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.
I’ve used it. Works well. The data available under due diligence section is often very thorough and helpful. I haven’t bought anything but have placed bids on multiple properties and understand the process. No issues with the bidding mechanics. The iPhone app is quite good.
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.
There’s no ghost bid.
Initial bid begins well below the amount they’ll accept so they can drum up momentum among buyers. But if you don’t meet the reserve the bank requires then no one wins.
@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.
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.