How I lowered my offer by 10k on Hubzu after offer acceptance!

[Paige Kelsey]

My Hubzu story.........so far.......... 

HUBZU- listed a property I had thought about picking up at auction. The bank wanted 205 at auction and it was 3 units. A main house and two cabins. Hubzu listed the property as a 3 bed 3 bath 1500sq ft unit starting at 136 and by the time allotted it went up to 159k.The reserved had not been met. I had lost the bid but I knew that the home when it went to auction the bank wanted 205,000k. My guess  was the reserve had to be around 185k. I knew when I had run the numbers I didn't want to pay more than 175k. The truth on this one was that I just but in a back up bid at 159k just to see. The next thing I knew the bank accepted my back up bid. Whaaaaatttt????Keep in mind, I thought my numbers would have worked fine at 175k.  Now for what I found out. Hubzu is crazy to deal with. Basically it is like dealing with an Indian call center.  There are so many grammatical mistakes in just the one sentence emails it is incredible. What I found was that HUBZU does not have boots on the ground. They listed the property as with tenants do not disturb. It was vacant. They listed it as a 3/3 1554 sq feet. El paso county has it as a 700sq ft 1/1/ Good news. They don't know the difference. I said, " I bid on a 3/3 it is a 1/1 and only  half of the square feet. I asked for them to come down to 105k. They did not but did come down to 146k with all of there closing included. The bottom line on this is that by doing due diligence, you know more than whoever this out of country call center is about the property. I   (fingers crossed) should end up with a 2/2 house with 2 separate cabins a block away from the center of town in Manitou Springs! Lesson learned- HUBZU- YES PLEASE but know that you can negotiate AFTER YOU ARE UNDER CONTRACT!!!:)