The bid deposit is a hold placed on your credit and not an actual charge. If you are not the selected bidder or your bid is not "under review", the hold will be removed within business days after the auction cycle has ended.
If you are the selected bidder, the bid deposit will be released once we receive your signed purchase and sale agreement or PSA and we receive confirmation from the third-party escrow agent that your earnest money deposit or EMD was received within the required time frame. The bid deposit hold can become a charge on your credit card if you are the selected bidder and fail to fulfill certain obligations.
If you are the selected bidder and you fail to deliver the purchase and sale agreement and the earnest money deposit within the required time frame, the hold will be converted into an actual charge on your credit card in the amount of the bid deposit hold.
This information and more can be found on Hubzu. We are happy to assist you. I won the bid and less than a day after receiving an automated email that the bid was under review, the same property was relisted! I know about reserve price and there was nothing indicating that the property has a reserve price or how much it is. I'm contacting my bank to reverse all charges from Hubzu.
This is such a pathetic way to do business. Hubzu is the definition of unprofessionalism. Hello Hussam, We take our customers feedback very seriously and Hubzu is committed to providing a fair and transparent experience. When an auction marketing cycle ends, the Seller, and not Hubzu, determines if they wish to select a bid to proceed with. Or, the Seller may accept a lower bid or negotiate with a bidder. If the Seller decides to remarket the property in another auction, we encourage you to bid again regardless of the amount.
You may be able to negotiate with the Seller after the auction marketing cycle ends. We apologize for any misunderstanding and we hope this information will better assist you in future bidding. If you have any additional questions feel free to contact us at customercare hubzu.
I placed a bid on the wrong property Bid was cancelled Deposit was returned. No major problems.. Hi, Thank you for sharing your feedback. My real estate agent and I placed a bid on a house. Hubzu did not post a minimum "meet price". My agent tried to contact Hubzu, but like many other reviews I have seen in the internet, they are unreachable by emails and phone. If the bank established a minimum price, they should disclose it.
Shady business practice. Customer service does not answer or call back. I am trying to bid on a property for a client. I am not willing to use my card so I entered my clients card info and it will not remove my email address from form and is not going thru.
Today is Saturday and I started on Monday. I have called 7 times, reps are busy. Emailed no reply. Guess they want buyers to go on their own so can keep commission.
This review is 2 years late but I want to review them because the transaction went smooth. We were our own Realtor on this one. We got a good deal and are quite happy with the results. We will use them again. Behind there is a broker that sells out of the MLS. I made my offer, the time of the auction ended. The system said: "congratulations! The web portal has its own offer to raise the price automatically In customer service they never answered my complaint.
Hi Diego, We are sorry that your experience during the auction did not meet your expectations. This rule is in place as a protection measure to prevent a practice called auction sniping, which is the act of placing bids at the last moment in the hope of denying other bidders time to place a higher bid. It is our goal to make your experience as easy and stress-free as possible. If we can provide further assistance at this point, please contact us at customeradvocacyteam altisource.
We thank you for your business and hope to meet your expectations in the future. I bid on a house I won the bid and they send me sellers agreements to sign them they said some was getting in contact with me to pay the earnest money in 48hr I was expecting someone to contact me but instead 2 days later I got a text saying oh no been out bid try bidding again.
After I was excited waiting to do the closing this is what I get. Don't trust this website. Hi Claribel, Thank you for your feedback and please trust that we will investigate this matter. Please send us your contact details including your complete name, preferred contact method, contact number and best time to reach you. You can send your information to customeradvocacyteam altisource. Once we receive these details, we will aim to contact you within 2 business days with an update.
I was the highest bidder for a property that had No Reserve Shown, neither was there a symbol on the website that alerted me as to any mention of reserve not being met after I was the highest final bidder. I received an email stating that I was the highest bidder, my offer was under review and it could take up to a week to hear back whether my winning bid was accepted.
After many calls and contact with agents, I still had no answer from Hubzu. I called my bank today and had all credit card transactions frozen through Hubzu, wouldn't you know I finally heard back from Hubzu today as well. Again both things happened in the same day, this does not sound like a coincidence, more like fraud. They held the hold on my account and never let me know what was happening for almost 4 weeks. HUBZU has their "5 easy steps" process. None of the people who works for them has no clue!
Is there anything we can do to help? A member of our customer care team would be happy to assist. Why do you give everyone the same answer. They have already given their number and called numerous times. Take care of these people. I am potential buyer. But will not buy until you take care of my fellow Americans Be careful we might all get together and file charges.. Hi James, We appreciate your feedback.
In order for us to be able to better assist our customers, we need important details such as complete name, property address and contact details. There are times when some of these details are missing hence, we need to ask for it. Rest assured that we are assisting our customers who post these reviews. Please reach out to us via customeradvocacyteam altisource. It actually got worse After I won the bid. They sent me the following email I just received an instruction from seller that we need to cancel this contract due to legal issue.
Seller did not share me more information on what exactly the issue is but property cannot be sale at this time. The offer needs to be cancel. Once again we apologize for the inconvenience caused. Thanks, Tonrei. I'm grateful to everyone that took the time to write an honest review about this scam of a company.
I actually fell asleep while bidding and was out bidded. I woke up at 3am to learn that I won the bid? Additonally, I got suspicious when the I found the same property actively listed on a local real estate site.
I called my credit card immediately after reading all of these negative reviews. It looks like this is their business model. Getting over on people.. The auction is not a real auction. They looking for a persons ho don't understand nothing regarding real estate. They biding agents you and if they can't get price bank want they say auction is ended unsuccessfully. It is not auction it is regular real estate office looking to get price bank wants. Don't call this scam auction.
Call it by it real name. Shill bidding is when the seller or someone else connected to the seller, artificially bids up the property so the seller can get a better price.
But what they do is proxy bidding or counter-bidding. Hubzu is not the only website that does counter bidding, Auction. So, the auction house is bidding on behalf of the seller without revealing their identity until the reserve price is met. As their website mentions, in some states, they are required to reveal the counter bids. If you win the bid get and email from Hubzu, make sure you sign everything, and return it to the seller in the time specified in the contract.
I should warn you, the contract favors the seller but there is nothing you can do about it. They are not going to change it for you. After the contract is signed you will have to pay cash or get some kind of financing that does not require inside inspection.
Line of credit or private money loan may be a good solution. You can find a list of reputable hard money lenders on our website Rentce. Finally, you are at closing and you ask for keys? Imagine your surprise when you learn that there are no keys. Get your handyman or locksmith and change the locks. This happens and the best way to deal with this is Cash for Keys. Only give the cash when all the belonging are out and you have changed the locks.
Get the occupants to sign a form. There are deals to be had on that site. Few and far between for me. But even if its one deal every 5 years like this one, thats still one unbelievable deal every 5 years. I'll keep after this one and if I have any other info on my experience with the process I will post it. Mike H. Drew Denham. I wish. I am an opportunistic buyer maybe. But definitely not a cash buyer. Nope, I'm just a bottom feeder that watches every source of deals there is and have been able to get lucky that, lately, there seems to be one really great deal almost every month.
My last 5 deals have come from: HUD , hubzu, homepath. They were all on MLS. Although the one hubzu deal seemed to have slipped thru the cracks on MLS and wasn't there for several months - which is why I think I was able to get it so cheap. But my model is very simple. That limits my out of pocket on most deals to anywhere from 5k to 8k. In this run, there were a couple of houses I went over that out of pocket just to make the numbers work and because I really wanted the house.
The real reason I did it was because I was so anxious to hit that 20 property mark before the prices went too high and it priced me out of the market. That 20 number was really my dream goal when I started 7 years ago. Who knew I'd end up going on such a crazy run like this.
Since the end of October of last year thru the 27th of this month when I close on 32 , I will have added 13 homes. And this was after averaging 3 homes a year every year for 6 years.
So that is not a typical pace for me by any means. I think the deals were always out there. But I never had the kind of financing options I have today. Great hard money lenders. And my end loan financing has really opened up. The local banks are all doing the refi's for me. Whereas, in the past, one bank might be doing them and the others were saying they couldn't do any more.
Then that one bank would stop and another would start up again. It was a huge task trying to find end loan financing during the bust period. I spent ten times more of a time trying to find financing than I did trying to find deals. And I'm sure this run will end. He pulled me aside and told me that I needed to take advantage of this run and keep buying every single one of these that I could - because there's no way it was going to last forever.
Whats helping is that I now have built up a really nice chunk of cash flow so that my rental income is now feeding the out of pockets costs on the deals. But I also cashed out my k and used most of it to feed some deals right before I went on this run. I really thought the home pricing was done for me so I figured it was ok to put that money into a couple of deals.
Little did I know I would get this many homes. I am now refinancing one of those houses to pull 20k of those funds back out. Every single dollar counts when it comes to my reserves and my ability to continue adding homes while I can. Whats even more amazing is that the cash flow on the deals I've picked up during this run has been even better than on the deals I was getting during the bottom of the bust. I'm now getting to a month in gross profit.
Which, relatively speaking, is pretty good considering I'm all in on these properties at 5 to 7k I have a couple of posts in that thread but one of the ladder ones shows the numbers on my last 3 deals - i. I would be happy to look into this and answer any questions you may have. Please send me your contact information to [email protected]. No, they never show what the reserve price is. If you win an auction, and the bid is less than the reserve they will send you a counter offer usually after it's over, which will basically give you an idea of where they are.
Thanks for the info guys, this has been helpful. I just ended an auction being the highest bidder but I didn't get an automated counter offer, just an email saying the bid on the property was unsuccessful.
When you guys got the emails with the counter offers, were they in addition to the notification that your bid was unsuccessful? Did you get 2 emails or 1? I have been bidding for weeks on a distressed property and have gotten the same run around that others have posted on this forum.
The photos they had listed were not current. I enlisted the help of a local agent and then drove over miles to view it myself. When I questioned Hubzu before I saw it in person- they stated their contractor had "addressed the needs" but that does not mean repaired.
I am of the belief that they may have phantom bidders - as the only person that has bid other than me has been the very same person - and those bids appear right after my high bid has been refused and the property has been relisted at a lower bid. I have asked to place a standard real estate bid at a fair appraised price and have been ignored or refused. BTW - my customer service contacts stated they were in Philippines rather than India.
Great potential property but no longer interested due to Hubzu practices. Only on some occasions do they send an Email stating a buy it now offer price. Other weeks that Im bidding Ive been bidding on and off on a specific property for over 2 months now , they will send the "Unsuccessful Bid" Email. When people say to plan on waiting a long time, they aren't kidding.
I expect this particular auction to last several months- without any rhyme or reason on the price. Week 1: Cute little house around the corner comes online.
I wait as suggested above until before the end of the bid. I have the highest bid, but the reserve is not met. Once again, I bid before the end, and leave the auction as the highest bidder. Fine, I think, since I'll play this game next week.
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