All Forum Posts by: David Brummond

Many of these questions were covered in my earlier post. 

@steven segal: The seller will pay the expense of Title Insurance "if" you use their company. I recommend you use a local title company that will perform a search and issue the title insurance. A customer I worked with was stuck with a bill by the local community when the bank failed to respond. And just like the entire process with Hubzu, you will not be able to contact the listing agent directly so your agent is only available to have contact someone in Mumbai India. 

@drew engel: Your agent is probably very frustrated in dealing with the maze that Hubzu has for contact. As I mentioned above, he only has email contacts with the seller and title company, if you get that far and they are in India. If the auction has ended Hubzu will contact the highest bidder and will offer a price that higher then the highest bid. If they do not come to an agreement Hubzu will restart the auction. It is possible Hubzu suspended the auction for some reason. I have not had any experience with that, so I cannot advise you on that. 

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.