Homesearch.com, or Xome.com as it is lately known, is a simple way to search and attend and bid to auctions for bank owned real estates properties, all around the USA. Is is really good? Let’s find out!
As the owners claim, Homesearch.com implemented a very advanced auction platform that offers its users 3 big benefits:
- Simple and Easy – very easy search engine to look for properties across the USA
- Deals – Contains exclusive properties and the possibility of financing
- Transparency – The advanced online auction system allows you to see the latest bids, as well as getting the latest notifications with updates for the auction you follow
It seems that homesearch.com redirects to their subsidiary company’s site, Xome.com, which is pretty much the same thing.
At the site’s landing page, you’re prompted to enter the city, zip code, address, or other criteria that define the location.
The site offers a multitude of auctions for different properties, such as:
- Bank Owned
- Single Family Homes
- Multi-Family Homes
- Short Sales
- Condos & Townhomes
- Luxury Short Sales
Moreover, you can click on filters to choose how many bedrooms your future house to have, how many bathrooms, how large to be, or you can even choose a price range.
Auctions for real estates properties on Xome.com are still handled by Homesearch.com. Matter of fact, Xome.com is subsidiary of Homesearch.com. Bidding on an auction on Xome it can be done in three steps:
- Locate your favorite property
- Bid in real time
- Wait to see if you won the auction
If won the auction, you’ll be contacted by a site’s representative for the closing process of the auction. They claim they will help you with the paperwork, too.
Homesearch pricing and other fees
Signing up on the site is absolutely free, no matter if you’re a buyer, seller, or agent.
However, if you’re a real estate agent, you’ll have to lower your commission with 1% which is the ‘referral fee’ that you should pay to Homesearch/Xome for every transaction that is closed.
Nothing else on this subject on the site but there are some users reviews talking something about making a deposit to be able to bid. Here’s what Scott, one Homesearch/Xome user is saying on Highya.com:
‘1) They make you give them $2500 deposit to bid.
2) They never release the “reserve not met”.
3) They never accept the highest bidders offer.
4) You never have a contract until you accept their counter offer, which is much higher than your “highest bid”.
5) They have silent non-real bidders that are there only to drive the price up. They even tell you that they will do this. FRAUD.
The bottom line is they have no real auction, it’s only a way for the banks to get the highest bidder to start negotiating after the auction.
They hold all the cards and you are left with wasting your time or overpaying for a foreclosed house.
Why pay over retail because they will never sell it for the starting prices or even the highest bidders prices. That’s what I believe and have seen over and over again.’
Homesearch customers opinions
There are pretty much reviews written by users. Most of them are negative, though. Actually, it is really demanding to find one positive review about Homesearch/Xome.
On Highya.com, for example, on the dedicated reviews pages for Homesearch and Xome, there are almost 100 customers reviews, and only 2 guys rated these businesses with 5-stars, while 76 people rated them with 1-star.
I guess that’s self-explanatory…
People are not finding Homesearch.com or its subsidiary, Xome.com, to be useful. Moreover, the main trend is to consider these two businesses as fraudulent.
To be short, I don’t recommend you to think about bidding on Homesearch.com, or Xome.com as it is lately known.