Selling With Xome: How Do I Prepare a Property for Auction?

Once your uploaded properties are validated in the system, they will enter what is called the Pre Marketing phase. These are properties that you have uploaded but are not yet listed with Xome.

Once you have completed the Pre Marketing phase, these properties will become listings on the site and begin attracting interested buyers to register for the auction events.

In order to complete Pre Marketing for your properties:

  1. Click the Pre Marketing tab on the Seller Portal Summary to see any uploaded properties that either require more marketing information or are waiting for approval.
    Pro tip: You can filter the properties listed in the Pre Marketing tab to show just properties marked Update Marketing Information. This can help make it easier for you to process through next steps if you have a large number of properties in this list.
  2. If a property has just been uploaded, the first step will be uploading marketing information, additional property information, and photos. Click the Update Marketing Info button.

The Property Details tab will contain pre-populated information based on the information that was filled out in the upload process.

  1. Please review the listed information and ensure that all the property details are correct. This is where you can make any needed changes or additions to the property information.
    Please note: the details required for the property will depend on what is selected in the Property Type dropdown menu. Any data not necessary for that property type will be grayed out.
  2. Under the optional Disclosures/Marketing Documents section, you can upload any necessary documentation for potential buyers that you have. This could include the title report, valuation, seller disclosures, and more. You can either drag and drop the files onto the box on screen, or click the Choose Files button to navigate to and select the correct files.
  3. Click the Save & Continue button to go to the next tab. If you want to leave this screen, you can click Continue Later to save your progress and return to the Seller Portal Summary.

The Property Photos tab will allow you to upload photos of the property for the listing. It’s important to have good, clear photos of the property so that you can attract buyers and give them a good look at what the property has to offer.

There is a minimum of 4 required pictures for occupied properties and a minimum of 12 required photos for vacant properties. Selling land requires a minimum of 1 photo.

A short video walkthrough is optional and needs to be uploaded to an external video or file hosting service. 

The first image should be a photo of the front exterior of the property, and we recommend that more than half of your property photos be interior photos.

Avoid showing trash, mess, and personal or sentimental belongings in your photos, and be sure that you only upload photos that you have the rights and permissions to use.

Photos must be .jpg files and should be minimum 1024 x 768 pixels in size. Videos must be in .mp4 format.

To upload photos for your property:

  1. You can drag and drop the files onto the box on screen. You can also click the Choose Files button or the +Add Image(s) button to navigate to and select the correct files. Please note: Make sure the first image that you upload is the front exterior view.
  2. Once your images are uploaded, you need to select a category for each image. Click the first image and then click the Select Category dropdown. There are a number of categories to help you label each image with the proper location throughout the property.
    Please note: If you do not select a category for each image, you will get an error message when you click Save & Continue. You will also get an error message if you do not categorize one of the images as an exterior front photo.
  3. You can also zoom in, zoom out, rotate, or crop your images if needed. Click on the image, then use the buttons under the image  on the left-hand side of the screen to make any photo edits.
  4. If you want to upload an optional video walkthrough, copy the link for the externally hosted video into the Video URL field. 
  5. Click the Save & Continue button to go to the next tab. If you want to leave this screen, you can click Continue Later to save your progress and return to the Seller Portal Summary.

The Pricing tab is where you will enter the information about how much you want to sell the property for, as well as other financial details.

This tab will already be prepopulated with some data from your property upload, but you may need to fill out a few additional fields to complete it:

  1. The Reserve Price for the property will already be populated based on the mandatory information in your property upload.
  2. Enter the sale price you are advertising the property for in the List Price field.
  3. The Estimated Contract Expiration Date will auto-populate, based on the calculation of 90 days after you have begun to enter your auction information.
    Please note: The exact contract expiration date will be 90 days from when the property is listed for auction on Xome.
  4. Enter the estimated yearly taxes in the Annual Property Taxes field if you have that information available.
  5. You will see a Yes or No button already selected to indicate if the property is financeable. This will be prepopulated based on your mandatory property upload information.
  6. Select Yes or No to indicate if you would like the property to be able to be purchased outright during the Marketing period before the auction begins.
  7. Select Yes or No to indicate if you would like the property to be able to be purchased outright during the Auction period.
  8. If you have selected Yes for either of the Own it Now questions, enter a dollar figure in the Own it Now Price field.
  9. Click the Save & Continue button to go to the next tab. If you want to leave this screen, you can click Continue Later to save your progress and return to the Seller Portal Summary.

The Selling Details tab is where you will enter information about the authorized seller for the property, as well as other listing information.

  1. Select Yes or No to identify if this seller profile is a legal entity that is selling the property.
    • If you select Yes, you will be required to fill out the organization’s information. All fields are required unless indicated as optional.
      You will need to upload documents proving that the organization qualifies, such as articles of incorporation, LLC documentation, and more. You can drag and drop them into the area under Legal Entity Documents or click the Browse button to select the files on your computer. 
    • If you select No, you will be required to input your contact information. All fields are required unless indicated as optional.
  2. In the Authorized Seller Signer Section, you will input the information for the person who is authorized to sign the contracts for selling the property.
  3. Select Yes or No to indicate if there is a listing agent for the property. If you select Yes, then you will enter the listing agent’s contact, license, and brokerage information.
  4. Select Yes or No to indicate if the property is listed on MLS. If you select Yes, then you will need to enter the MLS Number and MLS Listed Date for the property.
  5. Upload the Listing Agreement/MLS Sheet for the property. You can drag and drop the file onto the box on screen, or you can click the Choose File button to navigate to and select the correct file.
  6. Select Yes or No to indicate if you are selling this property for a client. If you select Yes, then you will need to input your client’s contact information.
  7. Under Preferred Title Company, there will be a preferred title company that is selected by default. Alternatively, you can enter the company name and contact information for a different title company that you want to use for the sale of this property.
  8. Click the Save & Continue button to go to the next tab. If you want to leave this screen, you can click Continue Later to save your progress and return to the Seller Portal Summary.

The Marketing Information tab is where you will be required to provide key marketing information that will be used to attract buyers to your property.

  1. In the Marketing Description field, enter the description you want to use for the property.
  2. Select Yes or No to indicate if there is interior access available. If you select Yes, you will input the contact information for prospective buyers to use to schedule in-person visits to the property. If you previously entered information for a listing agent, that will be prepopulated here.
  3. Select Yes or No to indicate if the property is a rental. If you select Yes, you will be prompted to indicate if the property is currently being rented.
  4. Click the Save & Continue button to go to the next tab. If you want to leave this screen, you can click Continue Later to save your progress and return to the Seller Portal Summary.

The Summary tab will show you all of the information you have entered for the property, including the property details, any uploaded documents, property photos, and more.

At the bottom of the Summary tab, you will need to review and agree to the terms that allow Xome to list your property.

  1. Click the Consent to Auction button at the bottom of the page to open eSign and generate your agreement.
    Please note: If you have missed any required information on any of the Pre Marketing tabs, the system will alert you when you click Consent to Auction. You will be directed to the first tab with missing information, and the required fields that need to be filled out will be highlighted for you.
  2. eSign will first ask you to review your name and initials. Make any necessary connections and then click the Next button.
  3. Then, please choose a style for your electronic signature and initials. You can also write or draw your own by clicking the Draw Signature & Initials button. Then click the Next button.
  4. Click the checkbox next to I agree to the Consumer Disclosure statement, then click Begin. (Tip: to view the disclosure in its entirety, click the Consumer Disclosure link!)
  5. Click Begin to view the Auction Marketing Agreement Supplemental.
  6. Read through the agreement and confirm that the property information and sale price are correct.
  7. Follow eSign’s prompts for where you need to sign and date the document. Once you have completed the agreement, click the Done button.
  8. Click on Yes to complete your signing session and submit the agreement.
  9. The screen will refresh and allow you to download the completed agreement. Click the Download button in the lower right-hand corner to save the document to your computer.

After you have submitted the marketing information, the property Status will change to Marketing Info Submitted and there will be a message under Next Steps that says Review in Progress.

If the marketing information you submitted has not been approved in the system:

  1. The property Status on the Pre Marketing tab will change to Marketing Info Rejected.
  2. You will receive an email alert letting you know that you need to log into the Seller Portal and correct errors.
  3. Click the Resubmit Marketing Info button to go through the process again. Any errors or issues that need to be corrected will be detailed at the top of each tab.

Once these steps are completed, information is reviewed, and the marketing information is accepted, the property will move from the Pre Marketing phase to the Marketing phase. This is when it will be listed on Xome.com so buyers can register for an auction event to bid on the property.

You will receive an email letting you know that your property has been approved and is available on Xome.com. You can click the Go to Seller Portal link in the email to go to the Marketing tab and view your property.

Now that your property is ready to go, click here to learn how selling at auction works!

 

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