I have always been wary of real estate auction sites but wanted an estate sale property that was only available on Xome.
It turned out to be a waste of time. The property was just placed on the market so I rushed to inspect it and develop a remodeling budget so that I could submit my best and final offer during pre-bidding. I thought that was my best bet to buy the home, be fair to the seller and make a fair profit.
Just a few hours after I submitted, I received an email that stated based on limited marketing time and interest all bidders are being referred to the auction, which is still a few days away.
This whole thing seems like a disingenuous attempt to find one sucker that has enough cash and wrapped up in an auction frenzy to spend way too much.
I can see this as a huge waste of time and effort trying to win an auction that isn't even binding if you have the highest bid.
I will leave Xome properties to someone else and personally focus on fair prices and adding value to a property, not bidding on something that feels too much like a scam.
Bottom Line: No, I would not recommend this to a friend
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