All Forum Posts by: Matt Overbee

Hi Billie,

You can add me, I'm in Antioch. Thanks!

Matt O.

@Mike Yerardi

The bank is going to stick to their processes for selling these assets. They have no interest in taking calls and negotiating directly with a bunch of investors on every individual REO they take possession of.

Your first chance was probably buying at the county Sheriff's foreclosure auction, or however they auction off foreclosed properties in your area prior to the bank taking possession.

I was able to close on a Hubzu with conventional financing, I got to think HML wouldn't be an issue.

I agree with a discount brokerage. I am in the same boat as you just using mine for my own info purposes, and to see and list my own houses.

You'll have to join a realtor association as well to get the MLS access, and they also provide a lot of training material and support.

Not sure what part of IL your in, but I'm with a very good local low cost brokerage covering most of northern chicagoland and burbs. No monthly fees or other costs (other than joining an association). And very friendly commission splits that get better after every deal. The managing broker has been very helpful in coaching me through my first transactions.

If interested let me know.

Hi @Tiffany Buoni

The lender was WJ Bradley Mortgage Capital. 

Agree with @Will R.

I suspect this is very much being driven by the hotel/resort industry to get rid of this new competition. It may seem like reasonable requirements at first, but if it's passed into law, the industries foot will be in the door and that law will continue to grow and become more and more complex and costly until they have it the way they want it. Just look at the history of any law... ever.

This was a line of REI I was interested in, will definitely have to keep tabs on these developments. Thanks for sharing.

It's a road to nowhere... For the listings in my area, the MLS listings are posted by someone who I believe just posts the Hubzu houses only. I never see the company/brokerage (I think it's Real Property Services or something similar) ever involved in any other type of listings.

You'll likely get a canned response from the "listing agent" that all offers must be made through Hubzu. They'll just keep reposting the auction every week until there's a winning bid that meets the reserve or a winning bidder that accepts their counter-offer if the bid didn't meet the reserve.

Hi @Helder Cristovao

They usually give 30 days, give or take a few days to close. And they will start charging a late fee per day if it's delayed on your end.

If you search on the term "Hubzu" on this site you'll find a lot of people shared their experiences. I did as well. You are correct there is not a lot that makes sense with their process, you essentially have no attorney review period, other than the 24-48 hour period they give to sign the contract and send it back. Although I will say the sample is pretty close to what you'll eventually get. Either way, definitely pay the extra $$$ to use your own closing company.

These are a few good threads:

http://www.biggerpockets.com/forums/311/topics/153...

http://www.biggerpockets.com/forums/311/topics/145...

@Susan Maneck 

Basically their contract is completely in their favor. And there is ZERO negotiation on the terms. Take it or leave it. 

I believe late last year they started to allow for a Financing contingency on the REO's they sell. But prior to that when I bought mine there were no contingencies, financing or inspection contingencies. You either have to close or lose your 3% EM deposit. And you had to close in like 30 days or they would start charging added fees each day for delayed closing. So there are added risks with them that are not present with your standard REO purchase.

I think those terms tend to scare away your average non-investor buyer.

I think they have a sample contract on their site. 

Congrats! @Jay H. 

@John Gambone  Put "hubzu" in the search and you'll find quite a few threads on them. I shared my experience in some good detail on a few of them.

These are a few good ones:

http://www.biggerpockets.com/forums/311/topics/153...

http://www.biggerpockets.com/forums/311/topics/145...