Question about Xome auctions

[Ryan Saulle]

Hey BP members, I've been looking into Hubzu and Xome auction sites lately. I read up on these sites and I have seen some mixed reviews.

I recently walked through a few properties from these sites and I liked one from Xome. The auction starts tomorrow and I am going to put in a bid. Has anyone purchased a property recently from there and have advice for me? Is there anything I should look out for? Anything hidden? How was the overall process? 

Any input would be great!

Thanks,

Ryan

[William Murrell]

I have bought houses from each. I personally liked homesearch (xome now) better than hubzu. The process was more straightforward. With xome, the auction completed twice with me as high bidder but not meeting reserve, and they reset it. But on the third time they accepted my bid even though it didn't meet reserve. With Hubzu, we had two properties where we were high bid but under reserve and they just kept resetting it, 12+ times. Also, make sure you are accounting for the fees. They're listed on the side of the page and will add a significant amount to the actual purchase price. Last but not least, block off some time for the auction if you're serious about the house. The last one I won was supposed to end at two pm. I thought it would be done shortly after. But since the auction adds 10 or 15 min whenever someone makes a last minute bid, it kept getting extended until it finished almost 2.5 hours later. Had I been unable to sit there for the additional time, I would have lost it. Good luck!