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Is Xome Legit?

Posted by Admin on December 31, 2019
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Is Xome a Real Company?

The first thing real estate investors ask when they hear about Xome is whether it is a legitimate company or a scam. Xome is the online real estate platform and auction site that is a subsidiary of the mortgage company and servicer Mr. Cooper, formerly Nationstar Mortgage. This is a legitimate online real estate marketplace. However, there are some things to consider before you place bids on an online real estate auction.

What is Xome?

According to their website, Xome is self-described as revolutionizing real estate. Through big data, a proprietary real estate exchange and national real estate services, Xome is the one stop shop for home sellers and buyers who want to save money and complete their transaction with the utmost confidence. ” They began in 2015, combining and rebranding the two Nationstar companies Solutionstar and homesearch.com. It began operating a real estate protal and outlet for bank-owned (REO) properties to be sold online. Investors can browse REO properties and participate in the online auction.

How Do You Bid On Xome?

First you will need to register to bid online. When you search for a bank-owned property you will see an orange place bid button on the right side of the screen. In order to bid you must bexome bidding signed in and it must take place during an auction event. However,  if you come across a property that you like before an auction, you can make a pre-auction offer. If your pre-auction
offer is high enough then your offer will be accpeted and the auction will be cancelled.

How Much is The Earnest Money Deposit (EMD)?

The Earnest Money Deposit will be 3 percent of the Total Purchase Price or the Minimum of $3,000 (US), whichever is greater.

Is Xome Cash Only?

As a company, Xome will take cash or mortgage financing. The more important factor is the condition of the property. Most banks won’t lend on properties that aren’t habitable. Since many bank-owned properties are trashed or severely dilapidated, they often don’t qualify for a mortgage. That’s not the case for all bank-owned properties, many do qualify for financing.  If a property’s condition makes it ineligible for conventional financing, then you will have to pay cash for find a hard money lender. If you have questions about a particular property’s eligibility, any property, call or email us 888-870-1031 or contact@openhomesale.com.

Xome Reviews

There are mixed reviews about Xome. A quick search can find hundreds of reviews that are mostly negative. Of course, negative experiences are a stronger motivator to write a review than good experiences. This is a legitimate company in the messy business of selling distressed real property. There are many risk factors like hostile occupants, title issues, unforeseen damage, and sloppy bid management. However, their business is to sell real estate, so if they couldn’t successfully move properties then they would be out of business.

You can read reviews at:

https://www.bbb.org/us/tx/lewisville/profile/real-estate/xome-inc-0875-90524647/complaints

https://www.highya.com/xome-com-reviews

Does Xome Bid Against You?

Many bidders are suspicious that they aren’t bidding againt other private individuals, but that Xome is actually bidding too. This means that if you place a bid, then Xome will place a higher bid, thus promping you to increase your bid. This is ethically questionable because Xome cannot be the winning bidder, therefore you are not bidding against a bonafide competitor in the auction.

The Auctioneer may bid on behalf of the Seller up to the amount of the Reserve Price by placing successive or consecutive bids for a property or by placing bids in response to other bidders. Any such bids placed by the Auctioneer will not result in a Winning Bid.

Is Xome a Scam?

A scam is defined as a dishonest scheme or a fraud. Many reviews call Xome a scam which is inaccurate. This company is genuinely selling real estate. Sometimes buyers might buy a bad property or lose their bid deposit and “feel” scammed. However, feeling scammed or ripped off is different than being a victim of a fraudulent company that is truly scamming people.

Where is Is Xome located?

Xome is headquartered in the Dallas suburb of Lewisville, Texas and has offices in Seattle, Orange County, Denver, Pittsburgh, and Chennai, India.

What is Xome’s phone number?

844-400-9663. Hours  Monday – Friday, 7am to 7pm CT, Saturday, 12pm to 5pm CT

What is Xome’s email address?

auction.customerservice@Xome.com

 

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