Auction Site Hubzu Now Offering New Features
Hubzu has launched new features to help traditional homebuyers purchase bank-owned homes as their next residence. Hubzu users can now see upcoming listings pre-auction. In addition, Hubzu users can now place bids on homes that are contingent on obtaining HUD’s 203(k) rehabilitation financing which allows a single mortgage to include the home purchase price and renovation costs. This could be especially helpful for the Hubzu users who want to purchase distressed homes as their primary residences.
“Traditional homebuyers are a growing segment of Hubzu users and we are adding new features to help them plan which properties to bid on. By adding the 203(k) financing as a contingency option, Hubzu helps increase the housing stock of affordable homes by making it easier for traditional buyers to purchase bank-owned homes,” said Steve Udelson, president of Hubzu. “When traditional buyers purchase distressed properties with 203(k) financing, they’re not only making a smart investment, but are also strengthening communities.”
Hubzu’s new auction and financing features include:
►Hubzu Pre-auction Listings: This new feature allows buyers to preview, monitor and research properties before auctions are live on Hubzu, making it easier to discover properties of interest and prepare for bidding. When auctions commence, buyers have transparency into how many people are also watching the same auction. They can set automatic bidding amounts and caps to make quick adjustments to their bid when an email notification alerts them when they are outbid.
►Federal Housing Administration 203(K) Financing: On qualifying properties, buyers can now make their bids contingent on rehab financing which allows them to finance the purchase and renovation with a single mortgage. This opens up substantial opportunity to qualified buyers interested in purchasing a distressed property.