Hubzu - Any surprises?

[Greg Grant]

So I am new to this, but have been browsing through hubzu for  a couple months now.  And I wasn't planning on bidding on anything yet, I definitely want to start small.

I've been making a list of properties that catch my eye and either visiting them in person or viewing the pictures and making little notes on what needs to be done, and what the price progression is along with comp info.

The other day I came across a condo for under $30k (reserve has already been met), the comps are $52-$55k and it is in pretty decent shape.  Only small cosmetic things need to be done.

So that got me thinking, that maybe I should bid on it.  Now don't get me wrong, I'm not mesmerized by the auction environment at all.  I have the will power to pass it up.  But I wanted to clear up any Hubzu issues in my mind first.

Is there any info/advice someone would be willing to offer me when dealing with hubzu?

I've done some searching and seen people complaining about not getting the property when they had the highest bid and then the property got relisted and so on.  But I figured that property probably didn't meet the reserve and that person didn't know about the reserve.

I've also seen many post's from people saying the title company Hubzu uses is a nightmare to deal with and that anyone buying from hubzu should spend the extra $'s and get their own title company.

Anything else?