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FAQ
About Xome.com
A Purchase Agreement is created when the buyer submits an offer (pre-Auction or Own it Now) or is the Highest Bidder at close of Auction. That Purchase Agreement is then immediately available to review and eSign. In cases where the offer requires Seller approval, a signed Purchase Agreement will aid in expediting the review and approval process.
Xome offers MLS listed residential Properties, as well as vacant and occupied real estate owned (REO), Short Sale, redemption and trustee sale Properties. Please sign up to receive our emails announcing weekly Auctions.
We offer several benefits to our visitors:
There are no fees to bid; however, you must register for the Auction Event. During the Event registration we may place a hold of $1,000 on your credit card before you can place bids on Properties within the Event. If you are not the Winning Bidder, the hold will be removed within 24 hours after the Event ends. If you are the Winning Bidder, the hold will removed within 24 hours of the escrow/closing company''s receipt of your earnest money deposit.
My Xome.com Account
Yes, registration with Xome is free and easy to complete. Xome wants to grant you access to many of our exciting Events that we are updating regularly; we just ask that you agree to the Auction Participation Agreement and eSignature Agreement, and acknowledge the ABA Disclosure, before being granted access to bid on Xome''s network of Auction Properties.
Account security and integrity is very important to Xome and its customers. Xome requires email account verification to participate in all auction activities to enhance your purchasing experience.
Xome has two verification options. Users can verify by receiving a verification email and a SMS security code sent to your mobile device.
Please contact Auction Customer Service at 844-400-9663 or Auction.CustomerService@xome.com to help resolve.
Registration links are located throughout Xome Auctions, located on the top right corner. Click "Register" and complete the online registration form and submit your information.
Once you are registered with Xome, log in to view your profile. Choose the ''My Account'' to view personal settings and edit Your Personal Profile.
Profile updates must be made by the registered user on the site. Xome will not be able to make updates on your behalf.
Auctions
- Real Estate Owned (REO)
- Foreclosure Trustee
- Newly Foreclosed
- Short Sale
- Commercial
- Non-bank Owned/Retail
A bank owned Auction is specifically structured for REO properties. These assets are normally sold by institutional sellers.
A foreclosure trustee Auction is a process whereby a lender is able to recover certain amounts owed on a defaulted loan by selling the property at a public auction. These auctions are live and held at a local designated location.
A newly foreclosed Auction is an exclusive online auction consisting of REO U.S. Department of Housing and Urban Development (HUD) properties that are subject to a limited-time discount from its appraised value.
A short sale Auction is comprised of properties in which the proceeds from the transaction are not sufficient to pay off the mortgage lien holder in full. The lien holder has agreed to sell the property for less than the amount owed.
A commercial Auction is comprised of non-single family residential properties, intended to generate a profit from rental income or capital gain. Commercial properties can include office buildings, hotels, stores, apartment complexes, industrial spaces and more.
A non-bank owned/retail Auction is comprised of a variety of vacant, occupied, rentals and new construction properties. Typically, non-bank owned/retail properties are sold by a traditional or private seller and not an institution or bank.
Once you are registered for an Auction Event, placing a bid is a simple click. Each Property will have an opening price and bid increment. Each Bidder receives a confirmation once a bid is placed, and if you are the Highest Bidder you will be notified via email at the conclusion of the Auction.
Own it Now allows a buyer to purchase Property at the Seller''s approved price immediately rather than waiting for the Property to go to Auction.
Once a buyer chooses to ''Own it Now'' (OIN), all other Auction and offering activities are suspended and no other offers can be made.
These types of offers typically have a faster turn-around-time as they are already Seller approved.
A Reserve Price is the minimum price the Seller/Servicer is willing to accept for the Property in an Auction. The Reserve Price is set by the Seller/Servicer and is not shown to buyers, however, the Property Details Page does show whether or not the Reserve Price has been met. Bidding for the Property will continue even if the Reserve Price is met. The Seller/Servicer may choose to re-Auction the Property if the Reserve Price has not been met.
No, but Xome reserves the right to incorporate Bidder prerequisites as needed based on Seller requirements and changes in applicable laws.
It is the fee collected by Xome that will be added to the amount of the Winning Bid as compensation for the Auctioneer in performing the Auction. The Buyer''s Premium is to be paid by the Winning Bidder.
Express Closing is available for select cash only transactions on Xome Auctions.
If Xome is not able to close within a period of 20 Business Days from the point in which an Purchase Agreement is eSigned by the buyer, the buyer will receive a $1,000 closing credit on the TRID Closing Disclosure.
Xome offers the Express Closing Program on Properties that:
The act of placing a bid at the last moment in the hope of winning is called Auction sniping and is intended to deny other Bidders time to place a higher bid. To provide transparency and a fair bidding opportunity, we extend the Auction time if a last-minute bid is received.
If you are outbid within the last 5 minutes of an Auction, we will notify you via email and the Auction will be extended for 5 minutes. The Auction will be extended by 5-minute increments until 5 minutes have passed without bidding activity.
Note: We recommend you track email alerts and keep an eye on listings that are nearing their time limits.
Short Sale Programs
A Short Sale is a real estate sale in which the proceeds from the transaction are not sufficient to pay off the mortgage lien holder in full.
Buyers can often save a significant amount of money with a Short Sale Property. Since the lender will accept less than the amount a borrower owes on the mortgage, the buyer may benefit from a reduced price compared to a traditional sale.
No, there are no inspection, financing or other contingencies as it relates to purchasing a Short Sale on Xome Auctions. Any inspections should be coordinated with the listing agent prior to submitting an offer to purchase.
No, outside of the Buyer''s Premium that is paid, there are no additional costs to the Winning Bidder.
If you are the Winning Bidder at the end of the Short Sale Auction Event, the following occurs:
Generally, the online Auction Event will occur over a 4-day period. The Event will not conclude until all bidding has finished.
Yes, registration with Xome is free and easy to complete. Xome wants to grant
you access to many of our exciting Events that we are updating regularly;
we just ask that you agree to the necessary legal agreements such as the
Auction Participation Agreement and
eSignature Agreement before being granted access to bid on Xome''s network of Auction Properties.
Registration links are located throughout Xome Auctions. Within the
Auction Calendar, they are located next to each Event. When viewing an
Auction Event inventory, the registration link is available on the top left
side of the page. If you are viewing a property detail page, the registration link is
located on the top right corner. Click "Register" and complete the online registration form and submit your information.
Foreclosure/Trustee
A foreclosure sale is a process whereby a lender is able to recover the amount owed on a defaulted loan by selling the property at a public auction.
Foreclosure sales are typically conducted by a trustee in a public location that is open to all bidders.
The duration of each event varies. For specific sale locations and times, refer to the Property Details Page information located on xome.com/auctions/foreclosure-trustee.
Sale locations and times are specific to each county; refer to the Property Details Page located on xome.com/auctions/foreclosure-trustee.
Registration with Xome is not required.
Online bidding is available in limited areas; refer to the Property Details Page located on xome.com/auctions/foreclosure-trustee for auction location information.
Full payment for the property is due in the form of certified funds and the property cannot be financed.
Full payment is typically due immediately upon acceptance of the winning bid at the time of sale. All winning bids must be paid in the form of certified funds. These payments are payable to the foreclosure trustee as listed in the payment information section on the Property Details Page. A valid form of government ID will be required to complete all sales.
Payment is typically due immediately upon acceptance of the winning bid at the time of sale. See property-specific payment requirements on the Property Details Page.
The cancellation or postponement of a foreclosure sale can occur for a number of reasons and there are no guarantees that a particular property will be brought to sale. Please contact the foreclosure trustee listed in the Property Details Page information located on xome.com/auctions/foreclosure-trustee for the most up to date information.
Properties cannot be inspected prior to sale. The property may be occupied. Trespassing on the property is strictly forbidden. Do not disturb the occupant or contact the owner to obtain information regarding the property.
Buyer’s Premiums do not apply to a foreclosure auction event.
Foreclosure properties are sold “as is, where is” with all faults and limitations. It is recommended that potential bidders complete their own due diligence prior to the foreclosure sale.
Newly Foreclosed
A Newly Foreclosed Auction Property is an exclusive REO Property subject to a limited-time discount from its appraised value.
Newly Foreclosed sales are conducted online on xome.com/auctions/recently-foreclosed and they are open to all registered Xome Bidders.
Online Events last between 3 and 6 days. For specific Event dates and times, refer to the Property Details Page located on xome.com/auctions/recently-foreclosed.
Newly Foreclosed Auction Events occur on Xome.com/Auctions. For specific Event dates and times, refer to the Property Details Page located on xome.com/auctions/recently-foreclosed.
Yes, registration with Xome is free and easy to complete. Xome wants to grant you access to many of our exciting Events that we are updating regularly, but we must ask that you agree to our Terms and Conditions, E-Sign and Auction Participation Agreements prior to bidding on Xome’s network of Properties.
Registration links are located throughout the site, located on the top right corner. Click “Register” and complete the online registration form and submit your information.
Yes, registered bidders can place bids online.
Yes, however financing is subject to the lender’s approval and the Purchase Agreement will not permit any financing contingencies.
If you are the winning bidder at the end of the Newly Foreclosed auction event, the following occurs:
- Your bid is submitted to the lender for review
- Upon approval of your bid, a Purchase Agreement is provided for your review and signature.
- Once the Purchase Agreement is signed by both the buyer and the Seller, the property enters in escrow and the normal process of closing occurs.
Properties cannot be inspected prior to sale. The Property may be occupied. Trespassing on the Property is strictly forbidden. Do not disturb the occupant or contact the owner to obtain information regarding the Property.
A buyer’s premium does not apply for a Newly Foreclosed auction event.
Newly Foreclosed Properties are sold “as is, where is” with all faults and limitations. It is recommended that potential Bidders complete their own due diligence prior to the Auction.
Redemption
A redemption Auction is an online Auction Event whereby Bidders bid on Properties that are subject to the right of the former mortgagor to redeem the Property. All Bidders are strongly encouraged to investigate the applicable laws governing the right of redemption.
Redemption Auction Events last between 3 to 5 days.
Yes, registration with Xome is required.
Yes, you can bid online at xome.com/auctions/redemption.
Since redemption Properties cannot be inspected (see below), redemption Properties typically are not eligible for traditional financing.
Redemption Properties are cash only. Proof of funds is required along with the earnest money deposit.
The earnest money is due within 24-48 hours of the receiving the fully executed Purchase Agreement. The balance is due at closing.
Redemption Properties cannot be inspected prior to sale. The Property may be occupied. Trespassing on the Property is strictly forbidden. Do not disturb the occupant or contact the owner to obtain information regarding the Property.
Yes, there is a Buyer’s Premium that is added to the Winning Bid amount.
Redemption Properties are sold “as is, where is” with all faults and limitations. It is recommended that potential Bidders complete their due diligence prior to the Auction.
After the Auction
You will receive an email including a link that will verify your bid and confirm your registration information. In addition, there will also be a notification within your user dashboard regarding the express checkout form. This form must be completed within 24 hours. You will receive further closing information that will be provided along with the purchase contract.