If you’ve never heard of hubzu.com, but you’re in the market for a budget-priced home, it could be the answer you’ve been searching for. To date, the site has sold over 85,000 homes and have over 9,000 active bids and offers. There are new auctions starting daily, so there’s always new properties to peruse.
So how does hubzu.com work? You can either make an offer outright, do an “own it now,” or place a bid on an auction. Should you make an offer outright, you make the best offer possible compared to the shown listing price, and if you place a bid on an auction, you can essentially bid whatever you’d like as long as it’s more than the starting price. Some properties do have a reserve price, so even if you place a bid and you’re the highest bidder, you wouldn’t necessarily win the auction, however, some sellers do choose to negotiate with the highest bidder in hopes of getting the property off their hands. If you go the “own it now” route, it means that you’re buying the property for a specific amount despite the current bid amount, thereby skipping the competition aspect. It’s what makes hubzu.com stand out from many other real estate auction sites out there.
Each listing page will have photos, property details such as how many bedrooms it has and when it was built, a short description, and more. There’s also a map showing you where the property is located as well as the property’s address. Two useful aspects of each listing are the ability to use the Home Value Estimate widget, which shows you the value of the property over a span of several months, and the Mortgage Calculator widget, so you can determine if the specific property is worth it for you to purchase. Each page also lists the agent as well as their license number. Once you register, you’re able to receive information on upcoming auctions.
Property fees differ from one listing to the next. For example, on one property you may just have to pay a technology fee while on another you may have to pay the technology fee as well as “Earnest Money.” Registration for hubzu.com, however, is free. The seller is responsible for paying the owner’s title insurance as well as title search fees.
Hubzu is owned by Altisource, a large servicer of default REO loans. Many of the auctions on Hubzu are for foreclosed properties. With a free account on the site you can sign up for email about new property auctions in your area.
Live help is available on hubzu.com, so you don’t necessarily have to wait for an email response if you need a quick answer. Check out the site today to see if it holds a property which you’ve been searching.