Did you know that some properties allow you to make a pre-auction offer before the auction has even begun? Many sellers allow this prior to an auction beginning, so look at the property page to see if it’s an option.
Pre-auction offers can be a great way to reduce the competition on a property you’re interested in purchasing. Here’s how they work:
- In order to place a pre-auction offer on an auction property, first you need a Xome.com account. It’s quick and easy to create one—learn more here.
- Go to the Property Details Page of the auction property you are interested in. Under the Starting Bid, you will see a field labeled Pre-Auction Offer.
- Enter your pre-auction offer amount in the field.
- You will receive an email confirming your pre-auction offer.
- Once the seller and/or the listing agent has reviewed your pre-auction offer, you will receive another email stating whether your pre-auction offer is accepted or rejected. The seller has up to 15 days to make a decision, but usually only takes 3–5 days to respond.
| Pro tip: The pre-auction offer period ends 48 hours before the event start—so if you’re really interested, get your pre-auction offer in early. If the seller accepts your pre-auction offer, the property will be removed from the auction once the purchase agreement is signed by all parties. |