Selling With Xome: How Do I Close on a Property?

Once the auction ends, you will be able to access information about any property from a concluded auction event in the Post Auction tab. You will be able to do things here like review high bids and sign contracts.

For each property, you will see a Status label letting you know where the property is in the post-auction process. Depending on the status, you may see a message in the Next Steps column or a button for an action you need to perform.

Pro tip: You can filter the properties listed in the Post Auction tab to show just properties marked Review High Bid, Sign Contract, or Upload Executed Contract. This can help make it easier for you to process through next steps if you have a large number of properties in this list. 

If a property did not receive any bids during the live auction, the auction team will be in contact with you on next steps for the property.

To review bids on a property:

  1. You will see a Status of High Bid Confirmation with a message in Next Steps that says High Bid Review in Progress.
  2. Once the bid review has been completed, the Status will change to High Bid Received. You will also receive an email alert that the bid is ready for you to review. You will need to look over the information on the high bid for your property and decide if you want to accept it, make a counter-offer to the buyer, or reject it.
  3. Click the link in the email or the button under Next Steps that says Review High Bid.
  4. You will be taken to a summary of information on the property and the current high bid. Here you can see the amount of the offer, the date and time it was received, the payment type, the percentage of list price for the offer, and the percentage of reserve price for the offer.
    Pro tip: For more details on the offer, you can click the View Details link to open the High Bid Summary. It gives you additional information such as the earnest money deposit, buyer’s premium, details on the payment, and any title company information.
  5. Click the Accept button, the Counter button, or the Reject button depending on what you want to do for the high bid.
    • If you click Accept, select the Yes button in the popup to indicate that you are sure you want to accept this bid. If you clicked this by mistake, you can select the No button to go back.
      Click OK on the confirmation message to continue. The Status on the Post Auction tab will change to High Bid Accepted and the message under Next Steps will change to Signing in Progress.
      The buyer will now review the Auction Addendum to Purchase Agreement and go through the signing process.
    • If you click Counter, you will be prompted to enter a counter bid amount. Once you enter the counter bid, you will see it populate a new total purchase price, buyer’s premium, percentage of list price, and percentage of reserve price.
      Click the Submit button. This new counter offer will be presented back to the highest bidder to review. The Status on the Post Auction tab will change to High Bid Counter and the message under Next Steps will change to Counter Review in Progress.
      If the buyer accepts the counter amount, the Status on the Post Auction tab will change to High Bid Received and the Review High Bid button will appear under Next Steps. You will then be able to accept the counter bid and the property will move into the closing process.
    • If you click Reject, select the Yes button in the popup to indicate that you are sure you want to reject the bid. If you clicked this by mistake, you can select the No button to go back.
      Click OK on the confirmation message to continue. The Status on the Post Auction tab will change to High Bid Rejected and the message under Next Steps will change to Pending.
      The auction team will be in contact with you on next steps for the property.

After you accept a high bid on a property, the buyer will now be alerted that it is time for them to review and sign the contract addendum. Once the buyer has completed that step, it will be your turn.

To sign the contract addendum on a property:

  1. You will see that the Sign Contract button has appeared under Next Steps. You will also receive an email letting you know that you have a contract ready to be signed.
  2. Click the Sign Contract button in the Seller Portal or the Review & Sign button in the email to open eSign and begin signing the addendum.
  3. eSign will first ask you to review your name and initials. Make any necessary connections and then click the Next button.
  4. 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.
  5. Click the checkbox next to the I agree to the Consumer Disclosure statement, then click Begin. (Tip: to view the disclosure in its entirety, click the Consumer Disclosure link!)
  6. Click Begin to view the Auction Addendum to Purchase Agreement.
  7. Read through the Auction Addendum to Purchase Agreement and confirm that the property and bid information are correct.
  8. Follow eSign’s prompts for where you need to sign and date the document. Once you have completed the agreement, click the Done button.
  9. Click on Yes to complete your signing session and submit the agreement.
  10. 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.

Once you have downloaded the completed and signed Auction Addendum to Purchase Agreement, you will see that the action under Next Steps changes to Upload Executed Contract.

You will then need to create a purchase contract for the property. If you’re an agent, it’s likely you already have a purchase contract that you use. If you’re an investor or other type of seller there are a number of sources from which you can procure a contract template, such as your own agent, lawyer, or the state.

You will then need to upload the fully executed purchase contract into the system.

To upload a property contract:

  1. From the Post Auction tab, click on the Upload Executed Contract button under Next Steps to go to the summary page for the property.
  2. Upload the executed contract for the property, as well as any additional purchase addendums. You can drag and drop the file onto the box on screen, or you can click the Choose Files button to navigate to and select the correct file.
  3. Once you have uploaded all the files, use the calendar picker to enter the estimated closing date for the property.
  4. Click the Submit button in the bottom right-hand corner to finish.

The property will now move from the Post Auction tab to the Under Contract tab in the Seller Portal. The next step will be to provide a closing update on the property. You will also receive email alerts starting 3 days from the estimated closing date reminding you that you need to provide updates. Xome will require a review of the final Closing Statement prior to closing.

To provide closing updates on a property:

  1. Click the Provide Closing Update button under Next Steps on the Under Contract tab. You may also click the Update Closing Information button in the email alert.
  2. You will navigate to a summary page with the current closing information.
  3. Select Yes or No to indicate if there is a new closing date for the property.
    • If you select Yes, then you will be prompted to select a new closing date in the calendar picker. Choose the reason for the delay in the Closing Extension Reason dropdown menu.
      Optionally, you can provide the signed closing extension document as well as the closing disclosure during this step. 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.
      Click the Submit button in the bottom right-hand corner to finish. You will receive alerts beginning 3 days before the new closing date to provide closing updates and upload the final documentation.|
    • If you select No, then you are required to provide the final Closing Document documentation. 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.
      Click the Submit button in the bottom right-hand corner to finish. The message under Next Steps on the Under Contract tab will change to Pending while the auction team reviews the closing documents. Once the review is complete, the property will move to Historical/Sold Properties and the Status will change to Sold.

 

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