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In-person 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. Online foreclosure auctions can take place at any date and time.

All properties offered at a foreclosure auction typically sell. The bank or creditor holding the mortgage will typically submit a bid at the foreclosure auction that is up to the amount of the remaining indebtedness owed to it by the borrower. If a third-party bidder does not place a bid that is higher than the bank or creditor, then the property is sold to the bank or creditor and it becomes a Real Estate Owned (REO) property owned by the bank or creditor. If a third-party bidder outbids the bank or creditor during the auction, then that bidder is typically obligated to purchase the property and must close within a short time after the auction (the rules vary by state). If the bank or creditor becomes the owner of the property, they may elect to market it again in an online auction format on Hubzu.com.

In many cases, yes! Foreclosure auctions in select states (Ohio, Florida) are permitted online. Some states, however, only allow foreclosure auctions to be conducted in-person and those events typically occur at the county courthouse where the property is located. Oftentimes, a bank or creditor will want to promote the in-person auction online and as a result, prospective bidders can find information about those properties and the in-person auction events on Hubzu.com. Unfortunately, bidding can only occur in-person. But, if the live foreclosure auction results in the bank or creditor owning the property, they may elect to market it in an online auction format on Hubzu.com.

Bidders should go to the auction prepared with cash or a cashier's check in case their bid is accepted. The county may require prospective bidders 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. For more specific details regarding documentation for a particular auction event, please refer to documents section on 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.

A Private Selling Officer ("PSO") is an individual appointed by the Ohio court presiding over the foreclosure proceedings to conduct an auction of the property subject to foreclosure. The PSO operates as an alternative to, and in place of, the sheriff. PSOs must live in Ohio, be a licensed real estate agent or broker and a licensed auctioneer.

There are many differences between a foreclosure auction transaction and a private sale - even private sales of homes that occur in an auction format. While bidders can find helpful information about a property online and through their own diligence, due to the nature of the sale of the property, bidders will not receive certain disclosures and documents that are typical in a private sale of real estate. Additionally, foreclosure auctions are almost always all-cash transactions and bidders must be prepared to pay their full bid amount plus certain transaction fees, costs and expenses immediately or very shortly after the end of the auction event if they are chosen to proceed with the transaction.

Foreclosure properties are auctioned and sold "as-is." This means that if you are the selected bidder and purchaser, you must accept the property as it exists, regardless of its condition or occupancy status. This includes all known and unknown defects and faults existing or arising in the future; it also includes taking the property subject to any occupants and any corresponding rights they may have. The purchaser assumes the risk and responsibility for all repairs, inspections, surveys, or permits related to the property. None of the contingencies that might apply in a private sale (inspection contingency, occupancy contingency or any other contingency) apply to a foreclosure sale conducted by a PSO.

The interior of the property cannot be inspected by anyone prior to the auction by the PSO. The PSO will not have any access to the interior of the property and will not be able to provide access to the interior of the property. Properties can be occupied prior to and at the time of the auction, so please do not disturb the occupants.

Start by registering on Hubzu.com. Click "Register" in the upper right-hand corner. Fill out the form and submit your information to get registered. Before you can bid on a property, you will be required to verify your identity. We require the last four digits of your social security number as additional verification and as a fraud prevention measure. We only use this information to verify your identity and do not store the data for future use.

You can find Ohio properties with upcoming foreclosure auctions by searching on Hubzu.com and filtering your search results by selecting Foreclosure Sale in the Asset Type drop down. Online foreclosure auctions will be clearly marked as such. Once you find a property of interest with an active online auction in progress, you can place a bid on the property details page for the property on the website or on the Hubzu mobile app. For in-person auctions, bids can be placed when the property you are considering is being cried out by the PSO or sheriff. If you place a bid on a property, please be aware that you are indicating your intention of purchasing the property for the amount of your bid plus the following costs associated with the auction:
1. The balance of the outstanding bid amount (i.e., bid amount less sale deposit made) plus any applicable fees,
2. County transfer taxes,
3. County deed recording fees, and
4. Any costs, allowances, and taxes that the contract price is insufficient to cover.
If you are the selected bidder and the court confirms the sale of the property, you will be required to complete your purchase of the property for the contract price in accordance with orders from the court, Ohio law, instructions from the PSO, and the terms of the sale agreement.

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 and you have been an active bidder on the property, we will 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 properties that are nearing their time limits through your My Hubzu dashboard.

Foreclosure properties are subject to court proceedings and certain parties to those proceedings have certain rights. Because of this, an auction might be cancelled or postponed before or after the auction begins. Additionally, the court might vacate the sale after the auction takes place or decide to not confirm the sale. Due to the nature of these auctions, your purchase of the property might be delayed indefinitely, or you might not be able to complete the purchase of the property. Please be aware that you bear the risk of loss when participating in or deciding to participate in a foreclosure auction. Altisource, the PSO, the court handling the foreclosure, or any other party involved in the auction process shall not be held liable for any costs, expenses, or losses you may incur.

On occasion, an auction may end without a selected third-party bidder (i.e., a bidder who is not the bank or creditor that holds the mortgage). If this happens, bidders may have another opportunity to bid on the property during a second auction which, in Ohio, is referred to as a "provisional sale". The start date of the second auction, or the provisional sale, is called a "provisional sale date" and it can be found in the Disclaimers and Additional Information section of the property details page.

For both online and in-person auctions, the sole and absolute responsibility of selecting the bidder to proceed with the transaction falls on the PSO. Approval of the transaction, however, rests with the court.

If you are the selected bidder, you must pay the required sale deposit by 12PM (Eastern Time) the following business day. The amount of the sale deposit is set forth on the property details page for that property. The payment must be made to the title company identified on the property details page, in the email sent to you as the selected bidder or the instructions given by the PSO at in-person auctions. Payment must be made by wire transfer. Wire transfer instructions will be provided to facilitate the transfer of funds.

Once the court confirms the sale, you have 30 days to pay the balance due. The balance due includes: (1) the balance of the outstanding bid amount (i.e., bid amount less sale deposit made) plus any applicable fees, (2) county transfer taxes, (3) county deed recording fees, and (4) any costs, allowances, and taxes that the contract price is insufficient to cover.

If you fail to pay the sale deposit, the remaining balance or otherwise fail to satisfy your obligations in connection with the transaction, you will be considered in default of your obligations and the bid deposit hold will be converted into a NON-REFUNDABLE charge on your credit card. Additionally, you may be held in contempt of court or face other legal consequences, including liability for damages.

Once all monies are paid and received by the PSO, the PSO will convey title to the property via a Private Selling Officer's deed in accordance with section 5302.31 of the Ohio Revised Code. Please note that no warranties of title are made in connection with the conveyance of title.

To access all the important details needed for your due diligence, you will first need to register on Hubzu.com and sign a Confidentiality Agreement. This will grant you access to the documents on the property details page, where crucial buyer information about the property is stored. Make sure to review everything thoroughly so you are well-prepared before placing a bid.

Yes! During the auction process, you might hear from the listing broker or one of the commercial real estate experts we collaborate with. They will reach out to provide more information about the property itself or to guide you through the auction process. Keep an eye out for any communication that can help you make informed decisions.

Before the auction kicks off, there is usually a marketing period lasting anywhere from 15 to 45 days. This window allows all interested buyers ample time to gather information and perform their due diligence. Use this period wisely to analyze the property, review available documentation, and get answers to any questions before the auction begins.

We want you to feel confident throughout the process. If you have any questions that are not addressed on the property details page, do not hesitate to contact the listing agent or representative noted on the page. They are here to assist you and clarify any aspects of the property or bidding process to make sure you are well informed.

It is crucial that all bidders take the time to conduct their own due diligence before placing a bid or offer on Hubzu. Once the auction concludes and the seller selects a bid, the selected bidder will be expected to proceed with the closing process. We encourage all bidders to feel fully prepared before submitting an offer.

If you are the selected bidder at the end of the auction?congratulations! A representative will reach out to you to guide you through the next steps in the process, making sure you are clear on what happens next and how to finalize the transaction. Keep an eye on your inbox or phone!

Yes, before placing a bid, you will need to provide proof of funds. This is an important step to show that you have the financial means to follow through with the transaction if your bid is selected. The process is straightforward, and you can upload your proof of funds directly through the Hubzu platform. Be sure to have this ready before placing your bid to avoid any delays in the process!

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.

If the bid is for a property that's part of our Altisource® 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.

The seller in a short sale is the current homeowner.

Foreclosure auction properties are properties that are sold at a live public auction after the lender has gone through the necessary legal steps to engage in the sale of the property. 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.

The Altisource® Assisted Short Sale Program offers support to financial institutions during the short sale process including by marketing the property on the Hubzu website.

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 eligible for 3% in total commissions. All commissions are subject to lender's final approval.

The selected bidder will be charged the Hubzu Buyer's Premium or a Technology Fee. There are no additional fees from Hubzu to the seller during a short sale transaction.

The list price is the price the seller believes the house is worth and is likely to accept for the property. You can offer less than the list price, but the seller may not accept your offer terms.

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.

No, sellers can accept or reject any offer. They have the 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." and insert the number of days you want your backup bid to remain open for the seller to consider. Note that the number of days is counted from the time the seller accepts an offer from a different prospective buyer. As with any backup bid or offer, the seller has the right to reject all backup offers and relist the property.

If the contract with a different bidder falls through, the seller may review all backup bids and choose one to proceed to contract or reject all such bids. The seller has complete discretion in deciding how to proceed. The seller is not required to review or select any of the backup bids.

Most of the auctions on Hubzu are sold "As-Is," thus there are no contingencies available. However, as each seller is unique, please make note of what contingencies the seller is offering on the third page of the bid wizard. This page will include any contingencies or concessions the seller is willing to offer.

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.

The foreclosure status will be available on the property details page for the non-performing loan, or you can fill out the form on the property details page and ask your assigned representative for more information about the foreclosure status.

Once a loan is non-performing, the debtor is much less likely to repay the debt in full. Selling a non-performing loan may allow the lender to recover the unpaid loan amount, create liquidity, and avoid the cost and time associated with foreclosure proceedings. If a lender decides to sell a non-performing loan, the purchaser may have an opportunity to acquire the loan at a discount from its initial value.

When you purchase an REO, you acquire the physical property. When you purchase a non-performing loan, you acquire the mortgage note secured by the physical property and enjoy the same rights, benefits, and obligations of the lender who issued the loan.

If you see a non-performing loan that interests you on Hubzu, simply fill out the form on the property detail page. You will be contacted by a representative who will provide more information about the property so you can perform your due diligence. This information may include some basic information about the borrower, the property address, occupancy status, foreclosure status, and the unpaid balance of the loan. Keep in mind that you may not be able to do a complete property inspection when buying a non-performing loan. Once you complete your due diligence and are ready to make an offer, the representative will help you with registration and the offer process.

Once the lender approves your offer, they'll work with you to close on the sale. Keep in mind that you should be ready to wire the complete purchase price. Upon closing on the non-performing loan, you'll work with a pre-assigned law firm to get a receiver appointed as well as start or continue the foreclosure process. Once the foreclosure is completed, you may choose to sell or keep the property.

To perform repairs on the property, if necessary, or collect rent prior to the completion of the foreclosure action, a court-appointed receiver may be required. The receiver can be anyone the court appoints, typically a local real estate agent, property manager, or contractor. Please note that the receivership process is governed by the court and will vary by jurisdiction and distributions are subject to the court's discretion. If a receiver is appointed, the court may allow the receiver to utilize the rent payments for the receiver's costs first, including the costs of maintaining and fixing the property. Any surplus can be remitted to the lender at the court's discretion.

After closing, you will be assigned a pre-approved servicer to help you service the loan.

If you decide to purchase a non-performing loan, you must pay a program fee equal to 5% of the total purchase price or $2,500, whichever is greater. This program fee is added to the total purchase price of the non-performing loan and is paid at the closing of each asset. A portion of this program fee will be shared with Altisource Online Auction, Inc. as compensation for its services in marketing the non-performing loan on Hubzu.

There is no cost to you to access Hubzu to view and search for non-performing loans. You only pay a program fee when you purchase a non-performing loan.

There may be an option to finance a non-performing loan purchase. Please ask your assigned representative for details.

We collect your phone number for multiple purposes in order to support you through your buying process. We may contact you from time to time via phone or SMS to provide further information about our products and services, or to update you about your bidding activities.

Please see the following link to the Hubzu privacy policy (https://www.altisource.com/Privacy-Policy) which details how we treat your information.

Yes of course, we will be sad to see you go. The easiest and fastest way is to reply to our SMS message with only the word STOP. Or, you can log into your Hubzu account and under Account Settings, uncheck the field that allows you to receive SMS messages. You can also unsubscribe by contacting Hubzu Customer Care via phone at (855) 882-1314 or via email at customercare@hubzu.com and request to opt-out of SMS messages. Even if you opt-out by calling or emailing Hubzu Customer Care, we highly recommend you also reply to our latest SMS message with only the word STOP to expedite your request.