entering the bid but ultimately it can pay off. So if you had entered your bid it sounds like you would have paid more than the highest bidder offered and would now be under contract. You see, as time goes on it proves the original "reserve" price was too high. Also because buyer and even Realtors do not understand the process they will shy away from HUBZU. I wouldn't give up on Hubzu because you may find an even better property that fits your search criteria.
Flag Thu Apr 10, 2014
Wayne Holland, , Seminole, FL
Sat Mar 1, 2014
"The Easy Way to Buy & Sell Homes Online. Start to Finish" should not be your trademark.
Nothing easy so far.

Website experience poor. I am a real estate broker and I was attempting to show one of the listed properties.
The website would not verify my license.
So, I called the customer care line. Automated voice message said " One caller ahead of you. Average wait time of 1 second"
After about 3 minutes, recorded voice said all representatives were busy, please leave a message. Really?
So I tried the online chat help. Estimated wait time 28 minutes.

I told the buyers the poor experience and they were very skeptical of the whole process and decided to move on from this listing.
I doubtI will ever show another property that says to use HUBZU. What a joke.
1 vote
I had a similar experience. I attempted to get the code to show a property (in NY)by registering but the website said they could not verify my license. I had to call them, they had to authorize my license & I was able to get back in, but they did provide the code to me on the phone. I then realized I cannot access the MLS system the property was listed through, so I had to call the listing agent. That number brought me to Hubzu's customer service who gave me the agent's direct number. That direct number went to a recorded message that broke up repeatedly as I tried to hear what it was saying- something along the lines of the agent does not allow you to leave a message & you can email him- wish I could understand the email address he gave. I looked up his number & it was out of Georgia. Please tell me, how does an agent assist in showing/selling the property if we cannot access the MLS listing or get ahold of the listing agent? Why don't they list w/ local agents?
Flag Wed Apr 16, 2014
Yes that is a HUGE problem if you cannot even get the code to show! Once you are registered on their website you can simply sign in and get the access code. In Tampa Bay HUBZU has now listed most properties with a local Realtor so an agent merely clicks on the showing button on the MLS and it instantly reveals the code.

There are some very good deals to be found on HUBZU because of their operational errors and agents like yourself who may give up because of the difficulty of simply getting the showing code. For example, I found a property that was active on HUBZU but it was NOT active on the MLS--still pending on the MLS. My client got an exceptional deal on that property because he didn't have to compete with buyers represented by Realtors who didn't even know the property was available!

I love the transparency when bidding. There is no way an REO listing Agent can hide your offer or give his client an advantage.
Flag Sun Mar 2, 2014
Yanoska Diaz, Agent, Miami, FL
Sat Feb 1, 2014
I wanted to add to my previous comments on this thread, that other than closing close to 20 transaction in Hubzu since June 2013, my clients have decided to cancel on a few because of title, association and other issues and we have NOT had a problem, not one, getting the escrow refunded. Also, for as long as an extension is needed, not related to the inability of the Buyer to close they have granted an extension, no per diem applied.
1 vote
They will NOT cancel your contract. I have won auction where not one but several higher back ups have been entered.
Flag Sat Apr 18, 2015
What if there's a higher backup bid placed after an auction ends... Do they keep it as a backup or accept it and cancel their "contract" with you? Do you get your deposit back then? Their "contract" is very unilateral.
Flag Wed Feb 4, 2015
Why wont they accept FHA?
Flag Fri Aug 8, 2014
Scott Godzyk, Agent, Manchester, NH
Mon Jan 20, 2014
It is funny that a year after this question was asked I recently experienced the same problems. WHY are banks listing and selling home sin this manner when it scare buyers away?
1 vote
It's a transparent process. Ocwen Loan Servicing is also "requiring" all of their short sale to be in a public auction to assure a "market" price is received.
Flag Tue Jan 21, 2014
tery Tony, Agent, Hollywood, FL
Mon Jan 6, 2014
hubzu is a scam
I already reported them to FBI
1 vote
Amanda Chris…, Agent, Fort Wayne, IN
Sat Dec 14, 2013
I put a bid on this site for an investor last week. We offered full price. The day the auction was supposed to end, they cancelled it. No explanation. When I contacted them, they said "Good news! The home is back on the market!" The problem? It was back on the market for a higher price.

It's infuriating that I can't get a response from them.
1 vote
tmartinez, the commission in all transactions is paid by the Seller, the Buyer does not have to pay any additional fees to the agent.
Flag Thu Mar 20, 2014
How much was your commission? Did the buyer have to pay that in addition to the Buyer Fees??
Flag Mon Feb 24, 2014
Jared & Amanda, congratulations on your achievement! About HUBZU, you have to study their procedures, its not rocket science, I am sure you can do it, you will find yourself closing a lot more transactions since there are so many opportunities.
Flag Fri Jan 31, 2014
Did the listing show "reserve not met"?
Flag Mon Jan 6, 2014
ugjkhgjkhg, Home Buyer, Fort Worth, TX
Thu Dec 12, 2013
I think Hubzu doesn't care anything about actually selling the properties, they make their money "managing" the properties and then off of the % they get at sale, so they really have no incentive to move them quickly, they post ridiculous "reserve" prices, then let the seller slowly reduce the price and claim they are "negotiating" with you. Then they'll leave your bids on the property after the auction ends, so the next bidder drives the price up further, instead of actually starting at their "starting" bid. The starting bid automatically lowers, but the previous bids do not automatically remove at the end of each auction...

I'm currently looking at a home that's been with them for months, and they have let it sit and deteriorate (as well as thieves stealing equipment, etc), and are almost down to the original price I offered months ago, as others will state.

If you're looking for logic or helpful employees, stay away from Hubzu. If you have money on hand, and an indefinite time table to sit and wait for them to drop a property's value to a realistic number, then it can probably work for you.

I'm giving them one more week on the home I'm looking at, then I'm getting out of the bidding, and as far away from ever dealing with Hubzu as I can get.

I wish anyone at Ocwen cared enough to return any of the calls I've made, perhaps they'd get some information on how Hubzu is milking them dry and letting properties that could have sold months ago sit and fall into disrepair, thus actually driving the price DOWN...
1 vote
Yes I've experienced the same issue with a prior bid being carried over to a new 7 day auction. You can call them and they'll remove your prior bid. There are certainly some other procedural issues they need to work through. I willing to deal with the issues because at least they offer a fair compensation to Realtors (versus 1%) and do not require an upfront deposit to bid. If you're a Realtor, your client can also bid themselves and include you as their agent. I have heard of glitches on that system (they may be corrected now) but do not worry, your agent can be compensated if you sign an addendum. I did this once. They also own Equator so it will be interesting to see how thing proceed in the future. I would think ALL LENDERS would be wise to require ALL short sales to be listed on an auction site like Hubzu to prevent fraud.
Flag Thu Dec 12, 2013
Goosemyer, Home Buyer, Columbia, MO
Wed Dec 4, 2013
I "won" the bid, but then got outbid a minute after the bidding was reopened. I was not notified it was reopened and it was 3 in the afternoon on Thanksgiving day. Momma said don't play the game if the rules change in the middle. You can't win and they don't care.
1 vote
Did the auction say "Reserve Met"? Did the auction show "Under Review"? If the "Reserve was NOT met" then you couldn't possibly "win". If they relist it as a 7 day auction then you will have 7 days to bid again. If they list it as a normal sale then you need to watch the property because they may call for "highest and best" after 2 offers are received and you can miss out.
Flag Wed Dec 4, 2013
Elvin Ames, Home Buyer, Washington, PA
Fri Nov 22, 2013
Refuse to work with Hubzu. They cannot make you work with them and you should not. They emailed me threatening my client that if she didn't go through Hubzu they won't accept the short sale even though Ocwen countered and the buyer accepted Ocwen's counter that want an under contract property to be subjected to inline bidding are they out of their minds. They are a class action lawsuit waiting to happen and when it does I'm on board cause it will be a big pay day for realtors and their clients. They want professional realtors to have sellers subject their homes to a bidding process on the internet. Most of those deals fall through and Hubzu and the investors collect the poor buyers deposit. Then they get to do it all over again while your client is frustrated with you for allowing this and you get no commission from it not selling. It's a scam and the banks who benefit from people loosing their home because they bought the loan for 10 cents on the dollar are loving this sham. DO NOT ALLOW YOUR CLIENTS SHORT SALE PROPERTY TO GO THROUGH HUBZU, WE ARE NOT AUCTIONEERS, WE ARE REALTORS. THIS WILL OPEN US UP TO LAWSUITS AS AGENTS FROM ALL SIDES.
1 vote
An online auction creates the transparency for the lender to not suspect the Seller is selling "below market" to an insider. I believe a borrower who is asking a lender to be forgiven a loss may be subect to the lender's requirement to go on HUBZU so be careful if you advise your client to refuse to list via HUBZU.
Good luck, it's not as bad as you think! I actually just listed a short sale "voluntarily" but not as an auction and the fee to the buyer is only $299. VERY reasonable and it's also easy for a Buyer's agent to submit an offer, no contracts to complete unless their client is the Winning bidder. I love it!
Flag Sun Dec 1, 2013
Angilerilaw, Home Buyer, Darien, IL
Thu Nov 21, 2013
I believe, based on my experience, that the investors use this company when they want to insure that a house goes to Sheriff Sale. Yes, you read it right..... The investors, when they want to push a house into foreclosure rather than short sale, force you and your client to go through Hubzu. They must know that it is nearly impossible to get a deal closed here. The last one we tried (we were forced to do because of the bank) went to auction 3 times and then it was denied because the bidding did not come close to the banks hidden minimum. Our original buyer was $35,000 higher than the highest bid on the website. The house went to Sheriff Sale last month and will sell for far less than the Buyer's offer before we were forced to cancel and list on this site. In my opinion, this is a bad faith scam by the banks that force this upon a Seller that desires to short sale their home. It seems very unfair and unethical.
1 vote
Is Alma Rose for real or does she work for HUBZU?
Flag Thu Dec 26, 2013
A,lso on a Sheriff's auction or a Clerk's Foreclosure auction you will NOT get clear title so there is more risk and you MUST do a lien search before bidding on any property at the courthouse. With HUBZU you will get title insurance and no "surprises" after closing that may force you to move out or evict the current occupant at the property.
Flag Sun Dec 1, 2013
Yes, I've closed several transactions with HUBZU. HOA attorneys can delay closings or if a Satisfaction of the Mortgage was never filed by a lender at the clerk's webiste. What is the reason your agent is being told why it cannot close on schedule? If you cannot wait then do not extend the contract and pay an "above market" price and buy a different property.
Flag Sun Dec 1, 2013
My father is an 82 year old disabled vet. This caompany had him send a certified check for deposit aqnd now have missed two final closing dates. It will kill him in the end. Has qnyone acually ever closed with them.
Flag Sat Nov 30, 2013
we have given a good faith deposit as required and they have missed two deadlines to close. My father is a disabled vet abd I am on a transplant list. We are both elderly and this will possibly kill him. I am his care giver but also disabled. We are so frustated has anyone actually closed on a good deal with Hubzu?


At least a sheff auction would be truthful this campany is not
Flag Sat Nov 30, 2013
mikec, , Columbus, OH
Mon Sep 16, 2013
Terrible site. It seems the main problem is that the foreclosed houses on the site that are very much in foreclosed condition have nonsensically high reserves. I've "won" 3 bids and bought nothing. Waste of time.
1 vote
I meant to say you did not win the auction.
Flag Sat Feb 1, 2014
I am sorry but you did not win the bid, you were the highest bidder but the reserve was not met, simple as that.
Flag Sat Feb 1, 2014
Mary Ann De…, Agent, New Smyrna Beach, FL
Wed Aug 7, 2013
Unfortunately this is not a professionally run company. They may be fraudulent, they change the minimum bids and deadlines making it impossible to know what is going on. BUYER BEWARE
1 vote
Foursmine3-1, Home Buyer, Palm Harbor, FL
Wed Aug 7, 2013
I don't know what the "Bidding Price" price of the property was that you were acting as agent. But, I must tell you although I did not purchase the property that I bid on due to Owners Title issues I had a really good communicating experience with the bank holding the foreclosure. We actually received many e-mails from the bank while they were trying to sought out the Title, and, spoke directly with the bank on two occasions. Perhaps it was one of the banks which gave you the problem. I now have another Bid in for a different property. I received all the cost up front, and was given a regular Regular Contract with closing costs up front. Of course the SP of the property may determine the "Buyers Premium" just like any other RE transaction; but, it would not hurt to complain to HUbzu.
1 vote
sherrys931, Home Owner, Union City, TN
Mon Jul 15, 2013
The operation doesn't work in a business-like manner. The local agents they use in Northwest Tennessee are not professional. It was a horrible experience for those I know who dealt with the company. Won't do it again. Will "advertise" for Hubzu and not in a positive manner.

Sherry Shanklin; Northwest Tennessee
1 vote
bps.wes, Home Buyer, Spring, TX
Wed Jun 26, 2013
Someone needs to put some HURRY in their CURRY.....if you know what I mean!
1 vote
Allen.foster…, Home Buyer, Fort Collins, CO
Wed Jun 19, 2013
I won the bid on a property. Hubzu sent a twenty-eight page contract that absolved them of any legal responsibility and denied me any due process of law. If after an inspection there were serious problems with the house, I was still bound by the contract. But they gave me seven days to get an inspection which makes no sense. If there is no clear title, I am still bound by the contract. Which makes no sense because they only gave forty-eight hours for an attorney to review a twenty-eight page contract. Of course, I did not sign the contract. It had a forty-eight hour deadline on it which expired. But after expiration of the contract, Hubzu continues to send my realtor (instead of me even though the bid was placed by me from my account) e-mails insisting that I am in violation of the contract and that I need to do something. I don't need to do anything because there is no contract. It was ridiculous. Only an idiot would sign such a contract. I will never use such a service again.
1 vote
Have you ever purchased an REO? VIrtually every REO contract will have similar wording.
Flag Mon Dec 2, 2013
Tina Merritt, Agent, Blacksburg, VA
Thu May 23, 2013
I have sold quite a few houses with Gohoming and then, Hubzu. It was my experience that Gohoming operated mostly on India time as I regularly had bids ending at 3am EST. I believe they now work US time (I lived in India and most of the outsourcing centers do operate on US time).

My biggest issue with Hubzu/Altisource is the complete lack of knowledge of the real estate transaction in the United States. I don't care how many times I "escalate" or demand a new processor, they have no idea what is going on. In my most recent transaction, we closed and 2 days later, Altisource sent an email saying the HUD-1 was rejected. If I operated the way Altisource does, I would lose my license.

Unfortunately, until we quit complaining here and actually complain to our state licensing boards, Altisource will continue to get away with bastardizing the real estate transaction.
1 vote
I contacted the Colorado Licensing Board and filed a complaint. I was going to bid on a house in Larkspur CO, but not anymore. These people should not be allowed to deal in this state or country.
Flag Tue Oct 29, 2013
Etp737capt, Home Buyer, Boulder, CO
Sat Feb 16, 2013
We got to an accepted offer with Hubzu and received a 28 page addendum which gave the buyer absolutely no rights whatsoever and Hubzu multiple ways to steal the unusually large earnest money. It also had multiple $penalty fees if there was any hiccup to the closures timing. Of course we didn't sign it. IIf you research this company and all of it's other names, you will see that it has a HUGE number of coplaints and is basically a fraudulent company.
1 vote
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