Let’s say you’re one of the buyers vying for the mid-century home at 3631 Seguin Dr. in Northwest Dallas. This is a super-hot market, and you don’t want to miss out on bank-owned deals that can net you a pretty penny if flipped. But in most auctions you’d have to have cash on hand, ready to pay up right after you win. You’re not an institutional investor, though, and ponying up $88,000 in a matter of hours may not be an option. However, with Hubzu.com’s new buyer’s financing contingency option, you can bid on the property and secure financing after you win.
“Since 2009, institutional investors and sellers have found tremendous value using Hubzu to auction and buy homes,” said Steve Udelson, President of Altisource Online Real Estate. “Now consumers, who seek an affordable auction property but need to secure financing if they win an auction, can use Hubzu just as easily as investors who already have financing in place or pay cash. This enhancement continues to demonstrate that Hubzu is a great marketplace to transact for all qualified buyers.”
Hubzu is also trying to make buying at auction easier, with mobile-optimized interfaces, property listings that look more like what you’d find on the big MLS sites, and tools for first-time homebuyers.
Right now Hubzu is offering 25 properties in Dallas and 34 in Fort Worth, many of which are bank owned and ready for bidding. If you haven’t bought a home at auction, but are considering it as a way to save some serious cash, Hubzu’s new tools definitely take the mystery out of the process, making auction properties a lot more accessible.
What do you think of the new website?