Hubzu

I bid on a property, met their reserve and won the auction with the highest bid, so I thought. I was offering cash with a quick closing and 3 days later my bid was refused and the property went back on auction. Shady, shady, shady!

I bid on a couple of houses using hubzu. At first, they seemed fine.

However, when in a bidding war with another buyer, I made the mistake of putting a maximum bid that I would place in their settings. If they still have that, DON'T USE IT. Anyway, the other guy have up, about 10-15k short of my max. I was happy, until the auction closed. Then they added that 10-15k to my bid.

After trying to talk to customer service, I pulled out of the offer, even though it was still a great deal in the long run, but what they did was downright dishonest.

The only redemption was the house ended up selling for 20k less.

They don't honor high bid. But review and decide if to accept the bid offer. And they extend the time of the bid unlike eBay. Total trash and waste of time. I bid once and last time just deleted my account. Don't waste your time.

Easy to get through when calling the support line. CSRs are knowledgeable and fast to address questions/concerns. If you are in need of support I suggest calling the support line. I did not have a good experience at all using the Chat function. Waste of my time really.

I won an auction and then found the square footage was off by 700 square feet. I provided the local assessor info and didn't sign the contract. They just reposted the property again with the inaccurate sq ft again. I wish I could sue them to teach them a lesson.

I won the bid and less than a day after receiving an automated email that the bid was under review, the same property was relisted! I know about reserve price and there was nothing indicating that the property has a reserve price or how much it is. I'm contacting my bank to reverse all charges from Hubzu. This is such a pathetic way to do business. Hubzu is the definition of unprofessionalism.

How anyone would engage in online auctions for home-buying is beyond me.
I see how it can only benefit the seller or dishonest Seller's agent.

Material defects are not disclosed because most of these properties are distressed foreclosures & eventhough the law stipulates disclosure, there are so many layers involved, the seller, agent, bank & hubzu, there is too much room for deception.

Also, I heard that agents are submitting offers on their own listing, to make the back-up bids go higher, then retracting their bogus offers & effectively raising the price of the property.

Its too murky a model & I will not be engaging in business with them ever again.
And yes, its true... their customer service is not only from a 3rd world country, they conduct themselves as such too!

Dont borher with this website, dosent matter if u win or not. Even if a reserve was met. Scam artists all the way. Maybe the banks thay have these properties should definitely look at another way to sell them..

Dealing with Hubz for the first time today and reaching Jace in Customer Service/Tech Dept was a wonderful surprise. Not only was she polite, patient, informative and professional; she provided me every ounce of information necessary, even anticipating issues that may come up, which would had required another call to resolve, therefore saving me the time and frustration. My additional questions were met with very polite, clear and precise answers. In a world when so many do the minimum in their jobs just to get by, dealing with Jace reminded me that geniune & professional work ethics still exist. A rarity.

3rd time this property is up for auction in the last month. I get it, first time it didn't meet the reserve. 2nd time it met the reserve and then 6 days later it's back up for auction. Keep in mind the 1st auction was won at $719,000 and the 2nd auction was won at $759,000. The really strange thing is the bid to start the 3rd auction. There's no normal variance here! Check the images I'm attaching. You can not convince me that they don't have bots bidding to drive up the price. You want me to believe that someone out bid themselves by $50k during the first hours of a week long auction. Laughable!

I have being bidding on a house, I have won the house 5times. I went pass the reserved. Once I won, they ask me for my info such as address and extra and a congratulation email. Then a few hours later they told me that someone had outbid me. But somehow the next day the house was back on the auction. Here is the real problem with hubzu, they take so long to sell the house that people break into the homes and steal copper, AC unit and heater gone, electric gone. Broken windows. U can't get a hold of the realtor on hubzu, if they actually had a real realtor, at least u could discuss the issue with the house.

I have to say that I was very worried about doing business with hubzu.com after winning the bid, however I have to say that my experience was excellent! Every time I called they responded to my concerenes with no delays. The only thing that I will advice the buyers to check if there are any outstanding lines on the property, although they took care of them. I will use them again to purchase a house!

Don't bother with this company. They put up a property, take bids, "noone wins bid"; relist - no one wins; relists no one wins; this is what happens with every property - don't bother. Purchase agreement is slanted so you can't win. It's take your money and run... don't use this company. There are other ways to acquire properties.

It actually got worse... After I won the bid. They sent me the following email...

Ningshen, Tonrei S
Mon, Aug 17,2020, 4:51 PM
To me, Tonrei, Christopher

Hi Jessiah,

I do apologize. I just received an instruction from seller that we need to cancel this contract due to legal issue.

Seller did not share me more information on what exactly the issue is but property cannot be sale at this time. The offer needs to be cancel.

Once again we apologize for the inconvenience caused.

Thanks,

Tonrei.

Tonrei Ningshen | Senior Specialist, Asset Management - Closing

-User friendly website
-simple & well explained rules: im new to auctions & didnt need to look up lingo anywhere else as thier website explained the whole process from A-Z
- called in customer service twice was amazed by thier fast & friendly customer service

I bid on a property that I watched go through a number of auction cycles. I bid only because I noticed the seller's autobid was no longer trying to artificially push up the bidding. The lack of communication is appalling. I simply get a generic email in the middle of the night notifying me the property was relisted.

I have bid and won over 20 properties only to be told that my bid was not enough and the properties has to be re listed, in many instances the properties are reposted for less than my winning bid some times over 10,000 less, Hubzu has no control over sellers and need to shut down the websites, and get out of the business or take control of their sellers

As a REALTOR the Hubzu website and process is very easy and efficient. Properties are easy to find, the property photos show the actual condition of the property, Hubzu associates were helpful, informed and professional. Overall it was a very good experience. Mary M.

When you see something that doesn't look right... RUN! We started bidding on a home. We were 1 of 2 bidders, then a 3rd bidder jumps in named "M. O." This person starts bidding and over bidding himself FOUR TIMES in the same day, upping his bid to 16k more than his first bid. We knew right away something wasn't right. We would never do business with this site. Something very shady going on.

The auction is not a real auction. They looking for a persons ho don't understand nothing regarding real estate. They biding agents you and if they can't get price bank want they say auction is ended unsuccessfully. It is not auction it is regular real estate office looking to get price bank wants. Don't call this scam auction. Call it by it real name. Looking for a fool ho will give us price we need. I was 3 times wining the auction and all the times they played the game refunding the 2500 that hold for the auction. Albert WILK real estate broker.

People who bid on these homes have no idea what they are doing.
They overbid for property that is uninhabitable.
If your a flipper you'll never make your money back.
Altisource is taking advantage of people.
When the buyer can't get financed the property comes back on the market.
A massive waste of time.

I had to call the company myself about closing because they didn't send anything and when I got ahold of them I was told I fell through the cracks because they were on vacation. They don't respond to emails or return calls. They kept my earnest money when the deal fell apart because of their ineptness. I will be contacting an attorney.

We were in escrow on a House within a gated community which has an HOA. After a month in escrow, the seller was trying to force us to close even though the sellers escrow had not delivered the HOA docs for buyers review, including the HOA demand. After another week of complaining, the Sellers rep said that this was taking too long and we needed to close with or with out the HOA docs. Lol, the escrow company cant even create an estimated closing statement without the HOA info.

After another couple days of back and forth emails, the seller unilaterally canceled our deal. My buyer was devastated.