If you’re looking to purchase a new home as an owner-occupant, or if you work for a qualifying organization that wants to purchase a property, the First Look period for Seller Select, HUD First Look, and California First Look properties can be a great way for you to get a jump on the perfect property for you.
The First Look period is exclusive for the first 30 days of listing for properties in the HUD First Look and California First Look programs and the first 35 days of listing for properties in the Seller Select program. Only eligible buyers may submit offers and purchase these properties based on each program’s individual requirements.
How do you find and submit an offer on a First Look property? We make it easy on Xome.com.
First, you need to search for properties:
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From the Xome.com home page, select Auction Properties to view the properties we have for auction.
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Use the search bar to find properties by address, city, state, ZIP code, neighborhood, or even school district.
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You can also use the Browse Homes dropdown menu to the left of the search bar while searching Auction Properties to filter by property type.
- On the search results page, click on the Featured column under Filters and select First Look to filter your search.
Once you’ve found the right property for your needs, it’s time to bid! Depending on the property, you may be required to submit a pre-auction offer or register and bid in an auction.
To submit a pre-auction offer on a property in the First Look period:
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Go to the Property Details Page of the auction property you are interested in.
- You will see a banner on the right-hand side giving the details on what the First Look period is and when it will end for this property.
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Under the Starting Bid, you will see a field labeled Pre-Auction Offer. Enter your pre-auction offer amount in the field and click the Submit Pre-Auction Offer button.
- A pop-up will ask you to select your buyer type for this property. Click the radio button next to the correct buyer type and then click the Yes, Confirm button.
If you do not qualify as one of the listed buyer types, please click No, I do not qualify. A message will appear that tells you when offers will be accepted for all buyer types if a pre-auction offer is not accepted by the seller during the First Look period.
Note: If you would like to review the details for each of the options, you can click the View program details dropdown button.
- A pop-up will ask you to confirm your offer, including any additional information such as earnest money. Once you have confirmed, click the Submit Pre-Auction Offer button.
- You will be asked to select an existing buyer profile or complete a new buyer profile before your transaction is complete.
If you need to create a new profile, follow these steps to complete the buyer profile for your specific buyer type.
If you select an existing profile, please confirm that the information is correct on the Buyer Profile and Funding Info screens. Click Continue after each one until you get to the Title Info screen.
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Choose if you will be using your own closing company. If you select Yes, fill in your title company’s information under Company Name, Contact Name, Email Address, and Company Phone, then click Continue. If you select No, the seller’s title company information will be provided in the purchase agreement.
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Review the Property Auction Disclaimer, then click the I Accept button to accept the disclosures. Then, click Continue.
- You will be asked to confirm your buyer category once more. If you have made a mistake, you can correct your buyer category here. Otherwise, select the radio button next to the confirmation statement.
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Under Pre Auction Offer, you can confirm if you would like your offer placed as a bid when the auction begins if it is rejected during the pre-offer period. Select the radio button next to Accept or Decline, based on your preference.
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Under Occupancy, select Yes or No depending on your buyer type.
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Review the Purchase Profile Summary to confirm that all the information is correct. Then, press the Submit button.
- You will receive an email confirming your pre-auction offer.
- Once the seller has reviewed your pre-auction offer, you will receive another email stating whether your pre-auction offer is accepted or rejected. The seller has until the end of the First Look period to make a decision, but usually only takes 3-5 days to respond.
To register for an auction and bid on a property in the First Look period:
- Before bidding on a First Look property auction, you must register for the auction event. You can register for a First Look property’s event directly from the Property Details Page under Event Details. You can also register for a property’s event right from the search results page by clicking on the Register button in the bottom right corner of the property listing. You can view all of Xome’s auction events and register for them directly on the Auction Calendar as well.
- A pop-up will ask you to select your buyer type for this property. Click the radio button next to the correct buyer type and then click the Yes, Confirm button.
If you do not qualify as one of the listed buyer types, please click No, I do not qualify. A message will appear that tells you when offers will be accepted for all buyer types if a pre-auction offer is not accepted by the seller during the First Look period.
Note: If you would like to review the details for each of the options, you can click the View program details dropdown button.
- Once the auction goes live, navigate to the Property Details Page for the First Look property you’re interested in.
- When you’re ready to place your bid, enter an amount and click the Bid Now button. Your bid must be a number that is at least as much as the bid amount that appears onscreen.
- Bidding will increase in increments (usually a percentage of the seller’s reserve price) throughout the auction. If you get outbid, you may submit a higher bid as long as it is equal to or greater than the bid amount shown on the screen.
Pro tip: If you don’t want to deal with the back and forth of bidding in increments, you can submit your best and final bid (aka the highest amount you are willing to bid) as long as it is higher than the current bid amount.
- If you are the highest bidder on a property when the auction closes, you will receive a checkout form within 24 hours. It will include information like your payment information and what closing office you want to use. You will also be asked to re-confirm your qualified buyer type.
- Your offer will be sent to the seller for review. If they counter your offer, you have 48 hours to send back another offer or to accept the seller’s offer.
- If your bid on the property is accepted, then you will move into the closing process. One of our closing coordinators will be in touch with you and your team to discuss closing activities.