Hubzu After winning the auction 4 times, I finally gave up and they sold it out from under me Internet

I am writing to report what I see as a fraud that cost the bank money and cost me an opportunity to purchase a home that I could possibly afford, one block away from my elderly parents in Georgia.

There was a house in foreclosure and the holder of the mortgage was a large national Bank. The property was auctioned by a company called Hubzu and I won the bidding three times in a row! The first time I won with a bid of $53,000, then I think the second was in the $60,000 range and the third was a bit more, $64,000 I believe. I had a realtor making the bids for me. She worked very hard on my behalf and we both finally gave up empty-handed as all of our offers were turned down. She has documentation of the process and the fact that my bids were turned down three times in a row.

We were disappointed to be sure, however, our disappointment turned to shock when we discovered that the property was sold in the next bidding process for a mere $48,000!

I am very angry and upset at my lost opportunity to be able to afford to live near my parents and my realtor is very upset at her loss of a contract as well as frustrated by what we consider to be a rigged process. The bank *should* be angry too, as they could have made $5-$10,000 more on this sale!

This company, Hubzu is a farce. The bidding appears to be rigged. There was no way I was going to win that property, as their favored buyer was already chosen in my opinion. They told me every bid I won was not above the reserve, yet once I gave up, they sold it for $5,000 less than my lowest winning bid! This does not feel like America. This is a third world way of doing business.

The moral of my story >> Do not bid on any properties represented by Hubzu.com