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Xome.com Auction Winner?
I recently bid on a property through xome.com and was outbid. I have since moved on and now they are coming back saying that the property is available to me because the highest bidder has backed out. I have a strong suspicion that the Auctioneer/Bank was the 'high bidder', which it clearly states in the terms of the auction that this is possible. Since I have moved on, I am still interested, but would like to get it for less than my highest bid. Has anyone had experience with this?
update - I spoke to customer service at Xome.com and they lowered my bid, and it is now under review by the seller.
Hi Dan - good for you! Banks do that all the time (bid against us or "say" they have another offer and ask for best and final and get away with it. Best of luck to you on your deal!
@Dan Hoehn Sounds like you managed to get ahold of someone from xome. That's great. I bought a few properties from them. I've found that they've been pretty straightforward and easy to work with. I feel that they actually are trying to liquidate inventory fairly quickly. Whereas the other auction sites can keep relisting for months and month.
Best of luck!
Good for you, Dan. I didn't fare so well.
Same thing happened to me two weeks ago for a property in NJ. The person in charge of auction wasn't forthcoming with any information. Customer service was better and explained to me that they would not lower the price but I was free to withdraw my latest bid with no penalty. I decided to stay in and I am now in the process of closing.
Warning. As the buyer you are responsible for any inspections and paperwork required by the county or state to close...even if the seller normally submits the forms. This is the case for NJ Transfer of Ownership form. The Xome closing agent sent me a sloppy email that did not state this clearly. I had to find the form myself, get seller to sign, and submit.
Thanks for the insight Stanley, I will definitely look into that. Thus far my communication with Xome has been positive. My offer was officially submitted today, it is now going to the seller for review.
Hey @Daniel Gutierrez, unfortunately I did not. It was a messed up situation, the brokerage that was working on behalf of the bank screwed up and ended up pulling the property. Everyone on the Xome side was helpful, I can't say the same for the brokerage.
That's a shame, Dan. Keep grinding! It's a numbers game
I am interested in working with them, may I ask what kind of financing you did for your purchase through xome?
I think most of the auction purchases are Cash only.
Do you wait until the last minute to bid on a property that you are interested
Has anyone had any luck having xome.com send you the title before signing the purchase agreement
I'm in the process with XOME now... I put in a full price offer Pre-Auction with the thinking that it would have been accepted and a done deal and not even making it to auction. Unfortunately that was not the case and it was declined and has since gone to auction. I'l be interested to see how this unfolds.
I have had success with them. One successful method I have used is to watch the auction over several weeks. Keep an eye on the high price bid over each unsuccessful auction. Their Banks seem to require at least 3 auctions before they will deal. On the 4th auction if you are the high bidder, even if the reserve has not been met, they are more inclined to negotiate with you.
@RichBaer
Thank you I'll definitely keep that in mind.
I doubt banks are allowed to hire someone to compete . In my case mine was the highest but they did not sell to me. In fact there has been a REO(rare here) that was MLS, Xome, auction. Wife stated someone was showing inside yesterday. Buying a distressed properties never a sure thing.