Albuquerque, NMMember since November 2015

Reviews (2)

    • Dec 4, 2015
    • Verified Reviewer

    Houses not REALLY for sale!

    Overall Experience:

    We have only tried to buy one home on, but I don't believe they are actually selling the homes they list. First, I've noticed that the same house will go up for auction 2, 3, or even 4 times, this should have been a warning.

    We bid on a house that had previously been on MLS. We had tried to contact the realtor but she wouldn't return our calls. We had been by the house and knew that it was vacant and had even been winterized.

    We won the bid. The seller came back and wanted a higher offer -- not a counter offer -- just said "offer more or we'll reject it." We increased our offer and the guy said it was above the reserve so they should take it.

    We then got a call from the listing realtor ranting that we couldn't have bought the house because she had a buyer. Then she said she was going to "undo" our deal. THEN she offered us 5 thousand to flip the house to her if we DID get it!

    Apparently she was able to "undo" our deal with the bank, because they rejected it again saying that the house had recently become vacant so they wanted more for it. Not true! The people were evicted and the writ served more than 2 weeks before the auction.

    They have now put the house BACK on the website but we're through with trying to deal with them, except they won't return our earnest money. No reason -- just won't return our calls and won't contact the title company.

    I think is fishing for buyers and that neither the reserve price or the winning bids mean anything. It sounds like they're not really authorized to sell the house at all -- they're just getting offers from the bidders and presenting them to the banks and hoping maybe they'll take the offer. Don't waste your time.

    Bottom Line: No, I would not recommend this to a friend

    68 people found it helpful

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    • Apr 27, 2017
    • Verified Reviewer

    Are auctions real?

    Overall Experience:

    I've successfully bought houses from and Hubzu but can't figure out if is even a real auction.

    I bid on three properties this week. All three were listed on MLS. When I entered a bid in increments stated on the website, the next bid would always jump by thousands more than the bid increment. In one case, the bid increment was $2500, but the next bid was $10,000 higher. This continued until the price reached the MLS list price. I'm well aware that these sites bid for the bank, but this seemed like it wasn't a real auction and that they were trying to see how much more they could get over the MLS list price, which was too high for a repo in the properties' conditions. No "real" bidder would voluntarily run the price up by that much more than required.

    I'm curious whether this is always the case. It would be much easier just to make an offer with the listing agent than waste days playing online only to find out it was going to go for more than asking anyway. Or if that's the case, just start the bidding at something reasonable and don't waste people's time with marketing it so low just to generate interest. I'm fine with the bank bidding, but these auctions didn't seem like real auctions at all.

    I think I'll just go through the agents or buy other properties from now on. The only positive is that they released my credit card hold immediately, unlike some other sites.

    Bottom Line: No, I would not recommend this to a friend

    21 people found it helpful

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