- Report: #1393593
Complaint Review: hubzu - Internet
-
Author Not Confirmed
Why?
hubzu
Internet, USA
Phone:
855-882-1314
Web:
hubzu.com
Categories:
Business Rating:
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hubzu Altisource deceptive bidding Internet
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.
