Hubzu

[David Brummond]

I read an older discussion on the website Hubzu and having recently been involved in a sale with them, I felt an update was needed. Hubzu is an auction website for bank foreclosed properties. During the transaction I was involved in, I found that the info listed in the MLS to be inaccurate, and the broker non-responsive. The process is a maze designed to maximize the sale price. If you win the bid but have not met their reserve, they will offer a lower price. If you pass on that they will auction again and if you win they will make a slightly smaller offer. This continues until you agree. From this point forward you work with people from India. You will be given a choice of using their title company at no cost, or paying for a local title company to prepare the HUD and close. Their title co. is Premier Title out of Atlanta but you will be dealing with someone in India. Usually all liens are settled and you get a clear deed. But that does not mean that the local municipality does not have open claims for cleanup, utilities etc. At this point all correspondence is ignored which includes Premium Title. You may be better off paying a local title company to provide a real title policy, particularly if the municipality also supplies electricity and gas.