I needed a home for my grandparents. I am not a realtor or any kind of agent. I was in a desperate situation and took a risk bidding with Xome. My grandparents were losing their home and needed a place to stay. I could not find a house suitable for the cash price I needed and time was running out so I decided to bid on a home I saw perfect for them on Xome. I went to the property before the bid and looked through the windows and the property. I decided from what I could see I would take the risk.
I waited for the day of the bid and I bidded with another person. Though I always wondered if it was them over bidding me. I was scared of a scam myself. The bid started at $60k and I had the highest bid at $87k, however, there was a reserve for $90k. They did not take my offer for $87k and wanted the reserve completely. Only a few grand off I decided to accept. I waited for the title to come back and worked with two people from their department. There was an issue with no key for the lockbox, however, it's your house now so knock the door in and change the locks. Exactly what I did.
I worked with them and my choice of title company to finish the deal. I bought a 4 bedroom home with a two car garage in Indiana for $90k. Once inside I found I was in for alot more work than i wanted. I had a short amount of time to work on this home because my grandparents needed somewhere to go. I put about $70k in renovations. New subflooring, flooring, carpets, drywall, new furnace, and electrical to bathrooms, to sinks, you name it. I was not prepared for the amount of work the home needed but what I can say is I did not lose out on much. The home value is $159k, my loss was not by far much and my grandparents have a home.
There were struggles along the seal of the deal with the title company as I had to make contact with another state to get a hold taken off of the title but it was resolved. I would rate them a 5 if it were not for the struggles with the actual paperwork but I will give them a solid 4 stars as I did not get scammed, I knew I was taking a risk, and I now own a house that is worth what I have paid.
Length of Use: 1–2 years
Bottom Line: Yes, I would recommend this to a friend