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Learning, Sharing, and Teaching => Real Estate and Landlording => Topic started by: fixer-upper on March 25, 2014, 12:43:11 AM

Title: Buying property through hubzu; Any opinions or advice?
Post by: fixer-upper on March 25, 2014, 12:43:11 AM
I'm looking at a property auction on hubzu, and wondering if anyone here has experience with them.  Good, bad, run away, etc...
Title: Re: Buying property through hubzu; Any opinions or advice?
Post by: dragoncar on March 25, 2014, 12:50:46 AM
This scam product has been discussed here before.  Stay away.  It's a marketing ploy.

jk, I just couldn't resist :-P
Title: Re: Buying property through hubzu; Any opinions or advice?
Post by: fixer-upper on March 25, 2014, 01:27:09 AM
This scam product has been discussed here before.  Stay away.  It's a marketing ploy.

jk, I just couldn't resist :-P

You're evil.  I appreciate that in a person.  :-)

This property has just about everything I've been looking for.  It's a ranch just outside city limits, decent size but not huge, sits on nearly an acre, and should go for $80K under the assessed value.  It needs ~40K worth of work, but I'll do the majority of that myself.
Title: Re: Buying property through hubzu; Any opinions or advice?
Post by: fixer-upper on March 25, 2014, 05:46:41 PM
Nobody has tried them out?

I had a look at the place today, and the stench was overwhelming.  The RE agent said she won't go in there again...and that's with it still frozen.  I can't imagine how bad it would be if it was left until summer, but right now it's a cross between rotting carcass and poop with a hint of mold.  It needs gutted, and I'd happily pay $1K for a cleanout crew to get rid of the trash & carpet.

On the bright side, I think there's $90-100K between what it will sell for and the rehabbed value.

Wish me luck.  :-)