Hubzu AKA's Altisource, ARNS Inc a Delaware limited liability company. Threat to Keep my Deposit New York

This company lures bidders in (by the HUBZU.com) promising closing in 20 days or less. They expedite the signing of the contract and take you deposit almost immediately. They also offer you their own title search company, offering you up to $400 credit, do not trust; get your own title. However, once you submit your deposit then they change their tune by postponing the closing, telling you that the deed is ready but they do not provide so you can close and the title is not clear/clean. This company does not appear to have clear title to the properties they advertise on Hubzu.com. They have you execute the contract expeditiously but if you try to cancel the deal due to their postponement of closing, they threaten you that the seller will retain your deposit and in most cases they will because the contract you sign, protects them only. In the meantime closing is postponed indefinitely, property keeps deteriorating.

Lessons learned:

1. Don’t trust this group, including the attorney’s they do business with!

2. Have your attorney stipulate on the contract that if closing is postponed by them that some penalty is agreed upon.

3. If the property deteriorates or its not in the same condition as you originally bid on, should have the right to cancel. Take pictures before and after of everything!