Hubzu Support

About Hubzu
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Before Your Bid/Offer
Paying for Your Home
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Auctions
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Bid Selected/Offer Approved
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Proof of Funds

What types of properties are available for sale on Hubzu.com?

Hubzu� markets studios; single-family homes; one- to four-unit, multi-family residences; condominiums; townhomes; mixed-use properties; mobile homes and land.

Are only bank-owned homes and foreclosures marketed on Hubzu.com?

No. In addition to bank-owned homes, we also market private, non-bank-owned homes, short sales and pre-foreclosures.

What types of homes are marketed on the site?

We market bank-owned homes, foreclosures, and short sales on our site.

How can I tell if a property is available for purchase?

The property is available for purchase if there's a Place Bid or Place Offer button on the property page.

Does Hubzu own the homes available for purchase on the site?

No, properties that are marketed on Hubzu are owned by banks or by a private seller. We are the marketplace connecting buyers and sellers.

Do you have non-bank owned homes on the site?

Yes, we do offer non-bank owned homes to be auctioned on Hubzu. The best way to search for these properties is to choose the 'Non-Bank Owned' filter in your search parameters. This will ensure that you only see applicable properties.

Who supplies the property details?

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.

How do I know if a house is offered through an auction or traditional sale?

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.

What is the Technology Fee?

The 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.

I am having trouble submitting a bid or offer online. What should I do?

Please contact our Customer Care team via email at CustomerCare@hubzu.com or call us at 855-882-1314.

How do I delete my account on Hubzu?

Log in to your account on Hubzu.com and navigate to the 'My Profile' section. At the bottom of the section you'll find a link 'Delete your account'. On clicking this, you'll be prompted for a confirmation to delete your account. Once confirmed, the account will be permanently deleted from Hubzu and cannot be accessed in future.

Why am I not allowed to delete my account?

If you have an active transaction in your account, you will not be able to delete your account. Once the active period of your transaction ends, you will be able to delete your account.

What is a foreclosure auction?

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.

When and where do foreclosure sales occur?

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.

What if the property doesn't sell during a foreclosure auction?

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 Hubzu�, an online marketing platform, after the foreclosure sale.

Can I bid online?

No, currently foreclosure auctions are conducted onsite and in a live setting. If the live foreclosure auction results in the bank winning the property, the property may be remarketed on Hubzu�, an online marketing platform.

What do I need to take to the foreclosure auction?

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.

What is the Estimated Opening Bid?

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.

Can I inspect 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.

Will the property be free and clear of all liens?

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.

Is there a foreclosure redemption period?

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.

What happens if a foreclosure auction is cancelled or postponed?

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.

What are 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..

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.

Who must approve a short sale?

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.

What documents are required for my Assisted Short Sale bid?

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.

Who owns a short sale property?

The seller in a short sale is the current homeowner.

What is the difference between bank-owned, foreclosure and short sale properties?

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.

How do I find short sales on Hubzu?

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.

What is the Assisted Short Sale Program?

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.

What are the benefits of the Assisted Short Sale Program?

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.

What is the 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 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.

Do I still get my commission if I sell a property through the Assisted Short Sale Program?

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.

Does the buyer or seller pay any additional fees as part of the Assisted Short Sale Program?

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.

How do I make an offer on a property?

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.

What is a list price?

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.

Can I withdraw my offer?

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.

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 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.

Does the seller have to accept the highest 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.

Can you keep my offer as a backup if the property goes under contract with a different 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.

What happens if I have a backup offer and the current contract falls through?

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.

Can I submit my offer subject to a contingency?

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.

How do I respond to the seller's request for different terms?

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.

What does "Highest and Best" mean?

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.

How do I respond to the Highest and Best offer request from the seller?

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.

Will Highest and Best offers be posted on the site?

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.

How can I start receiving SMS messages?

You can subscribe to receive SMS messages by simply logging into your Hubzu account and under Account Settings, check the field that allows you to receive SMS messages.

Why do you ask for my phone number?

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.

Do you share my information with any other parties?

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

Can I unsubscribe from receiving SMS messages?

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.

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