Anyone have experience with Hubzu?

[Ruth Lyons]

I bid on a property and stopped when it got to my highest possible bid. It looked like it got bid up way past when it was reasonable. Two days later, I got an email that it's being re-listed at the original starting price. Is the site a scam? Has anyone bought a property successfully from the site? What was your experience?

[Ruth Lyons]

Thanks for the comments everyone. Just an update. Since I posted this question nearly 3 years ago, I have bid on a few properties, however, I have not personally acquired a property from Hubzu because the reserve prices were ridiculously high. As an agent, I recently helped a client acquire a property and it went smoothly. In my experience, it takes patience and perseverance to pursue a property (for the reasons noted by Jeff Wallace in his comment above).