Selling With Xome: How Does Selling at Auction Work?

Once your properties have been uploaded and gone through the Pre Marketing phase, you’re getting close to them being up for auction! So what happens next?

You will receive an email letting you know that your property has been scheduled for auction. It will invite you to go to the Seller Portal to see more about your listed property.

In the Seller Portal, the Marketing tab shows the properties that you have listed on Xome.com and are being scheduled in an auction event.

On this tab, you will see the individual listings, the details of the event they are scheduled in, any pre-auction offers that have been received, the property status, and any next steps required on the property.

When you click on the property address for an individual listing, you will be taken to a summary page where you will see all the information that has been uploaded for the property in previous steps.

You will also be able to see any transactions that have taken place, such as pre-auction offers, in the Transaction History tab.

Once bidding begins, you will be able to see any bids that have been placed on the property in the Bid History tab.

In the Property Status column, you can what’s going on with your property at a glance. These are the statuses you might see for your listed properties:

  • If your property has just been accepted and moved up from the Pre Marketing phase, then the Status will be Marketing.

  • If your property has been scheduled in an auction event, then the Status will be Event Scheduled and you will see a date range in the Event Details column.

    Pro tip: You can find a link to the auction page for your property on the property detail summary. Just click on the property address in the Marketing tab and then click on the link that says Visit your property on Xome.com

  • If any of your properties have received a Pre-Auction Offer, the Status will be Pre-auction Offer Received. The number of offers will be listed under Pre-Auction Offers Received.

    Pro tip: You can filter the properties listed in the Marketing tab to show just properties marked Review Offer(s). This can help make it easier for you to process through next steps if you have a large number of properties in this list. Click here to learn how to review a Pre-Auction Offer.

Once an auction is active, it will move to the In Auction tab in the Seller Portal. This tab is where you will find all properties that are currently in an auction, as well as any bids that have been received. You will also receive an email that lets you know the auction event for a property has begun.

You will see the Address for the property, as well as the current Price for the property. This could be the starting bid if there have been no bids on the property so far, or the current bid based on real-time activity.

This tab shows the Reserve Price for the property, as well as whether the High Bidder is an Auctioneer or Non-Auctioneer. You will also see the Event Details showing the auction end time, and the Number of Bids received so far.

If you have received any offers on the property, then you will see a View Bid(s) button in the Show Details column. Pro tip: You can also filter your property list in the In Auction tab to show only properties that have received offers by clicking on the Next Steps dropdown and selecting the View Bid(s) checkbox.

To get more information on the bidding for your property:

  1. Click the View Bid(s) button. This will direct you to the summary page for your property, where you will be able to get a historical view of all bidding activity as well as a real-time look at bidding during the auction event.
  2. In the Current Bids tab, you will see the current high bid for that property, including the amount, details on which event it was from, the date and time of the bid, and the bidder type.
  3. In the Transaction History tab, you will see any previous offers on the property (such as any pre-auction offers).
  4. In the Bid History tab, you will see the history of all bids that have been received on the property.
  5. In the Property Detail Summary, you will see all previously uploaded details on the property.

Once bidding has been completed, you will get an email notification when the auction event has concluded. You can either click the Visit Dashboard button in the email message, or log in to the Seller Portal and click on the Post Auction tab to view your next steps for the property.

Click here to learn how the post-auction and closing process works.

 

Was this article helpful?
0 out of 0 found this helpful