Xome Pros, Cons and Review 2022

What is XOME?

What is XOME auction?

Is XOME com legit?

How does XOME make money?

What is XOME value?

What do XOME field services do?

What is XOME appraisal?

What is XOME?

Xome is an online real estate platform launched in 2015. By using Xome, which is an online auction platform for real estate properties, individuals can find, buy and sell properties. Within the platform, there are Xome auctions, mortgages, title services, notary signings, and valuation services. Essentially the entire process of closing on a house can be completed through the use of the online platform and in many ways, it can give in that way real estate experience to those looking to get into the real estate field. 

• The listing types available on Xome include: 
  • Exclusive listings
  • MLS listings
  • Luxury real estate
  • Foreclosures
  • Short Sales
• The company’s home office is in Dallas, Texas
• Xome has satellite offices in 5 locations, 4 of which are in the USA and one in India. Xome offers users the chance to view a number of different auctions including:
  • New Home in Auction
  • Auctions that are soon ending
  • Auction event by calendar date
  • Foreclosure sale events

What is XOME auction?

Xome is an online auction platform. Essentially what that means is that all of the properties that can be found on sale on Xome, or rather that can be found in the Xome inventory are only available for purchase through auctions. For those who have used eBay and have engaged in one of those bidding wars found on the website, the process of bidding for real estate properties that you are interested in will be familiar to you. To find Xome Auctions, and to then bid on houses, all you will need to do is sign on the platform, and view their auction calendar. Normally, Xome makes it easy to view any auctions that have properties that are soon going off the market, as well as any market that has new properties. On the first page of their website, they also have a foreclosure schedule and an Auction schedule available. 

In this way, a Xome auction is nothing more than a simple online event, during which you are able to place bids on specific properties that you are interested in purchasing. Much like with an in-person bidding war, the amount that the property will sell for will depend on the amount that the highest bidder is willing to spend on the property that they have set their eyes on. Similar to an eBay auction, the auctions on Xome have a predetermined time during which you can bid for the property that you are interested in. In general, properties that have just become available in Xome Auction may have lower prices while those that are almost at the end of the auction time period may be closer to the price that they will end up selling for. 

Quick Facts to remember: 

• Xome is a completely online platform, and they do not function through in-person auctions
• All properties on Xome are only available through Auction
• The Xome Auction works similarly to the eBay Auction
• To find Xome Auctions you can visit the platform and select which of the Xome Categories works best for you
• Xome has a foreclosure and auction calendar 

Is XOME com legit?

Xome is a legit service, that fully works online. The way that the service works is by allowing sellers to list their properties on the platform for auction. Once a listing has been made then potential buyers can start placing bids for the real estate properties available. One of the most unique aspects of Xome is that they are fully able to take on all of the proceedings for the purchase of a property, including most of the closing process, such as getting the title for the property and the notary signings. What makes Xome such a great service is that it offers the ability to participate in an auction to everyone through a very easy-to-use platform. Potentially, by purchasing a property through auction, prospective buyers may be able to save money on the purchase of the property if others are not also bidding for it. With the certainty that the company is legitimate, potential sellers and buyers are left in the safe hands of the online platform through which their real estate property purchasing and selling dreams can become a reality. 

How does XOME make money?

Xome as an online auction service tends to make money both through the buyer and through the seller. Initially, there was a sign-up or listing cost for sellers who wanted to list their properties on Xome. The seller package used to retail for $599 but they have, as of recently, reduced the price to $0. While for prospective sellers this may make it appear as if they will be getting the full service for full price, they should be aware that depending on the transactions that take place, Xome reserves the rate to request a commission rate from the seller on the purchase. This is something that they note on their website so as to be transparent. The problem with this policy is that as far as the seller is concerned, they are never fully aware of what the commission rate will be and so they may end up having to pay an extra amount that they were initially expecting so as to sell their home to a prospective buyer. 

The buyers are normally the ones who are left to bear the largest part of the financial costs for using the service. Xome has a 5% commission that they request from buyers on every winning bid for commission. There is also a 1% service fee, as well as the standard closing costs. All of these are paid by the buyer and as such prospective buyers using the service should be aware that they will be the ones to pay large amounts in fees and commissions for purchasing a home through the auction listing. 

By imposing these fees and commissions, Xome is able to sustain itself and make money as a business. Setting fees in this way is fairly normal for businesses who are seeking to make money off the product or service that they are providing. As such the Xome business model is not unique. 

Costs of Xome for Sellers:

• Registration/ Listing Fee is currently at $0, but it used to be $599
• Xome retains the right to ask for a commission fee

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Costs of Xome for Buyers:

• 5% for every winning bid
• 1% service fee
• Closing costs 

What is XOME value?

Apart from all of the auction services that Xome offers, they also have a unique suite of valuation solutions. These include Appraisals, BPOs, and other valuation products used by mortgage lenders and other valuation services throughout the USA. Their valuation service takes advantage of previous MLS listings and uses data science analytics to determine potential valuations for your property. But what the service offers does not stop there. A USPAP Certified member of their team will quality control the valuation that their system came up with so that they can ensure its accuracy. Outside of simply giving you a number for the valuation, they will also give you access to a dedicated member of staff who will be there to address any concerns that you might have.

If you are set on completing the entire process of selling your house, from listing it to closing on it, online then the Xome valuation service and then their auction tools will allow you to have a seamless selling experience and you will feel supported every step of the way as their dedicated support team will be there to address all of your concerns and discuss with you any points that you feel need escalating throughout the process. This appraisal service is unique as it combines both online tools and knowledgeable personnel, setting it apart in this way from other valuation services that simply use previous MLS listings to determine the price of a property. The opportunity to escalate aspects of the appraisal to a dedicated member of the team will also allow you to ensure that you are getting the most accurate appraisal possible.

What do XOME field services do?

While Xome is an entirely online service, they mention in their services that they offer field services, however, they do not clarify what those field services are. It is likely that those field services relate to home inspections so as to ensure that the valuation of the house is correct, however, that is not explicitly mentioned on their website, nor disclosed as part of the method that they use to value the properties that are put through their appraisal service. As most of the closing of the deal is also done online through the platform, it would separate to the business structure that they have created to have those field services be a part of the closing deal. This is something that Xome should consider expanding on or disclosing more information on as it currently seems like a statement they just included without much consideration. Considering that the platform’s appeal is that everything can be done online it seems at least odd to have field services included as part of that deal.

What is XOME appraisal?

Xome appraisal is one of the services that Xome offers its users. One of the most integral parts of creating a house or property listing, and especially when that property will be auctioned off, is determining what the market value for that property would be. While there are many online valuation tools that can be used, oftentimes those valuation tools can be inaccurate because they seek to complete the entire valuation process by simply using information and algorithms that are based on previous online MLS listings. With their Appraisal service, Xome wants to combat that. Their first-class software uses data that is carefully verified so as to view what the potential valuation for a property will be. During this time, they use both MLS and Public Record Data that are then analyzed using their data science analytics. Once the software has produced an appraisal for the property, one of its USPAS Certified members will review the valuation/ appraisal and verify its accuracy. This is how the service ensures that the results that they produced are controlled for quality. More importantly, if once the valuation is completed you feel like you have things that you would like to escalate regarding the appraisal, you can escalate those through the dedicated customer service. A seasoned member of staff will handle all of your concerns and ensure that the price that you have received is fair. If you have any points regarding the valuation that you would like to escalate, they will also be able to assist you with those.

Xome Valuation Service:

• Use of dedicated software and system for the valuation of the property
• MLS Listings and Public records used for the appraisal
• Through data analytics a valuation for your home is determined
• USPAS Certified member of staff check the valuation to ensure its validity
• Dedicated Customer Support is made available to you

Summary:

Xome can be a great way of finding new and exclusive properties from the comfort of your own home. As the auction platform is entirely available online all you will need to do is sign up and continue browsing what houses and properties are available for auction. If you are a seller, the process of listing your home is equally simple and it is entirely free. This makes Xome one of the leading services for online auctions and a great tool for those who are looking to get their hands on a new property. Xome also offers valuation and closing services making in this way every aspect of selling your home easy and digitized.