CWCOT Search CWCOT Properties

What is a CWCOT property and auction event?

The Federal Housing Administration’s (FHA) Claims Without Conveyance of Title (CWCOT) program is intended to find better options to reduce the inventory of properties held by the U.S. Department of Housing and Urban Development (HUD). The properties are also referred to as newly foreclosed and 2nd chance. The goal is to allow buyers to purchase homes through traditional public foreclosure sales and also through online auction marketplaces. HUD requires online marketing of all properties as part of the CWCOT program to broaden the purchase opportunity to a larger number of buyers.

What are benefits of the CWCOT program?

This program provides buyers the ability to acquire properties from HUD in an open marketplace for prices based on discounted market values. HUD performs appraisals on all CWCOT properties, then allow further discounts to be applied.

Can I transfer the title for a CWCOT property and should I purchase title insurance?

Homes purchased through the CWCOT program can be transferred quickly through a quitclaim deed; however, obtaining title insurance is recommended to protect the buyer from unforeseen liens or other items on a title that would transfer with the purchase of the property.

Is there a buyer’s premium added to the winning bid for CWCOT properties?

As part of the online auction, these homes are offered with no buyer’s premium which is an opportunity for buyers to save money on the purchase. Most CWCOT properties are not on the Multiple Listing Service (MLS) so there is less competition.

If I am the winning bidder of a CWCOT property, what are the next steps?

If you are the winning bidder, your bid will be submitted to the lender for review. Upon approval of your bid, a contract will be provided to you for review and signature. Once the contract is signed by both the buyer and the seller, the property enters escrow and the normal process of closing occurs.

What is the CWCOT Sale Process?

CWCOT sales are conducted online at xome.com/auctions/recently-foreclosed and they are open to all registered Xome Bidders.

How long will each event last?

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.

When and where do sales occur?

CWCOT 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.

Can a CWCOT Property be financed?

Yes, however financing is subject to the lender’s approval and the Purchase Agreement will not permit any financing contingencies.

Can I inspect the property prior to sale?

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.

Will the CWCOT Property have a clear title?

CWCOT 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.

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Foreclosure Trustee Search FCLT Properties

What is a foreclosure trustee property and auction event?

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, generally at the courthouse steps of the county the property is located in.

What is the Foreclosure Trustee (live auction event) timeline?

Understand the foreclosure bidding process so you’re prepared on the day of the public auction.

  • 1 Create a Xome Auctions Account

    Once you’ve created a free account on xome.com, you’ll have access to a personalized dashboard to keep track of your saved properties and previous bidding activity, helpful information, and more!

  • 2 Search Auction Properties

    Xome provides access to one of the largest online collections of foreclosures across the nation giving you a single location to search for and find your next investment opportunity.

  • 3 Find the Foreclosure Event

    Now that you’ve found your next property, you’ll be directed to all the information you need directly from the property’s detail page including the events location, start time and estimated starting bid. If the property has not been scheduled into an event yet, or you would like to see all events in a specific county, you can search for upcoming live foreclosure auction events.

  • 4 Register for the Event

    Save time and stay up to date by registering for the event. Once registered, you’ll receive notifications on the status of the foreclosed property prior to arriving at the event.

  • 5 Do your Due Diligence

    Make sure to research the property you’re interested in. Xome provides information including occupancy status, price and tax history, comparable market information, and neighborhood data.


    Obtain and review a preliminary title report on any foreclosure property you’re interested in bidding on to make sure there aren’t any hidden liens or encumbrances.

  • 6 Attend the Live Auction Event and Bid

    Don’t forget to bring your payment in the form of cash or a cashier’s check and government-issued ID.

  • 7 Going Once, Going Twice, Sold!

    Congratulations! You’ve bid like a pro and won the auction.

  • 8 Secure the Certificate of Title or Deed

    Even after winning the auction event, you cannot enter the property or make any improvements until you have the title or deed documents in hand.

  • 9 It’s yours!

    Hooray! You’ve completed the purchase transaction. Thank you for using Xome and we hope to see you again.

What is the Foreclosure Trustee Sale process?

Foreclosure sales are typically conducted by a trustee in a public location that is open to all bidders.

How long will each Foreclosure Trustee event last?

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.

When and where do FCLT sales occur

Sale locations and times are specific to each county; refer to the Property Details Page located on xome.com/auctions/foreclosure-trustee.

Do I need to register to bid for an FCLT auction

Registration with Xome is not required.

Can a foreclosure property be financed?

Full payment for the property is due in the form of certified funds and the property cannot be financed.

What type of payment is required to purchase a Foreclosure Property?

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.

When is payment due if I am the winning bidder?

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.

What if a Foreclosure sale is cancelled or postponed?

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.

Can I inspect the property prior to sale?

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.

Is there a buyer's premium added to the winning bid at a Foreclosure Sale?

Buyer’s Premiums do not apply to a foreclosure auction event

Will the property have a clear title?

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.

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Bank-Owned Search Bank-Owned Properties

How do I search for "Bank-Owned" properties?

You can browse "Bank-Owned" properties by clicking the "Auction" tab, hovering over "Search Auctions" and clicking "Bank Owned Properties". We recommend creating an account first so that if you like a property you can save it to your dashboard to keep tabs on it.

How do I perform due diligence on bank-owned properties?

Contact the Titles and Records department in the county where the property is located. Generally, this information can be found at the County Courthouse.

What does REO stand for?

A bank owned Auction is specifically structured for REO (Real Estate Owned) properties. This means that these properties are owned by the bank/sold by institutional sellers.




Short-Sale Search Short-Sale Properties

What is a Short Sale property and auction event?

A short sale auction event 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 as a short sale, for less than the amount owed.

What is the benefit of buying a Short Sale Property?

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.

Do Short Sale Auctions conducted on Xome allow for any purchase contingencies?

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.

Are there any additional fees required to purchase a Short Sale on Xome Auctions?

No, outside of the Buyer's Premium that is paid, there are no additional costs to the Winning Bidder.

What is the process of purchasing a short Sale?

If you are the Winning Bidder at the end of the Short Sale Auction Event, the following occurs:

  • Your bid is submitted to the Servicer for review.
  • Upon approval of your bid, a Purchase Agreement is presented for your review and signature.
  • Once the Purchase Agreement is signed by both the buyer and the Seller, the offer is submitted for final Short Sale review by the Servicer.
  • The Servicer will obtain any necessary investor or mortgage insurance company approvals.
  • The Servicer will provide a Short Sale approval letter, which will outline the terms of the Short Sale for all parties to review.
  • The Property enters into escrow, and the normal process of closing a transaction occurs.



  • Commercial Search Commercial Properties

    What is a commercial property and auction event?

    A commercial auction event is comprised of non-single family residential properties, and include office buildings, hotels, stores, apartment complexes, industrial spaces and more.




    Redemption

    What is the right of redemption?

    The right of redemption is the right of a homeowner to either stop a foreclosure sale from taking place by paying off the mortgage debt, or repurchase the property after a foreclosure sale by paying a specific sum of money within a limited period of time. Depending on the laws in the state where the property is located, homeowners may have the right to redeem the home both before and after a foreclosure sale.

    What is a redemption auction event?

    A redemption auction is an online auction event where 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 for the state the property is located in.

    The "right of redemption" is the right of a homeowner to either:

  • Stop a foreclosure sale from taking place by paying off the mortgage debt or
  • Repurchase the property after a foreclosure sale by paying a specific sum of money within a limited period of time.
  • Depending on the laws in your state, you might get a right to redeem the home both before and after a foreclosure sale.
  • How long will each Redemption Auction event last?

    Redemption Auction Events last between 3 to 5 days.

    Do I need to register to bid at the Auction for a Redemption Property?

    Yes, registration with Xome is required.

    Can I bid online on a Redemption property?

    You can bid online at xome.com/auctions/redemption

    Can a redemption property be financed?

    Since redemption Properties cannot be inspected (see below), redemption Properties typically are not eligible for traditional financing.

    What type of payment is required to purchase a redemption property?

    Redemption Properties are cash only. Proof of funds is required along with the earnest money deposit.

    How soon is payment due if I am the Winning Bidder?

    The earnest money is due within 24-48 hours of the receiving the fully executed Purchase Agreement. The balance is due at closing.

    Can I inspect the Property prior to sale?

    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.

    Is there a Buyer's Premium added to the Winning Bid at a Redemption Auction?

    Yes, there is a Buyer’s Premium that is added to the Winning Bid amount.

    Will the Property have a clear title?

    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.

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