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Online real estate marketplace Xome has launched a DIY selling platform that allows investors to auction properties without hiring a real estate agent or paying seller's commission.
Investors can upload property details and photos, set a reserve price, manage incoming bids and offers, and if a buyer is found, sign the documents directly within the portal.
Homeowners cannot sell their primary residence through Xome's sellers portal if they don't have a real estate agent, but they can do so if they have hired a real estate agent as their agent, or they can ask Xome to introduce them to a real estate agent.
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“Xome has hundreds of sellers who have already chosen to move away from the traditional listing route,” Xome Chief Operating Officer Mike Jansta said in a statement. “Whether our customers use their own trusted agent, are matched with one of our agents, or choose the agent-free DIY option, Xome puts investors in control of the entire process.”
Xome, a subsidiary of mortgage services giant Mr. Cooper, has sold more than 115,000 homes since it launched in 2015, when Mr. Cooper was still called Nationstar. In addition to providing a marketplace for foreclosure and bank-owned auctions, the site also allows homebuyers to browse traditional MLS listings and property data.
Xome inventory and sales
Source: Mr. Cooper Investor Report.
According to Cooper's investor report, average inventory for the first quarter of 2024 is 28,371 units, and sales on the Xome Marketplace have been steady at about 2,000 units per quarter over the past year.
Xome says property listings on the platform are displayed to a network of more than 875,000 buyers through multi-channel marketing, including distribution on Zillow and Trulia.
“You can review offers, accept or reject high bids, and negotiate the deal that's best for you,” Xome promises on its website. “And if you don't like what you see, that's okay! Your property will still be available for sale, and you can try again at another auction.”
Last year, Xome partnered with AI-powered analytics platform Plunk to help investors better understand how overhauls affect property values and recommend renovation projects that will deliver the best return.
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