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Frequently Asked Questions

ABOUT HUBZU

WHAT TYPES OF PROPERTIES ARE AVAILABLE FOR SALE ON HUBZU.COM?
Hubzu offers studios, single family, 1-4 unit multi-family, condominiums, townhomes, mixed use, mobile homes and land.
WHAT TYPES OF SALES ARE CONDUCTED ON THE SITE?
Hubzu offers three types of buying opportunities:
  1. Auctions
    In Auctions, sellers consider bids for a finite period of time. If you have the highest bid at the close of the stated bidding period and that bid meets or exceeds the reserve price (the lowest price the seller will consider for the house), you will be the winning bidder. For properties with Special Terms, additional approvals may be required.
  2. Own It Now
    Available for select auctions. If you don't want to risk losing the property to another bidder, choose Own It Now to automatically become the winning bidder.
  3. Traditional Sales
    Make an offer and the seller reviews it. The seller will approve your offer, reject it, or request different terms. If the seller requests different terms, you have options: agree to the new terms, decline them, or offer different terms. When you and the seller agree to a price and terms, the closing process begins.
WHAT IS THE DIRECT TO BROKER PROGRAM?
Hubzu's Direct to Broker Program allows third-party licensed real estate brokers and agents the opportunity to add their properties on Hubzu, providing broader access to potential purchasers. For more information, please see the FAQ section Listing Agents: Selling on Hubzu.com below.
WHAT ARE THE BENEFITS OF BUYING REAL ESTATE ONLINE WITH HUBZU?
Hubzu properties are a great value and buying online offers several advantages:
  • You can do it all online
    Find your property, bid on it or make an offer, win the auction or have your terms approved and submit documentation on Hubzu so you can proceed to close.
  • It's easy
    We offer tips, tools and support each step of the way.
  • It's transparent
    No more wondering how your offer is being presented. You get to see what others bid or offer, so you don't have to guess what your next move should be.
  • Get real-time updates
    In auctions, know instantly if you're the highest bidder. You don't have to wait for a seller to review your offer and respond.
WHO OWNS THE PROPERTIES FOR SALE ON HUBZU?
Properties are either owned by individual homeowners represented by licensed real estate professionals or by financial institutions that have acquired these properties through foreclosure or other means.
HOW DO I KNOW IF A HOUSE IS OFFERED THROUGH AN AUCTION OR TRADITIONAL SALE?
The quickest way to identify the type of sale is to look at the action button for the property. If the button says "Place Bid" or "Place Back-up Bid" then it's an auction. If the button says "Make Offer" or "Make Back-up Offer", it's a traditional sale.
AT WHAT PRICE ARE THE SELLERS WILLING TO SELL THEIR PROPERTIES?
In an auction, the reserve price is the lowest price a seller will accept for the property. If the reserve has been met, the highest bidder at the end of the auction may win the auction. In a traditional sale, the list price is the price that the seller thinks the property is worth, although you can offer less to see if the seller will approve a lower amount.

For our Direct to Broker program and Short Sale properties with Special Terms, any bid or offer is subject to seller approval and the seller can consider all bids, regardless of price.

MY HUBZU ACCOUNT

DO I NEED TO REGISTER TO BID OR MAKE AN OFFER ON A PROPERTY?
Yes. In order to access many of the features on Hubzu, including bidding and making an offer, you must first complete the registration form and agree to the Terms & Conditions. Registration is free and easy.
HOW DO I REGISTER WITH HUBZU?
Click "Register" in the upper right-hand corner of the page. Fill out the registration form and submit your information. You'll receive a confirmation email that contains the link you'll need to complete the registration process.

Keep your username and password handy; you'll need them to sign in to the website and do more with Hubzu.
I DIDN'T RECEIVE AN EMAIL WITH A LINK TO VALIDATE MY EMAIL ADDRESS. WHAT SHOULD I DO?
Go to Sign In and choose Regenerate Validation Email. If you don't receive the link after a few minutes, please contact Customer Care at 855-882-1314 or CustomerCare@Hubzu.com. Hubzu associates will be happy to help you complete your registration.
WHY DO YOU ASK FOR THE LAST FOUR DIGITS OF MY SOCIAL SECURITY NUMBER, AND HOW DO YOU PROTECT THIS INFORMATION?
We require the last 4 digits of your social security number as an additional verification step to protect our customers against potential fraud. We only use this information to verify your identity and don't store it anywhere in our system. All information you give us also travels over a secure, encrypted connection so it remains protected.
AFTER I REGISTER, HOW DO I CHANGE MY USER INFORMATION?
After you sign in, go to My Hubzu and from your account section you can change your profile information. Simply make changes within the appropriate fields and click Save Changes.

SEARCH/WATCH

HOW DO I VIEW PREVIOUS SEARCHES?
If we recognize you or you previously searched Hubzu while logged in, just click Recent Searches from the homepage or a search results page to access your previous searches.
HOW DO I SAVE MY SEARCHES?
After you search or refine your results, look for and click the Save Search button toward the upper left of a search results page. Name your search for future reference.
HOW DOES THE WATCH FEATURE WORK?
Click the Watch button on the search results page or the property's details page and the property is saved to your Watched Properties list in My Hubzu. Access your watched properties from My Hubzu or through your account features displayed in the My Hubzu tab on the homepage or search results page.
WHAT IS PRE-MLS?
An agent may opt to list a property on Hubzu for a short-duration auction before it's made available in the local Multiple Listing Service (MLS). During this time, the property is categorized as "pre-MLS" and is open for bidding. If the pre-MLS auction is unsuccessful, the property may be relisted on Hubzu.
WHAT IS A SHORT SALE?
When a property is sold as a Short Sale, the seller's expected proceeds from the sale may fall short of the total amount owed to the mortgage lender or lien holders. Because of this shortfall, the mortgage lender and any lien holders must approve the sale in addition to the seller. The seller in a Short Sale is the current homeowner.
WHAT IS THE DIFFERENCE BETWEEN REO AND SHORT SALE?
An REO, or Real Estate Owned property, is a property typically owned by a bank or other financial institution. The bank assumes ownership of the property after an unsuccessful foreclosure auction. In a Short Sale, the financial institution does not own the property, and the property has not yet been auctioned at foreclosure; however, completing a Short Sale transaction does require the financial institution's approval.
WHAT IS THE ASSISTED SHORT SALE PROGRAM?
The Altisource® Assisted Short Sale Program offers support to financial institutions during the short sale process by handling lien negotiation and title analysis and listing the property for online auction. Once a bid is accepted, further assistance is given by packaging closing materials and coordinating the closing.
HOW DO I FIND SHORT SALES ON HUBZU?
Listings on Hubzu are classified as "Bank Owned", "Non-Bank Owned", and "Short Sale." Simply use the Search Filter to narrow your results to only the "Short Sale" listing type.

BEFORE BID/OFFER

DO I NEED TO PAY A FEE TO SUBMIT A BID OR OFFER?
No. There are no fees or deposits required to submit bids or offers on Hubzu.
IF THE HOUSE WAS ACQUIRED BY THE SELLER THROUGH FORECLOSURE, DOES THE FORMER OWNER HAVE A REDEMPTION PERIOD?
Unless otherwise indicated, if redemption periods existed, they have expired.
WHAT DOES IT MEAN WHEN A PROPERTY IS SUBJECT TO REDEMPTION?
Redemption is a former owner's legal right to reclaim their property via payment—typically of the entire loan amount plus fees—within a specified amount of time after foreclosure. Buyers should know the following about purchasing a property subject to redemption:
  1. The buyer does not obtain a fee simple interest in the property at the time of sale. The title does not vest until the redemption period expires.
  2. The buyer may not take possession of the home until the redemption period expires or is terminated under the laws of the state.
  3. The former owner must pay the buyer the bid amount originally accepted at the foreclosure sale, plus interest and certain other costs, if redeeming the home after it has been purchased by the buyer.
  4. Each state's redemption laws and timelines vary, so be sure to consult your real estate attorney for more information.
SHOULD I INSPECT THE PROPERTY BEFORE BIDDING OR MAKING AN OFFER?
Yes. Auctions usually have no inspection contingency period, so buyers should inspect all auction properties prior to bidding. While traditional sales usually have a seven-day inspection contingency period, inspecting the property upfront will help you make an informed offer. It's always a good idea to visit the property before your bid or make an offer. To arrange a visit, see the FAQ "How do I visit the property in person?"

For third-party listings through our Direct to Broker program and Short Sale properties that have Special Terms, inspection terms will be outlined in the Purchase and Sale Agreement ("PSA") which is outside the control or input of Hubzu.

Note: Certain bank-owned properties are occupied. Attempting to inspect or visit these properties may be considered trespassing. Please refer to the property's details page to determine if you can visit the property .
WHAT ARE "SPECIAL TERMS"?
Some properties listed on Hubzu have special sale requirements and/or conditions. These requirements and conditions are called "Special Terms" and apply only to a specific property. If the "Special Terms" for a property conflict with the Hubzu Terms and Conditions, the "Special Terms" will apply to the transaction. The Description tab of a property will designate whether "Special Terms" apply to the property.
HOW DO I VISIT THE PROPERTY IN PERSON?
There are three ways to get access to a property:
  1. Attend an open house. If an open house is scheduled for the property that interests you, details will be displayed on the property's details page.
  2. Choose the "Visit" button on the property's details page. After you fill in your information and submit, the referral agent will contact you to set up a showing.
  3. If you are already working with an agent, ask your agent for a showing. Your agent can secure the property access code from Hubzu or the MLS listing.

Note: Certain bank-owned properties are occupied. Attempting to inspect or visit these properties may be considered trespassing. Please refer to the property's details page to determine if you can visit the property.
WHAT IS AN OCCUPIED PROPERTY?
An occupied property is one in which the seller believes people may be living.
HOW DO I KNOW IF A PROPERTY IS OCCUPIED?
We clearly identify occupied properties on the site. Look for this information in search results or on the property's details page.
CAN I VISIT AN OCCUPIED PROPERTY?
No, if the property is Bank Owned, then visiting an occupied property is not permitted. Attempting to inspect or visit an occupied property may be considered trespassing.

For third-party listings on our site through our Direct to Broker program and Short Sale properties, please contact the listing agent directly for showing instructions.
IF WATER IS TURNED OFF, CAN I HAVE WATER SERVICE ACTIVATED DURING INSPECTION?
Water activation is not allowed. By using a compressed air method to test the plumbing system, you can determine whether the system is intact without compromising winterizations.
IS THERE ANYTHING ELSE I SHOULD DO BEFORE I MAKE AN OFFER OR BID ON A PROPERTY?
Yes. If you are financing your purchase, get pre-approved for a loan. This will help you know how much you can afford, and a pre-approval letter will make your offer more enticing to the seller. Set aside money for the earnest money deposit and don't forget to factor possible home repairs into your budget.

For Short Sale properties, be prepared to submit documentation of the funds that will be used to purchase the property. The seller's lender will require documentation of funds in order to approve the Short Sale.
WHY DO SOME PROPERTIES HAVE "OWN IT NOW" AND OTHERS DON'T?
The Own It Now option is only available on select auction properties. It is the seller's choice to offer this option, which may be turned on or off during the auction.
CAN I FINANCE THE PURCHASE OF A PROPERTY ON THIS SITE?
In most cases, yes; however, the seller chooses whether to accept financing or not. If financing is not accepted, the buyer must pay cash for the property. Look for "Financing Considered" or "Cash Only" under the Place Bid or Make Offer button on each property's details page. Place your cursor on "Financing Considered" to see which types of financing the seller will consider.

Note: Not all properties will qualify for loans; check with your lender to be sure.
WHAT IS THE DIFFERENCE BETWEEN BIDDING ON A PROPERTY AND MAKING AN OFFER?
When you bid on a property, you're participating in an auction. Auctions have set time limits. If the reserve price is met at the end of an auction, the bidder with the highest bid may win the auction. In many auctions, if you don't want to risk losing the property to another bidder, you can choose to Own It Now and instantly become the winning bidder.

Making an offer is the traditional way of purchasing property, but on Hubzu, you can do it all online. You can also see what others are offering on the property so you can make more informed decisions. Traditional-sale properties have a list price, which is the price the seller believes the house is worth. This is the price the seller is willing to accept for the property. You can offer less than the list price, but the seller may not accept your offer terms.
WHAT IS THE COMMISSION FOR THE BUYER'S AGENT?
Contact the listing agent for commission information on the sale of a property. Commission amounts vary.

The sellers pay the commission fees; buyers are not charged commission fees.

AUCTIONS

HOW DO I BID ON A PROPERTY?
If you're not a registered user of the site, you must first register for a free My Hubzu account. Once you're registered and signed in, you can bid from the search results page or the property's details page. Follow the prompts; we guide you through each step. All bids must be submitted through the website; sellers will not consider faxed or emailed bids.
WHAT IS A RESERVE PRICE?
A reserve price is the minimum price the seller is willing to accept for the property in an auction. The reserve price is set by the sellers and is not shown to buyers on Hubzu; however, some online marketing partners may display it as the listing price. The property's details page does show if the reserve price has been met, but bidding for the property will continue even if the reserve price is met. The seller may choose to relist the property if the reserve price has not been met.
DOES HUBZU PERFORM OR ALLOW SHILL BIDDING ON BEHALF OF THE SELLER?
No. Hubzu does not allow or endorse shill bidding, which is defined as the act of bidding on your own auction against other bidders to raise your final sale price. We also will not perform shill bidding for any of our sellers, as we believe it's unfair to buyers and goes against our policy of auction transparency.
WHAT HAPPENS TO THE PROPERTY IF THE AUCTION ENDS AND NO ONE MET THE RESERVE PRICE?
If an auction ends without the reserve price being met, no winning bidder is declared. However, the seller reserves the right to accept a bid lower than the reserve price, to propose new terms to the bidders, or to relist the property as a new auction or traditional sale on Hubzu.
DOES THE SELLER HAVE TO APPROVE THE HIGHEST BID?
Sellers have the legal right to approve or reject bids based on all of the components of the bid, including financing type and requested closing date. Even if the reserve price has been met, if the buyer asks for concessions, the seller has the right to reject the highest bid.

For Short Sale properties, both the seller and the lender must approve the bid. While the bid is being considered, the property will be marked as "Under Review."
DO I NEED TO UPLOAD PROOF OF FUNDS OR A PREQUALIFICATION LETTER WHEN I PLACE A BID?
Unless you choose Own It Now, you do not have to upload proof of funds or a prequalification letter when placing a bid. However, including this information makes your offer more attractive to the seller.

For Short Sale properties, be prepared to submit proof of funds to purchase the property when you submit the Purchase and Sale Agreement. The seller's lender will require documentation of available funds in order to consider approving the Short Sale.
WHAT HAPPENS IF SOMEONE OUTBIDS ME WHEN ONLINE BIDDING IS ABOUT TO END?
The act of placing a bid at the last moment in the hope of winning is called auction sniping and is intended to deny other bidders time to place a higher bid. To provide transparency and a fair bidding opportunity, we extend the auction time if a last-minute bid is received.

If you are outbid within the last 15 minutes of an auction, we will notify you via email and the auction will be extended for 15 minutes. The auction will be extended by 15-minute increments until 15 minutes have passed without bidding activity.

Note: We recommend you track email alerts and keep an eye on listings that are nearing their time limits.
WHAT IS A BACKUP BID AND HOW DO I PLACE ONE?
If the auction has ended, the reserve is met and the property goes under contract, buyers are able to place a backup bid. Backup bids are bids that may be considered if the property falls out of contract and becomes available again. If you're interested in placing a backup bid, select the "Place Backup Bid" button and follow the prompts.

Note: If the contract is not completed, the seller has the right to reject all backup bids and relist the property. Backups, no matter the amount or terms, do not have to be accepted by the seller.
IF I HAVE A BACKUP BID ON A PROPERTY AND THE CURRENT CONTRACT FALLS THROUGH, WHAT HAPPENS?
If the current contract falls through, the seller can review backup bids and select one, or reject all backups and relist the property. Backups, no matter the amount or terms, do not have to be accepted by the seller.
WHAT IS A WINNING BID AS IT RELATES TO THE ONLINE BIDDING PROCESS?
A winning bid is either:
  • The highest bid at the end of the bidding period that meets or exceeds the reserve price
  • A bid made for the Own It Now price

The bids for properties with Special Terms under our Direct to Broker program are at the discretion of the seller and subject to their approval. The seller may select a lower bid price with better terms or the highest bid.

Note: Sellers can approve or reject bids based on all of the components of the bid, including financing type and requested closing date. If the property is a Short Sale, the bid must be approved by both the seller and the seller's lender.
CAN I USE MY REAL ESTATE AGENT TO ASSIST WITH THE BIDDING PROCESS?
Yes. Real estate agents can register with Hubzu and submit bids on behalf of their clients. Agents must be actively licensed in the state where the property is located. Qualified agents are paid commission on the winning net bid. Commission amounts can be obtained from the listing agent and on the applicable Multiple Listing Service (MLS).
WHAT IS THE TECHNOLOGY FEE?
A Technology Fee of $299 is added to the purchase price of a property bought on Hubzu and covers the costs of our technology platform and related services.
WHAT IS THE BUYER'S PREMIUM?
Paid by the buyer at closing, this fee covers the costs of facilitating an auction sale on Hubzu and is calculated as a percentage of the bid amount. This percentage appears on the property's details page. Note: You may occasionally see a fixed dollar amount instead of a percentage as necessitated by certain property details.
WHAT ARE THE EARNEST MONEY DEPOSIT REQUIREMENTS?
The minimum required earnest money deposit is based on a pre-determined percentage of your winning offer amount. The required deposit ranges from 1% to 7%, but is never less than $1,000 or more than $15,000. To view the earnest money deposit percentage for a specific property, visit the property's details page.

For properties with Special Terms, the minimum required earnest money deposit is calculated by the seller, and outside the control or input of Hubzu. This minimum amount will be specified in the Purchase and Sale Agreement and may be held in a licensed real estate agent's escrow account or with an escrow company or closing agent. 

For Bank Owned homes, if you are unable to comply with the terms and conditions of the executed Purchase and Sale Agreement, your earnest money deposit may not be refunded. Otherwise, the amount will be applied at closing to the purchase price.
WHEN IS THE PURCHASE AND SALE AGREEMENT SIGNED?
For BANK OWNED homes:
After you receive notification that your bid was the winning bid, a transaction coordinator will contact you with instructions on how to complete and submit the Purchase and Sale Agreement (PSA).
Note:
  • Sign and return the Purchase and Sale Agreement within 48 hours of receiving it; be sure your file is no larger than 10MB
  • An email does not constitute acceptance of your bid. The winning bid is contingent upon completion of the documentation process (including seller's execution of the PSA) and is subject to the seller's final approval. The seller reserves the right to receive and document backup offers at any time

For Non-Bank Owned homes and Short Sales, the buyer and their agent will work with the listing agent directly to sign the Purchase and Sale Agreement. For Short Sale properties, the buyer and seller will also be required to sign a Purchase and Sale Agreement Addendum.
WHAT IF I DON'T SIGN AND RETURN THE PURCHASE AND SALE AGREEMENT WITHIN 48 HOURS?
For Bank Owned homes, if you fail to sign and return the Purchase and Sale Agreement within 48 hours, the seller has the option to unilaterally cancel your offer or bid.

For Non Bank Owned homes and Short Sales, the listing agent holds the responsibility for informing the buyers about the signing requirements.
WHAT IS A PURCHASE AND SALE AGREEMENT ADDENDUM?
The Purchase and Sale Agreement Addendum is an additional document required for Short Sales. This document will be populated with the appropriate pricing information and terms for Short Sale. The Purchase and Sale Agreement Addendum must be executed by both the buyer and seller and submitted to the transaction coordinator with the executed Purchase and Sale Agreement.
WHAT DOCUMENTS ARE REQUIRED FOR MY SHORT SALE BID?
Assisted Short Sales:
If the bid is for a property that is part of our Altisource® Assisted Short Sale program, the highest bidder must provide to the listing agent the following documents to complete a Short Sale bid:
  1. A Purchase and Sale Agreement signed by the buyer
  2. A Purchase and Sale Agreement Addendum signed by the buyer*
  3. Proof of funds documentation
  4. A Preliminary HUD-1 Statement**

*The Purchase and Sale Agreement Addendum will be sent to both the listing agent and buyer's agent to be signed.

**If the buyer chooses Premium Title Services as his or her own closing company, a Preliminary HUD-1 Statement is not required.

After the seller has signed the Purchase and Sale Agreement and Purchase and Sale Agreement Addendum, the listing agent will send these four documents to Altisource. Altisource will submit these documents to the lender for approval.

Independent Agent Short Sales:
Please contact the property's listing agent to determine the exact documents needed to complete your bid.

TRADITIONAL SALES

HOW DO I MAKE AN OFFER ON A PROPERTY?
If you're not a registered user of the site, you must first register for a free My Hubzu account. Once you're registered and signed in, you can make an offer from the search results page or the property's details page. Follow the prompts; we guide you through each step. All offers must be submitted through the website; sellers will not consider faxed or emailed offers.
WHAT IS A LIST PRICE?
The list price is the price the seller believes the house is worth. This is the price the seller is willing to accept for the property. You can offer less than the list price, but the seller may not accept your offer terms.
DOES THE SELLER HAVE TO APPROVE THE HIGHEST OFFER?
No. Sellers have the legal right to approve or reject offers based on all of the components of the offer, including financing type and requested closing date. If the property is a Short Sale, both the seller and lender must approve the offer.
CAN YOU KEEP MY OFFER AS A BACKUP IF SOMEONE ELSE GOES UNDER CONTRACT WITH A HIGHER OFFER?
Yes. Toward the end of the offer process, look for and check the box next to "If the seller accepts another offer for this property, please hold my offer terms as a backup for __ days." Indicate how many days Hubzu should hold your offer as a backup, then place your offer.

Note: If the offer falls through, the seller has the right to reject all backup offers and relist the property. Backups, no matter the amount or terms, do not have to be accepted by the seller.
IF I PLACED A BACKUP OFFER ON A PROPERTY AND THE CURRENT CONTRACT FALLS THROUGH, WHAT HAPPENS?
If the current contract falls through, the seller can review backup offers and select one, or reject all backups and relist the property. Backups, no matter the amount or terms, do not have to be accepted by the seller.
DO I HAVE TO UPLOAD PROOF OF FUNDS OR A PREQUALIFICATION LETTER WHEN I MAKE AN OFFER?
No, you do not have to upload proof of funds or a prequalification letter when making an offer but including this information makes your offer more attractive to the seller.

For Short Sale properties, be prepared to submit proof of funds to purchase the property when you submit the Purchase and Sale Agreement. The seller's lender will require documentation of available funds in order to consider approving the Short Sale.
HOW DO I RESPOND TO THE SELLER'S REQUEST FOR DIFFERENT TERMS?
When the seller requests different terms, we'll email you with the details of the request and a link to respond via Hubzu. You may choose to accept the requested terms, decline the requested terms or offer different terms.

For Short Sale properties, a Purchase and Sale Agreement signed by the buyer is delivered to the listing agent. The terms of the Purchase and Sale Agreement may be negotiated between the buyer and seller or their agents; however, the terms of the Purchase and Sale Agreement Addendum will control the transaction.
WHAT DOES "HIGHEST & BEST" MEAN?
If there are two or more similar offers on a property, the seller may initiate Highest & Best. If you made an offer on the property, you'll receive an email asking you to submit your Highest & Best offer.
Note:
  • If you choose not to submit a Highest & Best offer, the seller will consider your most recent offer as your final offer
  • All Highest & Best offers must be submitted on Hubzu within the timeframe established by the seller
  • You can only submit one offer and if you withdraw your offer, you won't get another chance
  • All Hubzu buyers have the opportunity to submit Highest & Best offers
  • The current highest offer on the property's details page remains the highest offer submitted before Highest & Best, which allows a level playing field for those who submit final offers
  • Even though Highest & Best is requested, the seller is not obligated to accept any offer
HOW DO I RESPOND TO THE HIGHEST & BEST OFFER REQUEST FROM THE SELLER?
You'll receive an email asking you to submit your best and final offer and a link so you can submit your final offer via Hubzu. If you choose not to submit a Highest & Best offer, the seller will consider your most recent offer as your final offer.
WILL HIGHEST & BEST OFFERS BE POSTED ON THE SITE?
Highest & Best offers are not displayed on the website until the seller approves one of the offers. At that time, the approved offer will appear as the Current Highest Offer on the property's details page.
HOW DO I UPDATE MY OFFER?
Before you can update an offer, you have to withdraw your current offer. To do so, sign in to your My Hubzu account. On your My Hubzu page, select "Manage" next to "Active Offers", then click "Withdraw" in the actions column next to the offer you wish to withdraw. After the previous offer is withdrawn successfully, you may place your new offer.
Note:
  • If you withdraw your offer once Highest & Best has been requested, you will not be able to place a new offer
  • You can only withdraw offers; bids may not be withdrawn
WHY WAS MY OFFER REJECTED?
Offers are typically rejected for two reasons:
  1. Another buyer submitted an offer with a higher price or more attractive terms, such as fewer concessions or a shorter closing timeframe.
  2. The offer did not meet the seller's expectation for an acceptable purchase price.

If the property is a Short Sale, the seller's lender may decline the offer. The lender will only disclose to the seller or seller's agent the reason for declining a Short Sale offer.
CAN I USE MY REAL ESTATE AGENT TO ASSIST WITH THE OFFER PROCESS?
Yes. Real estate agents can register with Hubzu and submit offers on behalf of their clients. Agents must be actively licensed in the state where the property is located. Qualified agents are paid commission on the winning net offer amount. Commission amounts can be obtained from the listing agent and on the applicable Multiple Listing Service (MLS).
WHAT IS THE TECHNOLOGY FEE?
A Technology Fee of $299 is added to the purchase price of a property bought on Hubzu and covers the costs of our technology platform and related services.
WHAT ARE THE EARNEST MONEY DEPOSIT REQUIREMENTS?
For Bank Owned homes, the minimum required earnest money deposit is based on a pre-determined percentage of your winning offer amount. The required deposit ranges from 1% to 7%, but is never less than $1,000. To view the earnest money deposit percentage for a specific property, visit the property's details page.

For properties with Special Terms, the minimum required earnest money deposit is calculated by the seller, and outside the control or input of Hubzu. This minimum amount will be specified in the Purchase and Sale Agreement, and may be held in a licensed real estate agent's escrow account or with an escrow company or closing agent.
WHEN IS THE PURCHASE AND SALE AGREEMENT SIGNED?
For BANK OWNED homes:
After you receive notification that your offer terms are approved, a transaction coordinator will contact you with instructions on how to complete and submit the Purchase and Sale Agreement (PSA).
Note:
  • Sign and return the Purchase and Sale Agreement within 48 hours of receiving it; be sure your file is no larger than 10MB
  • An email does not constitute acceptance of your offer. The approved offer is contingent upon completion of the documentation process (including seller's execution of the PSA) and is subject to the seller's final approval. The seller reserves the right to receive and document backup offers at any time

For Non-Bank Owned homes and Short Sales, the buyer and their agent will work with the listing agent directly to sign the Purchase and Sale Agreement. For Short Sale properties, the buyer and seller will also be required to sign a Purchase and Sale Agreement Addendum.
WHAT IF I DON'T SIGN AND RETURN THE PURCHASE AND SALE AGREEMENT WITHIN 48 HOURS?
If you fail to sign and return the Purchase and Sale Agreement within 48 hours, the seller has the option to unilaterally cancel your offer. If this happens, you will forfeit your earnest money deposit.

For properties with Special Terms or for Short Sale properties, the 48-hour timeframe is not relevant and will be managed outside of Hubzu by the respective parties.
CAN I WITHDRAW MY OFFER?
Backup and active offers (offers on properties that remain open for additional offers) may be retracted. To withdraw your offer, sign in to your My Hubzu account. On your My Hubzu page, select "Manage" next to "Active Offers", then click "Withdraw" in the actions column next to the offer you wish to withdraw.
Note:
  • Once the seller has approved your offer, you have agreed to purchase the property and can no longer retract your offer
  • If you need help withdrawing an offer, please contact Customer Care for assistance: CustomerCare@hubzu.com

BID WON/OFFER APPROVED

WHAT HAPPENS IF I WIN AN AUCTION OR MY OFFER IS APPROVED?
For Bank Owned homes, you'll receive an email within 48 hours with the name of your Document Processor - your guide from this point through the closing process - and details on next steps. You can also view this email from your My Hubzu account.

Note:
An email does not constitute acceptance of your bid or offer. Acceptance of the winning bid or offer is contingent upon completion of the documentation process (including seller's execution of the Purchase and Sale Agreement) and is subject to the seller's final approval.

For Short Sale properties or properties with Special Terms, you will receive immediate notification of next steps.
WHAT SHOULD I DO AFTER I WIN THE AUCTION OR MY OFFER IS APPROVED?
For Bank Owned homes, the email you receive after you win an auction or your offer is approved will contain the Purchase and Sale Agreement (PSA); within 48 hours of receiving the email, you must review, sign and send back the purchase agreement via Hubzu. A link to the upload page is included in the email.

Note: To avoid upload issues, ensure your document is less than 10MB.

For Short Sale properties or properties with Special Terms, you will be notified by the listing agent and instructed on the next steps.
WHERE SHOULD I SEND THE EARNEST MONEY DEPOSIT?
The Closing Agent (Closing Attorney, Title Company or Escrow Office) named in the Purchase and Sale Agreement must receive the earnest money deposit within two days of your receipt of the fully executed Purchase and Sale Agreement. Refer to the Purchase and Sale Agreement for more information.

For properties with Special Terms, under our Short Sale and Direct to Broker programs, the Purchase and Sale Agreement will designate where the buyer should send the earnest money deposit.

ESIGNATURES

WHAT IS ESIGNATURE?
eSignature refers to the specific technology allowing you to digitally sign your name and initial contracts and paperwork online in a secure environment. Hubzu is using eSignature paperless functionality via DocuSign for many of our documents in certain transactions, from Listing Agreements signed by agents to the Purchase and Sale Agreement (PSA) signed during closing transactions. By using DocuSign, the need to print, hand-sign, and mail or fax paperwork is eliminated. Availability of eSignature technology varies by state.
WHAT IS DOCUSIGN?
DocuSign is a leading provider of web-based electronic signature technology that facilitates exchanges of contracts, tax documents, and legal materials. DocuSign eliminates the need for the mailing of paper contracts by keeping track of document versions, and they keep your information safe and secure at all times.
HOW DO I USE DOCUSIGN WHEN PURCHASING OR SELLING THROUGH HUBZU?
When you're involved in certain transactions on Hubzu, you're given access to documents housed securely on DocuSign via an email link. You review and approve the documents with your digital signature. Once all members of the transaction have electronically signed the document, the final executed copy is shared with all parties via email.
WHAT DOCUMENTS ARE BEING SENT VIA DOCUSIGN?
If you live in a state where we're currently using DocuSign, you'll receive the PSA Bundle, including the Purchase and Sale Agreement, via DocuSign.
WHAT IS THE TIME LIMIT FOR ME TO SIGN DOCUMENTS IN DOCUSIGN?
Once you receive your DocuSign documents, you have 48 hours to sign and return them.
HOW DO I START USING DOCUSIGN?
As a buyer, if you live in a state where we use DocuSign, you'll receive a notification explaining the next steps in the purchasing process once your bid or offer is accepted by the seller. This notification will alert you to watch for the PSA (Purchase and Sale Agreement) Bundle that will arrive shortly via email. You may receive a separate email from DocuSign requesting contact information that is needed to create the Purchase and Sale Agreement.

As a Referral Agent, when you register and upload properties on Hubzu, you will receive Listing Agreements, addendums to Listing Agreements, and amendments to Listing Agreements via DocuSign if the property is in a state where we're using DocuSign.
WHERE CAN I FIND MORE INFORMATION ABOUT DOCUSIGN AND THE ESIGNATURE PROCESS?
You'll find more information in our Paperless Process User Guide.

CLOSING

IF A HOUSE NEEDS REPAIRS, CAN I MAKE THEM BEFORE I CLOSE?
Repairs cannot be made until after you own the house.
CAN I CHOOSE MY TITLE COMPANY, CLOSING ATTORNEY, ESCROW AGENT OR CLOSING AGENT?
Yes. However, the seller may offer an incentive if you use a seller-chosen Title Company, Closing Attorney, Escrow Agent or Closing Agent. Please refer to the Purchase and Sale Agreement or Seller Required Contract Addendum for details.
HOW ARE CLOSING COSTS PAID?
Please refer to the Purchase and Sale Agreement and/or Seller Required Contract Addendum for a summary of how closing costs are paid.
WHEN WILL I CLOSE ON THE PROPERTY?
The type of sale (auction or traditional) and financing terms dictate when closing will occur. Estimated closing dates will be calculated during the bid or offer process.
WHAT HAPPENS IF I FAIL TO CLOSE ON A PROPERTY I HAVE WON ON HUBZU?
Pursuant to the Terms and Conditions of the Purchase and Sale Agreement, your earnest money deposit will be subject to forfeiture if you fail to close, unless the failure to close is due to some legally substantiated fault of the seller.
WILL I NEED TO PURCHASE FLOOD OR HOMEOWNER'S INSURANCE?
If you finance your purchase, most lenders will require that you obtain hazard insurance and, depending upon the location of the property, flood insurance. Even without lender involvement, insurance is strongly recommended. Please determine and satisfy your requirements for flood and hazard insurance before you place an offer or bid on a property.

LISTING AGENTS: SELLING ON HUBZU.COM

CAN I SELL MY PROPERTIES ON HUBZU?
Yes. If you're a licensed real estate agent in any state or DC, you can sell with Hubzu in each state where you have a license.
IN WHICH STATES CAN I AUCTION A PROPERTY ON HUBZU?
Licensed real estate agents can sell properties via our auction platform in every state except KY, NE, NH, PA, RI and SC. Agents in these states can still sell via traditional sale. We'll be rolling out auctions in additional locations soon.
WHY SELL ON HUBZU?
Here are the top 5 reasons to sell homes on Hubzu:
  1. Sell faster. Our online auction platform gives you the edge to sell faster than a traditional sale (average 42 days on market with Hubzu online auctions vs. 142* for traditional sales).
  2. Retain 100% of your commission. Your contract with your seller remains intact as does your full commission.
  3. No cost to you or your seller. The buyer pays Hubzu a nominal fee.
  4. We can help you grow your business. Powerful marketing support directs motivated buyers to your auctions and we can provide access to valuable buyer agent lead-generation opportunities by connecting you with unrepresented buyers.
  5. We help you each step of the way. Hubzu has a dedicated agent support team ready to help you. Email us at agenthelp@hubzu.com or call us at 855-882-1314. We look forward to hearing from you.

* CoreLogic, The MarketPulse report, April 2012
WHAT TYPES OF PROPERTIES CAN I SELL ON HUBZU?
You can sell REO or non-REO properties: studios, single family, 1-4 unit multi-family, condominiums, townhomes, mixed use, mobile homes and land.
HOW DO I ADD A LISTING?
You can get started in a few simple steps:
  1. Sign In or Register as a listing agent using the buttons at the top right of this page
  2. Select "My Hubzu - Listing Agent " from the My Hubzu drop down at the top of the page
  3. Choose "Create a Listing" from the left menu on your My Hubzu page and follow the prompts
CAN I LIST MY PROPERTY ON HUBZU BEFORE IT'S LIVE ON THE LOCAL MLS?
Yes. You can list your property as a special limited-duration auction by selecting Hubzu's Pre-MLS option when creating your listing.
HOW DO I LIST A PROPERTY AS A PRE-MLS AUCTION?
When you create a listing for a property, check the Pre-MLS option under Type of Sale on the Create a Listing page. You'll then need to enter the Start Date & Time or select the option to list as Pre-MLS within the next 10 minutes.
WHAT HAPPENS IF THE PROPERTY DOESN'T SELL DURING THE PRE-MLS AUCTION?
You'll be notified when the Pre-MLS auction ends so you can relist the property as a regular auction or a traditional sale.
HOW DO I DETERMINE THE RESERVE PRICE?
Work with your seller to determine the minimum acceptable price for the property. This amount becomes the reserve price.
HOW LONG DOES AN AUCTION LAST?
You decide the length of the auction when you add the listing to Hubzu. Choose from 7, 14, 21 or 28 days.
HOW DO I MARKET MY PROPERTIES?
We do the marketing for you, providing powerful support that directs motivated buyers to your properties by promoting them on top real estate sites.
HOW DO I MONITOR MY AUCTION FOR THE SELLER?
Track bid activity from your My Hubzu account. We'll also keep you updated with emails and notifications.
WHAT IS THE COMMISSION FOR THE BUYER'S AGENT?
If a buyer chooses to work with a buyer's agent, the commission remains the amount noted in your contract with the seller.
WHAT IF THERE IS NO BUYER'S AGENT?
You receive the full commission as listed in the contract with your seller.
WHAT SHOULD MY SELLER KNOW?
  1. Sell faster. Our online auction platform gives you the edge to sell faster than a traditional sale (average 42 days on market with Hubzu online auctions vs. 142* for traditional sales).
  2. No cost to you or your seller. The buyer pays Hubzu a nominal fee.
  3. You're still their agent. Their contract with you remains intact as does your full commission.
  4. You and your seller retain the control of a traditional sale. You review and have the ability to approve or reject the final highest bid.

* CoreLogic, The MarketPulse report, April 2012
WHAT IF I NEED HELP/HAVE ADDITIONAL QUESTIONS?
Hubzu has a dedicated agent support team ready to help you. Email us at agenthelp@hubzu.com or call us at 855-882-1314. We look forward to hearing from you.