What happens if I win an auction on Hubzu.com?

If you win an auction on Hubzu.com, congratulations! Once the auction ends, you will receive an email notification confirming your winning bid. To proceed with the purchase, you must then sign a purchase and sale agreement and provide an earnest money deposit within the specified timeframe. The amount of the deposit varies depending on the property but is usually around 3% of the purchase price. The funds can be wired or sent via certified check to the designated title company. It is important to note that winning the auction does not guarantee the property is yours, as there may be reserve requirements or seller's approval involved. If everything goes smoothly, you will proceed with the closing process and take ownership of the property. However, in some cases, if the reserve is not met or the seller does not accept the winning bid, the property may be relisted for another auction.