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Online real estate marketplace Xome, a subsidiary of mortgage loan servicing giant Mr. Cooper, has launched a do-it-yourself sales platform that lets investors auction properties without hiring a real estate agent or paying seller’s fees.
Investors can upload their property’s information and photos, set a reserve price, and then manage bids and offers that come in and sign documents directly in the portal if they find a buyer, according to an announcement Wednesday.
Homeowners can’t sell their primary residence through Xome’s seller portal without a listing agent, but are welcome if they’ve hired an agent to represent them. Or they can ask Xome to match them with one.
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Mike Jansta
“Xome has hundreds of sellers who have already chosen to withdraw from the traditional listing route,” Xome COO Mike Jansta said in a statement. “Whether our customers want to use their own trusted agent, match with one of our agents or choose the DIY option with no agent, Xome is putting investors in the driver’s seat for the whole process.”
Xome has sold more than 115,000 homes since its 2015 launch back when Mr. Cooper was still known as Nationstar. In addition to providing a marketplace for auctions of foreclosures and bank-owned properties, the site lets homebuyers browse traditional MLS listings and property data.
Xome inventory and sales
Source: Mr. Cooper investor reports.
With an average inventory of 28,371 homes during Q1 2024, sales on the Xome marketplace have been chugging along at about 2,000 per quarter for the past year, according to Mr. Cooper’s reports to investors.
Xome says listings on the platform are visible to a network of more than 875,000 buyers through multichannel marketing that includes syndication to Zillow and Trulia.
“You can review offers, accept or reject high bids, and negotiate the perfect deal for you,” Xome promises on its website. “Don’t like what you see? No problem! Your property will continue being marketed, and you can try again in another auction.”
Last year, Xome partnered with AI-powered analytics platform Plunk to help investors get a better idea of how a full-scale renovation would affect a property’s value, and to recommend remodeling projects that provide the best return.
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