Once you are registered for an Auction Event, placing a bid is a simple click.Each Property will have an opening price and bid increment. Each Bidder receives a confirmation once a bid is placed, and if you are the Highest Bidder you will be notified via email at the conclusion of the Auction.
A Reserve Price is the minimum price the Seller/Servicer is willing to accept for the Property in an Auction. The Reserve Price is set by the Seller/Servicer and is not shown to buyers, however, the Property Details Page does show whether or not the Reserve Price has been met. Bidding for the Property will continue even if the Reserve Price is met. The Seller/Servicer may choose to re-Auction the Property if the Reserve Price has not been met.
No, but Xome reserves the right to incorporate Bidder prerequisites as needed based on Seller requirements and changes in applicable laws.
It is the fee collected by Xome that will be added to the amount of the Winning Bid as compensation for the Auctioneer in performing the Auction. The Buyer”s Premium is to be paid by the Winning Bidder.
The act of placing a bid at the last moment in the hope of winning is called Auction sniping and is intended to deny other Bidders time to place a higher bid. To provide transparency and a fair bidding opportunity, we extend the Auction time if a last-minute bid is received.
If you are outbid within the last 5 minutes of an Auction, we will notify you via email and the Auction will be extended for 5 minutes. The Auction will be extended by 5-minute increments until 5 minutes have passed without bidding activity.