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.