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ABOUT HUBZUŽ

HubzuŽ markets studios; single-family homes; one- to four-unit, multi-family residences; condominiums; townhomes; mixed-use properties; mobile homes and land.
No. In addition to bank-owned homes, we also market private, non-bank-owned homes, short sales and pre-foreclosures.
We market bank-owned homes, foreclosures, and short sales on our site.
The property is available for purchase if there's a Place Bid or Place Offer button on the property page.
No, properties that are marketed on Hubzu are owned by banks or by a private seller. We are the marketplace connecting buyers and sellers.
Generally the information for each property comes directly from the seller. In some instances public records are used in the property details, such as square footage and acreage. Property information provided is for reference only. It is the buyer's responsibility to verify all property information.
On the property page, if the button says Place Bid or Place Backup Bid then it's an auction. If the button says Place Offer or Place Backup Offer, then it's a traditional sale.
The $299 Technology Fee helps cover the cost of using Hubzu's technology platform and is added to the purchase price of properties bought on Hubzu. In some cases, we are not permitted to charge a Technology Fee. If a Technology Fee is applicable to a property, it will be noted on the property details page in the Property Fees tab.
Please contact our Customer Care team via email at CustomerCare@hubzu.com or call us at 855-882-1314.

REGISTRATION

Click "Register" in the upper right-hand corner of the page. Fill out the form and submit your information to get registered.
Yes you need to register and verify your credentials to make an offer on a property.
We require the last four 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 do not store the data for future use. All of the information you provide travels over an encrypted connection.
As an online real estate marketplace, it's imperative that Hubzu knows that its buyers and sellers are valid parties who can be contacted during the bidding, offer or closing process. Verifying this information protects all parties.
To change your profile information, sign in and go to the 'My Profile' section of your Hubzu account. Simply update the appropriate fields and click 'Save' at the bottom of the page.
The information is used to verify your identity. We do not store your Social Security number or date of birth in our database, and this information is deleted as soon as your identity is verified.
No. This is a one-time verification process. Once your information is verified, you won't be asked to repeat it.

SEARCH/FAVORITES

Hubzu saves the last few searches you've made, even if you are not logged in. The recent search terms can be viewed just below the search bar in the home page.
After you search or refine your results, click the Save Search button toward the upper- right hand of a search results page. You can also edit and name your search for future reference.
The Favorite feature, found on the property details page, keeps you updated about changes to a property's status with email notifications.
Please note that while we endeavor to provide you with email updates as soon as there is a status change with a property, email is inherently unreliable. If there is a property you're very interested in, you should check the Hubzu site frequently to see any changes in status, particularly when an auction cycle is close to ending. The most up-to-date information regarding a property will be on the property details page on Hubzu.
Click the 'Favorite' button on the search results page or the property details page and the property is saved to your Favorite Properties list in My Hubzu account. To manage these alerts, go to the 'Favorites' tab in your My Hubzu account.

SHORT SALES

General Short Sale Questions

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.
Due to the shortfall between the amount owed and expected proceeds, both the seller and the mortgage lender, as well as any lien holders, must approve the sale.
The seller in a short sale is the current homeowner.
Foreclosure auction properties are sold at public auction due to non-payment of debt by the borrower.
Bank-owned properties are typically owned by a bank or other financial institution. The bank may have assumed ownership of the property after foreclosure.
In a short sale, the current owner is attempting to sell the property for less than the amount they owe to the bank. The financial institution does not own the property, and the property has not been auctioned at foreclosure. Completing a short sale transaction requires the financial institution's approval.
Properties 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.

AltisourceŽ Assisted Short Sale Program Details

The AltisourceŽ Assisted Short Sale Program offers support to financial institutions during the short sale process by listing the property for online auction. Once a bid is accepted, further assistance is given by packaging closing materials and coordinating the closing.
The program is designed to increase the likelihood of a successful sale and shorten the overall sales time by increasing marketing exposure and a range of other services. This program also provides the necessary due diligence and ability to better assess the competitiveness of the offer.
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 the short sale. The Purchase and Sale Agreement Addendum must be executed by both the buyer and seller and submitted to the document processor with the executed Purchase and Sale Agreement.
Agents who are part of an arm's length transaction with the seller will receive their commission upon the successful sale of the property. Homeowners representing themselves in the transaction are ineligible for any commission. Agents representing both the buyer and seller in the sales transaction may only be illegible for 3% in total commissions. All commissions are subject to lender's final approval.
There are no additional fees from Hubzu to the seller during a short sale transaction. If a buyer is found via the Hubzu marketplace, the buyer will be charged the Hubzu Buyer's Premium and the Technology Fee.
If the bid is for a property that's part of our AltisourceŽ Assisted Short Sale program, the highest bidder must provide to the listing agent the following documents to complete a bid: 1. A Purchase and Sale Agreement (PSA) signed by the buyer 2. A PSA Addendum signed by the buyer* 3. A Preliminary HUD-1 Statement** *The PSA Addendum will be sent to both the listing agent and buyer's agent to be signed. After the seller has signed the PSA and PSA Addendum, the listing agent will send these four documents to Altisource. Altisource then submits these documents to the lender for approval.

BEFORE YOUR BID/OFFER

No, there are no fees or deposits required to submit bids or offers on Hubzu.
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 selected bid amount in cooperation with the listing broker. Commission information is available in the applicable Multiple Listing Service (MLS) listing or by calling the listing agent.
Redemption is a former owner's legal right to reclaim their property via payment - typically it's the entire loan amount plus fees - within a specified amount of time after foreclosure. Each state's and county's redemption laws and timelines may vary, so be sure to consult your real estate attorney for more information. Buyers should be aware of the following principles which may apply to a property subject to redemption: 1. Even after closing on the sale is complete, the title will not be free and clear until the redemption period for the property expires. The buyer may not take possession of the home until the redemption period expires or is terminated under the laws of the state and county. 2. 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.
If a home is subject to a redemption period it will be listed in the Special Servicing Conditions (Special Terms) section.
Some properties listed on HubzuŽ have special sale requirements and/or conditions. These requirements and conditions are called Special Servicing Conditions (Special Terms) and apply only to a specific property. If the Special Servicing Conditions (Special Terms) for a property conflict with the HubzuŽ Terms and Conditions, the Special Servicing Conditions (Special Terms) will apply to the transaction. All Special Servicing Conditions (Special Terms) that apply can be found in the description tab of the property.

VISITING A PROPERTY & HOME INSPECTIONS

The property details page will indicate whether the property is available for showings. Note: Certain bank-owned and foreclosure properties are occupied. Attempting to inspect or visit these properties may be considered trespassing. Please refer to the property details page to determine if you can visit.
To schedule a visit: If you're already working with an agent, ask them for a showing. They can obtain the property access code from HubzuŽ by selecting Get Access Code on the property details page or via the MLS listing. If you're not working with an agent, select Schedule a Visit on the property details page and fill in your information. The referral agent will contact you to schedule a showing.
Yes, it's always a good idea to visit the property before you bid or make an offer. 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.
Since each home may be different, please review the inspection terms listed in the Purchase and Sale Agreement (PSA) and, if applicable, the PSA Addendum for specifics on how to schedule an inspection.
No, water activation is not allowed during the inspection. However, by having a licensed plumber conduct a pressurized air test on the plumbing system, you can determine whether the system is intact without compromising winterizations.
An occupied property is one in which the seller believes people may be living.
We clearly identify occupied properties on the site. Look for this information in search results or on the property's details page.
No, visiting a bank owned occupied property is not permitted. Attempting to inspect or visit an occupied property may be considered trespassing.
Title searches have two primary goals. The first is to verify that the seller has the right to transfer ownership. The second is to identify any claims, arrears, assessments or other restrictions that might affect property ownership or otherwise complicate the sales process. Title searches include steps like examining public records available through municipal and county offices such as the local registrar of deeds and county clerk's office. Note: The title process can take longer on bank-owned homes and short sales, so buyers of these types of properties should allocate ample time for title search and issue resolution.
Unless specifically stated in the documents section of the property details page, liens are usually not discovered until the title search process occurs.

PAYING FOR YOUR HOME

If you're financing your purchase, get pre-approved (not just pre-qualified) for a loan. Pre-approval will help you know how much you can afford and possibly speed up offer acceptance in a booming market. Also, have money set aside in advance for the earnest money deposit. And don't forget to factor possible home repairs into your budget. Set a budget for how much you're willing to spend on home repairs so you'll know what's feasible when looking at homes.
In most cases, yes; however, the seller chooses whether or not to accept financing. 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 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.
When you bid on a property, you're participating in an auction. Auctions have set time limits. When you make an offer on a property, you're participating in a traditional sale. Traditional sales have no set time limit.
When you purchase a property, a fee called the transfer tax is charged to the Buyer for transferring the title of the property to the Buyer from the Seller. Depending on where the property is purchased different taxes can be part of the transfer tax such as documentary stamp taxes, excise taxes, other documentary transfer taxes or deed taxes. If there is a transfer tax associated with the purchase of a property, the details will be included in the Purchase and Sale Agreement (PSA) you will receive prior to closing.

AUCTIONS

In order to bid on properties marketed on Hubzu, you must register at Hubzu.com. Once you're registered, go to the property details page to place your bid. All bids must be submitted through the Hubzu website. Sellers will not consider faxed or emailed bids.
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; however, the property details page does show if the reserve price has been met.
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.
If an auction ends without the reserve price being met, no selected bidder is declared. However, the seller reserves the right to accept a lower bid, negotiate with a bidder, propose new terms to the bidders or relist the property.
Sellers can accept or reject any bid and have the legal right to approve or reject bids, including the highest bid based on all components such as financing type and requested closing date. Short sales: Both the seller and the seller?s lender must approve the bid
Bidders interested in a specific property can use Auto Bid to remain competitive without adding the property to Favorites. Bidders stipulate a monetary amount to increase their bid whenever a new, higher bid is posted by another bidder. The bidder also stipulates a ceiling amount they don't want to bid above during the auction.
Since our system tracks activity by the second, two bids are never received at the exact same time. However, when a user sets an auto bid to the same amount as a manual bidder, the auto bid will appear first with a time stamp of when the auto bid was initially set.
For example, the current highest bid is $95,000. If a manual bidder submitted a $100,000 bid at 11:30 a.m. but an auto bid had been set at 11:15 a.m. for the same amount, the auto bid would appear first. An auto bid placed before a flat bid or another auto bid of the same amount will be recognized as the current highest bid. If it's a property where Special Servicing Conditions (Special Terms) apply, the seller is allowed to choose which bid they want to select.
End the Auction Now allows a bidder to pay a seller-specified price and end the auction immediately.
The End the Auction 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.
The button disappeared because the seller decided to stop offering this option. Since End the Auction Now is offered at the discretion of the seller, they can choose to remove it at any time.
The act of placing a bid at the last moment in the hope of being the selected bidder is called auction sniping and is intended to deny other bidders time to place a higher bid. To prevent this practice, we extend the auction by 15 minutes if a last-minute bid is received. If this occurs we'll notify you via email that the auction has been extended by 15 minutes. The auction will be extended by 15-minute increments until 15 minutes have passed without bidding activity. Note: While we provide email notifications on auction status, we strongly recommend you keep track of auction activity for listings that are nearing their time limits through your My Hubzu dashboard.
A selected bid could be: *The highest bid at the end of the bidding period that meets or exceeds the reserve price * A bid made for the End the Auction Now price or * Any bid selected by the seller, which is sometimes not the highest bid but may feature financing or cash that the seller finds more attractive than the highest bid. Note: Sellers approve or reject bids based on all of the components of the bid. Properties with Special Servicing Conditions Apply (Special Terms): The seller may accept or reject any bid. The seller may select the highest bid or a lower bid price with better terms. Short sales: The bid must be approved by both the seller and the seller's lender.
Fallout happens when a buyer's bid is selected in an auction but doesn't complete the closing process. Because the buyer doesn't purchase the property, the sale falls out.
Before you bid or offer, be sure you're prepared to proceed with the purchase. Once placed, the highest bid can only be withdrawn by a member of Customer Care while the auction is still in process, and offers may only be withdrawn before the seller approves them.
  • You must follow up with timely submission of the bid hold and Purchase and Sale Agreement (PSA).
  • You must be financially ready to close on the property. This includes having cash funds available or your financing secured.
  • Watch for notifications and email alerts relating to your bid or offer. Check your email regularly during the bid and closing process, including your spam or junk folder. We strongly recommend viewing your My Hubzu dashboard when an auction you are participating in is nearing its time limit.
Please note: If you fall out repeatedly as a buyer, your Hubzu privileges may be suspended indefinitely or your membership terminated with refusal to provide services.
If the auction has ended and the property goes under contract, buyers can place a backup bid. Backup bids 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.
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.
Paid by the buyer at closing, this fee helps cover the cost of Hubzu hosting the auction and is calculated as 4.5% of the bid amount or $625, whichever is greater. In some cases, we are not permitted to charge a buyer's premium. If there is a Buyer's Premium on the property, it will be noted on the property details page in the Property Fees tab and in notifications received by the buyer during the bidding and closing processes. The Buyer's Premium is applicable when noted on the site and in the notifications.

TRADITIONAL SALES

In order to make an offer on properties marketed on Hubzu, you must register at Hubzu.com. Once you're registered, go to the property details page to enter your offer amount and click Place Offer. All offers must be submitted through the Hubzu website. Sellers will not consider faxed or emailed bids.
The list price is the price the seller believes the house is worth and is willing to accept for the property. You can offer less than the list price, but the seller may not accept your offer terms.
No, sellers can accept or reject any offer. They have the legal right to approve or reject offers based on all of the components of the offers, including financing type and requested closing date. Short sales: Both the seller and the seller's lender must approve the offer.
Yes, toward the end of the offer process, 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.
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.
We'll email you with the details of the request and a link to respond via Hubzu. You can accept the requested terms, decline the requested terms or offer different terms. We also recommend that you review your My Hubzu account to ensure that you receive the notification.
If there are two or more similar offers on a property, the seller may initiate Highest and Best, which is a request for all interested buyers to submit their absolute best offer by a given deadline. If you made an offer on the property, you'll receive an email asking you to submit your Highest and Best offer. After the deadline, the seller will review all offers received and decide how to proceed. Note: If you don't submit a Highest and Best offer, the seller considers your most recent offer as your final offer. All offers must be submitted on Hubzu within the timeframe established by the seller. You can only submit one offer, and all Hubzu buyers have the opportunity to submit one. Even though Highest and Best is requested, the seller is not obligated to accept any offer.
If you've already made an offer on the property, you'll receive an email with a link so you can submit your final offer via Hubzu. All other buyers can use the Place Offer button on the property?s details page. This information can also be found in your My Hubzu account.
Highest and Best offers are not displayed on our site until the seller approves one of the offers. At that time, the approved offer will appear as the Current Highest Offer on the property details page.
Yes, active and backup 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.
Note: Once the seller has approved your offer, you have agreed to purchase the property and can no longer retract your offer.
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 approved terms. Short sales: The seller's lender may decline the offer but will only disclose to the seller or seller's agent the reason for declining a short sale offer.

BID SELECTED/OFFER APPROVED

Typical response time is within a few days. However, short sale offer/bid acceptance often takes significantly longer due to the review conducted by the seller's lender. Note: Average time to accept a bid or offer on homes with Special Conditions or short sales is longer than auctions or traditional sales.
Most bank owned homes: You'll receive an email within 48 hours with the name of your Document Processor – your guide from this point on 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 final acceptance of your bid or offer. The documentation process, including all signatures on the Purchase and Sale Agreement, must be completed before acceptance is considered final. Short sales/properties with Special Terms, including some bank owned homes: You'll receive an email notification of the next steps in the contract process.
Most bank-owned homes: The email you receive after you are the selected bidder in an auction or your offer is approved will contain a link that will allow you to digitally sign the Purchase and Sale Agreement (PSA). You must review, sign and confirm this digital version within 48 hours of receiving the link. For more information, see our FAQ section on eSignatures below. Note: For certain bank-owned properties, you may receive an email with the PSA as an attachment instead of an eSignature link. In this case, you must review, sign and send back the PSA via Hubzu within 48 hours of receiving the email. A link to the upload page is included in the email. Short sales/properties with Special Conditions Apply (Special Terms), including some bank-owned homes: You'll receive notification of the next steps in the contract process.
Most bank owned homes: After you receive notification that your bid was the selected bid, we will email you with instructions on how to complete and submit the Purchase and Sale Agreement (PSA). You must sign the PSA within 48 hours of receiving these instructions. Note: An email does not constitute final acceptance of your bid or offer. The documentation process, including all signatures on the Purchase and Sale Agreement (PSA), must be completed before acceptance is considered final. The seller reserves the right to receive and document backup bids/offers at any time. Short sales/properties with Special Conditions Apply (Special Terms), including some bank-owned homes: The buyer and their agent will work with the listing agent directly to sign the PSA. For short sale properties, the buyer and seller will also be required to sign a PSA Addendum.
Most 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. Short sales/properties with Special Servicing Conditions (Special Terms): The listing agent holds the responsibility for informing the buyers about the signing requirements. Note: Failing to return the PSA agreement in the time required may lead to indefinite suspension of your account.
Most bank owned homes: The minimum required earnest money deposit is based on a pre-determined percentage of your selected bid/offer amount. The required deposit ranges from 1% to 7% but is never less than $1,000 or more than $15,000 and will be applied to the purchase price at closing. To view the earnest money deposit percentage for a specific property, visit the property's details page. Note: If you are unable to comply with the terms and conditions of the executed Purchase and Sale Agreement (PSA), your earnest money deposit may not be refunded. Properties with Special Servicing Conditions Apply (Special Terms): The minimum required earnest money deposit is calculated by the seller and is outside the control or discretion of Hubzu. This minimum amount will be specified in the PSA and may be held in a licensed real estate agent's escrow account or with an escrow company or closing agent.
The Closing Agent (Closing Attorney, Title Company or Escrow Office) named in the Purchase and Sale Agreement (PSA) must receive the earnest money deposit within 48 hours of your receipt of the fully executed PSA. Please refer to the PSA for more information. Properties with Special Terms: The PSA designates where the buyer should send the earnest money deposit.

ESIGNATURES

eSignature refers to the specific technology allowing you to digitally sign your name and initial contracts and paperwork online in an environment that has been secured by the technology provider. 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.
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.
When you're involved in certain transactions on Hubzu, you're given access to documents housed 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. If you need further instructions, please click here for a DocuSign video.
If you need to fax your signed documents back to the Document Processor instead of digitally signing and sending them, you can fax using the DocuSign program by following these instructions.
If you live in a state where we're currently using DocuSign, you'll receive the PSA Bundle, including the Purchase and Sale Agreement and certain disclosures, via DocuSign.
Once you receive the link to your DocuSign documents, you have 48 hours to sign and confirm them.
As a buyer living in a state where Hubzu uses 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.
Referral Agents: 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.
We strongly encourage you to complete your transaction digitally using DocuSign instead of faxing any documents, but there is a Send by Fax option available. If you choose the Send by Fax option while accessing your Purchase and Sale agreement via DocuSign, DocuSign will provide instructions and a fax cover sheet to use for the PSA and any other documents you need to attach. You must use the U.S. fax number provided on the cover sheet in order to successfully complete your contract signature process. Please do not use an alternate fax number even if you have seen it in a Hubzu communication.
If you need to access documents you've already signed and returned via DocuSign, please follow these instructions.

CLOSING

No, repairs cannot be made until you own the house.
Yes, however, the seller may offer an incentive if you use a seller-chosen Title Company, Closing Attorney, Escrow Agent or Closing Agent. For cash purchases, certain sellers may reserve the right to designate who will handle title/closing. Please refer to the Purchase and Sale Agreement for details.
Please refer to the Purchase and Sale Agreement (PSA) for a summary of how closing costs are paid.
When you'll close depends on the type of sale (auction or traditional), financing terms and what you and the seller agree to as the target closing date.
Pursuant to the Terms and Conditions of the Purchase and Sale Agreement (PSA), 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.
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.

Hubzu's Preview Properties

Find out what properties are scheduled to come to our site, keep track of the perfect home and prepare to make a bid or offer in advance. Click the link to read more about this program: Hubzu's Preview Properties..

Foreclosure Sales

Foreclosure auctions are live, in-person auctions to purchase properties when an owner has defaulted on a mortgage loan or is severely delinquent on property tax payments. Foreclosure auctions typically occur at the courthouse in the county where the property is located.
Foreclosure auctions typically occur at the county courthouse at a specified date and time. The auction schedules are often set based on applicable state or local laws.
All properties offered at a foreclosure auction sell. The bank or creditor will submit a bid at the foreclosure that is equal to the amount that they are owed or may bid a percentage of the current value. If a potential third party buyer does not bid higher than the bank, then the property is sold to the bank and it becomes a Real Estate Owned (REO) property. If a third party buyer outbids the bank at the foreclosure sale, then that buyer is awarded title to the property. If the bank or creditor is awarded the property, it may be remarketed on HubzuŽ, an online marketing platform, after the foreclosure sale.
No, foreclosure auctions are conducted in a live setting. If the live foreclosure auction results in the bank winning the property, the property may be remarketed on HubzuŽ, an online marketing platform.
Bidders should go to the auction prepared with cash or a cashier's check in case their bid is accepted. The county may require any bidder to verify their identity and provide proof of funds before the auction begins. Personal check, credit cards, money orders and letters of credit are typically not acceptable forms of payment. Please refer to the terms and conditions document which you can download from the property details page.
The Estimated Opening Bid is the projected opening bid amount at the foreclosure auction. The estimate is subject to change when the auction starts. The bid amount is typically determined by the balance of the outstanding loan, past-due property taxes, and other factors. The Estimated Opening Bid is usually not based on the market value of the property, but rather the amount of debt accrued on the property.
No. Foreclosure properties may be occupied. Prospective bidders cannot trespass on the property, disturb the occupants or contact the borrower to obtain information about the property. Available details on the property will be listed on the property details page and may possibly be obtained from public records.
Some liens that exist prior to the foreclosure may remain in place after the foreclosure. Properties are sold "as is" or "where is" with faults and limitations. Prospective bidders are encouraged to conduct independent due diligence such as performing a title search or seeking outside legal advice prior to the sale.
Redemption laws vary by state or locality. Please contact a real estate attorney for specific details regarding possible redemption periods in the state or county of purchase.
The sale may be cancelled or postponed for a variety of reasons before the start of bidding. There is no guarantee that the sale will occur. Visit the property details page for the most up-to-date information on the auction. If a property sale is cancelled, it is possible it could be added to another auction at a later time.

Bid Cancellation Fee

A Bid Cancellation Fee is a hold placed on your credit card when your bid is selected for a property on Hubzu. This is used to verify that you are a serious bidder with intent to purchase the property.
The amount of the hold placed on your credit card is $1000.
No, a separate Bid Cancellation Fee is required for each property. The amount is not transferable from property to property.
We're taking this extra step to help uphold the integrity of our auctions. We want to make sure the bidding pool is comprised of serious bidders.
The Bid Cancellation Fee is actually a credit card hold that will be released once we receive confirmation that your earnest money deposit has been paid in the required time period. If you fail to deliver your earnest money deposit, your credit card will be charged $1000.
You will need to complete the Bid Cancellation Fee transaction within 24 hours after we send the confirmation email that you have the selected bid in the auction.
The seller can choose another bid or relist the property.
If you are not the selected bidder, no hold will be placed on your credit card. If you are the selected bidder, the credit card hold will remain in effect until we receive confirmation that your earnest money deposit has been paid. If you fail to deliver your earnest money deposit, your credit card will be charged $1000.
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