Online real estate marketplace Hubzu is offering consumers looking to bid on real estate owned properties a financing contingency option in an effort to improve user experience, bring more qualified buyers to its service and allow more buyers to qualify to buy properties.
The option gives potential buyers the opportunity to bid on homes in real time and secure financing later and giving them a chance to compete against bidders who have access to funds already.
"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," said Steve Udelson, president of Altisource Online Real Estate, Hubzu's parent company. "This enhancement continues to demonstrate that Hubzu is a great marketplace to transact for all qualified buyers."
Hubzu reported strong growth in the first quarter of 2015, with a 20% increase in the average number of homes offered by auction, compared to the same time last year.
Properties listed on Hubzu spend an average of 53 days on the market before they're purchased. It has sold over 100,000 properties to date.
