HUBZU Experiences Revisited

[Peter Thomas]

I've been tracking some REO properties on HUBZU and have a few questions:

1. One particular property is listed on MLS at full retail price. The full retail price would be the market value AFTER the property is rehabbed. Most people indicate the MLS prices are below market value to attract interest but I'm not seeing that here in the LA area. Your insights?

2.  If a bidder wins an auction but the reserve is not met, does HUBZU contact all the bidders of that auction with a "buy it now" price or only the highest bidder?

3.  HUBZU has a no shill policy.  CA law prohibits shill bids unless disclosed.  However, on one particular auction I'm following, I continually see one bid at or very near the opening bid price on every other auction.  Of course, the property goes back to auction within 30 minutes of the auction ending when there is a bid ... and the new price is usually reset above the price of the "failed" bid.  Do you think banks are still bidding against themselves to inflate prices or is it just another investor trying to get a reading on the reserve price?

4.  One auction states: SPECIAL SERVICING CONDITIONS APPLY.  Bid/offer review and contract generation may take several weeks.  Does review typically take several weeks or does it happen faster?

thanks for any insights you can provide!