ED Magedson – Founder
HubzuNo physical address Internet USA
Hubzu Altisource Fraudulent Realestate Tactics---Up Bidding Scam CONTINUES! hubzu.com/portal/about-us Internet
I stumbled onto this site while looking for a home. After doing as much research as possible, I bid on a property listed at $113,000. Near the end of the bid another "bidder" came in at $120000. I then upped my bid to $121000. I "won" the bid however I received a counter back from the "seller" for $160000. Needless to say , I rejected the counter and the property relisted again but this time at $130000. I decide to give it one more try and the same scenerio happened agin with me "winning " the bid at $132000 against one other "bidder". I was then countered again by the seller at .....get this $169000. That's $9000 more then the previous bid. Here's where I began to get suspicious. I noticed that the "bidder" who was bidding against me had the same i.d initials on two other properties in my area which had similar up biddings and relistings. The pattern was the same. A bid would be made by someone legitimate. It would then be BID UP by the other bidder and then the ghost bidder would suddenly drop off. It always stated at the end that the reserve was not met and a counter was then made to the blindsided winning bid. The properties ALWAYS relist higher and the counter offers are always higher then before. This is a pure FRAUD. This company is driving up the price under the guise of legitamcy. Any class action against this sham company should be put in high gear. Count me in.
This report was posted on Ripoff Report on 03/08/2014 06:28 AM and is a permanent record located here: http://www.ripoffreport.com/r/Hubzu/internet/Hubzu-Altisource-Fraudulent-Realestate-Tactics-Up-Bidding-Scam-CONTINUES-hubzucompor-1129194. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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