Online auctions for bank-owned and short sale homes are becoming more mainstream as the shopping experience becomes more user-friendly. In fact, online real estate auction marketplace Hubzu experienced a 20% increase in listings in the first quarter of 2015 compared to the same quarter last year.
Hubzu offers a transparent, real-time bidding model that makes it easy to buy and sell auction homes, and this week announces a new financing contingency that makes it possible for home buyers to win a home auction and secure financing later – the same as when a home buyer works with an agent to purchase a typical home. This is novel and welcome in the house auction business. Consumers can now bid on home auctions with a financing contingency. Making REO properties available to a larger market.
Hubzu, an innovative online real estate marketplace, today releases a new responsive design to improve the user experience and to bring even more qualified buyers to its online home auctions. Reporting strong growth in 2015, Hubzu increased its average number of homes offered for auction by 20 percent in the first quarter when compared to the first quarter of 2014.
As a key component of Altisource’s REO solutions, Hubzu continues its strong track record of providing a transparent transaction process and selling homes quickly. Hubzu® properties spend an average of only 53 days on the market before they are purchased, and over 100,000 properties have sold to date.
To allow more buyers to qualify to buy properties, Hubzu has introduced a buyer’s financing contingency option for certain homes. The financing contingency provides buyers with the option to bid on homes in real-time and secure financing later, similar to how a typical home purchase works.
Since 2009, institutional investors and sellers have found tremendous value using Hubzu to auction and buy homes. 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.
In addition, the enhanced website experience on Hubzu.com features:
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Author bio: Brian Kline has been investing in real estate for more than 30 years and writing about real estate investing for seven years. He also draws upon 25 plus years of business experience including 12 years as a manager at Boeing Aircraft Company. Brian currently lives at Lake Cushman, Washington. A vacation destination, a few short miles from a national forest in the Olympic Mountains with the Pacific Ocean a couple of miles in the opposite direction.