I couldn’t agree more with the last complaint. The on-line auction is deceptive and fraudulent. I placed a bid, and at the end of the auction the bid was increased at the last minute. The propery went bid for bid which i ended up losing. I ended up losing the auction but was contacted by hubzu a few days later saying i won the auction. I contaced Altisource, who is the actual owner of the property, it is a company owned and run from India, but they use a Georgia phone line. I was able to speak to the asset manager and i stated my case as being this: The auction was between two bidders, since the winning bidder backed out, curious if there even was one, all his bids should be null and voided. | my bid that met the reserve should be the amount payable for the property. The asset manger declined and said i had to pay the higher bid amount. I refused and walked away. The property was relisted a day later. still interested in the property i started my bid at the last reserve and noticed the site read, reserve not met. Curious as i was i let the auction go at the initial bid. I won! Hubzu contacted me and said even though you won, the bid did not meet the sellers reserve price. I am confused! I started the bid a thousand above the last reserve price and lost. I contaced the asset manager and found out that they increased the reserve number. | He said if you want the property i had to pay the additional amount. I refused and was disgusted. Next day, the property was listed again, this time they listed at my offer. where is the end my friends. Did a little digging into Altisource and found out, it is also called Ocwen Financial. It is a india owned company using a bank out of the Camen Islands. They buy distressed properties from banks at a major discount and flip them on a auction site called Hubzu. This company has a lawsuit pending from its shareholders claiming deceptive dealings. Be very weary when bidding and expect the unexpected. This company definately needs to be looked at from a legal view. looks very shady to me.
This review (Hubzu.com) was originally published at Holy Smoke !.
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