I read the fairly skimpy FAQs on the site twice. As I understood the FAQs, this would be a regular auction where you place your highest bid through the engine and then the engine bids for you incrementally, up until you are above the level of the reserve (if it's below your bid), or you are the highest bidder at an increment just above the next highest bidder.
But, when I went to place an actual bid, this was not the case.
Instead, I typed in my highest bid, clicked the button and wham bang, my highest bid was posted on the site as a live bid immediately in total. The site noted the reserve was met, but did not say what that reserve had been. It just showed my highest bid as though it were my only bid. So, no incremental bidding occurred whatsoever.
Note: there was no confirmation page to click through while bidding, so it was only a one-click process, which was also disconcerting.
I immediately called the phone number. The service person who answered asked for my info and then told me I would not be the highest bid. I asked why she would say that so quickly because I've researched that property thoroughly and my high bid was very high, because I thought it had to be my best and final offer (as opposed to an incremental one). She would not explain.
I asked her to remove my bid, given that the site was confusing and I misunderstood the process, and there was no confirmation screen. She said she could not do that.
I asked her what to do. She said if I wind up being the highest bidder, I could then contact the seller and tell them I was not going to pay that amount and make them another, lower offer. Then she said the seller would get to decide if they should take my offer or relist the auction again.
I said, "but that means the auction is not binding?" She said, "that's what I can do."
I then tried to email the company by hitting "reply" to the bid confirmation email they sent me. However, my message did not go through because they have not set up an email box for the address they send emails "from" (the message I got was: Your message to AuctionAlerts@xome.com couldn't be delivered).
AuctionAlerts wasn't found at Xome.com. Right now all I can see are a lot of red flags.
Bottom Line: No, I would not recommend this to a friend