Ten-X Platform Reviews?

Question

Curious to know if anyone has used the auction platform Ten-X to acquire commercial properties. I believe the site used to be "auction.com" and they were bought out? Any feedback or user experience with the platform would be greatly appreciated.

Joel Owens · Answer

I stay away from auctions. Too many newbies get in a bidding war and overpay. It's the auction houses job to drum up euphoria and talk buyers up. Sometimes auction companies have GHOST BIDDING meaning the seller has instructed them that even though starting bid is 1,000,000 they give auction company permission to bid like a real buyer until their desired minimum is reached.

Basically the process is all stacked in the sellers favor. I like properties one on one that nobody knows about or very few so I can get price and terms i desire on a purchase.

I am sure somebody somewhere bought a decent deal before but over the years I bid on a few and it goes to a crazy level in price every time.

Loren Howe · Answer

They have a minimum bid which is meaningless, low, and meant to generate interest.  Then there is a hidden reserve bid which will be the actual minimum bid.  So you’ll waste A LOT of time investigating properties not knowing the actual minimum asking price.  Many/most properties will also never actually go to auction after you investigate them. If they do go to auction in many/most cases you’ll find the min bid was above what you’d consider for the inadequate due diligence you are allowed.

Makes for huge inefficiency and risk, but if you can put up with all that then the greatly reduced pool of buyers probably allows for some good deals.  Personally I don’t like dealing with people who waste everyone’s time with deceptive practices.

Ariel Jeidel · Answer

Same company as auction.com.

We have sold multiple properties in the platform. The buyer of our properties got a very good deal if they are willing to put in the time and energy needed.

We have stayed away from purchasing as we don't like to spend time on a deal that we don't know what it will take to get.

Jeff Kehl · Answer

@Christian D. I've bid on a few but haven't bought anything from them yet. My understanding is that they are the same company as auction.com just re-branded. Auction.com for sure uses ghost bids on the residential properties but I haven't seem them do that on the commercial properties.

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