Home Auctions 101
A good place to start. Get the information you need before you dive in. Browse All Topics
What is an auction and how does it work?
A step by step guide to distressed property auctions, from browsing to buying.
What happens after I win an auction?
After you win an auction, there are several steps to take before you have keys in hand.
What are the auction and asset types?
Bank-owned vs non-bank owned vs short sale? We know there are a lot of options, so here is a breakdown.
Frequently Asked Questions See all FAQs
We extend the auction time by 7.5 minutes any time someone has been outbid during the last 7.5 minutes of an auction.
The auction will continue to be extended by 7.5-minute increments until 7.5 minutes have passed without any bidding activity. Extending the time ensures transparency and a fair bidding opportunity to all.
If you were the one outbid within the last 7.5 minutes of an auction event, we send you an email letting you know the auction is now extended for an additional 7.5 minutes, so you have time to place another bid if you want to. We highly recommend you keep your phone nearby and/or track your email alerts and your listings nearing their bidding time limits.
No, there typically aren’t any inspection, financing, or other contingencies related to purchasing a short sale through the auction platform.
| Pro tip: Any inspections you might want to do should be coordinated with the listing agent before submitting a bid. |
Unfortunately, no.
| Pro tip: Properties may be occupied, and trespassing is strictly forbidden. Do not disturb the occupant or contact the owner to obtain information regarding the property. |
Yes, you’ll need to show proof of funds or pre-qualification documents if you are the high bidder on a property.
Just register as a bidder, then search our available CWCOT properties and check out the ones you’re interested in.
Real Estate Owned (REO)—also known as bank-owned—is a property owned by a lender that hasn’t been successfully sold at a foreclosure auction. It’s been re-valued at an amount acceptable to the lending institution but that also encourages a sale.
Registration with Xome isn’t required, but your experience will be enhanced if you do.
Registration gives you access to the most up-to-date information about an auction, including any updates to the properties you’re interested in bidding on, or any changes to the auctions you’re registered for.
Learn more about registering with Xome.
The Library
All the links, documents and definitions you need—in plain English.
Glossary
Our glossary provides simple definitions for some of the most common terms you will encounter along your home auction journey.
Legal Disclosures and Documents
Legal resources and all the documents you need to help guide you through real estate investment process.
Frequently Asked Questions
Our FAQ page gives you easy access to the answers you’re searching for, whether you need to know how to use Xome or how to navigate the home auction process.
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