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MortgageFintech

Hubzu offers financing contingency options for buyers

Consumers can bid on houses at auction, then get financing

Luxembourg-based Hubzu, an online real estate marketplace owned by Altisource, has created financing options that will allow buyers to bid on homes in real time and secure financing later. 

“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,” Udelson continued.

So why now?

Udelson explained that the company’s inventory is growing.

For starters, he said there is more inventory from banks that are choosing to use Hubzu to sell properties. And as a result, the homes are becoming better quality in nature, which will appeal more to consumers.

“The houses are move-in ready and are much more desirable, and quite frankly, it wouldn’t make a lot of sense for an investor to come by and pick up,” Udelson said.

Plus, he said that inventory for sale today is very low, and buyers need these extra numbers, making it a good time to make these homes for sale.

As a key component of Altisource’s REO solutions, Hubzu reported strong growth in 2015, increasing its average number of homes offered for auction by 20% in the first quarter compared to the first quarter of 2014.

Additionally, 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.

The enhanced website experience on Hubzu.com features:

  • An auction bid and offer process now optimized for mobile and tablet – providing an ?efficient buying process that is accessible from virtually anywhere at any time.
  • A new property listing design with more detailed information about home features and ?neighborhoods.
  • And a range of new tools to help first-time homebuyers.

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