Hubzu accepted! ADVICE NEEDED!

[Erik B.]

Looking for experience with Hubzu process after bid acceptance.

I am the winning bidder on property of of hubz. We found out Wednesday night at 4:30 pm and they are giving us 48 hours to sign the PSA and send it back. Then it seems within 48 hours of that I have to submit the EMD. First problem is that today is Thanksgiving. Tomm is Friday most everyone is off and then the weekend is here. I dont even know if I can have the attorney review and agent sign before the weekend.

Second potential issue is the listing stated that financing was ok for this property but the PSA looks like it is stating otherwise AND they set a closing date of Dec 17th (3 weeks!) Somewhat new to REI but I don't think hard money can close that fast and can title search be fully executed in 3 weeks?

I've made calls to lawyer, HML, and other funding sources but being its a holiday I wont expect a answer untill tomm the earliest.

Anyone have experience with this? Is this normal for them to put up a closing date 3 weeks a way? If you get a notice of 48 hours on a friday evening does that mean Sunday evening or do they mean 48 business hours?

Really want this deal but the way it fell on a holiday with their ridiculous timelines I'm getting a lil cautious about cutting  that check if I cant get the funding complete in 3 weeks.

Any insight would be greatly appreciated!

[Ted L.]

Now that you have won the auction, the real work begins with Hubzu. Yes, they actually expect everything back in 48 hours. The process is very automated. You are going to need to get on the phone in the morning and do everything you can to try to get ahold of someone. I had a similar experience with Hubzu and managed to get it to close. We were sent the contract at 4:30 on a Friday and it was to be signed by Monday morning. The problem was Monday was a legal holiday. The offshore contact person we had didn’t care. Somehow my attorney was able to get it straight. To some degree, you can’t negotiate the terms anyway so I don’t know how much your attorney can do. The only thing I knew from a previous transaction was to not accept their “free title insurance”. I checked the box that I would obtain my own title insurance.