How do auctions work?

Auctions by Ten-X are another way to transact commercial real estate on LoopNet. These auctions combine an accelerated sales process, due diligence performed before offers are made, and the largest global audience of serious investors to make transactions twice as fast and twice as certain.

Each auction property on LoopNet follows a set process, going from list to close in an average of under 100 days.

1. Each property starts with a thorough valuations process, where our team works with the broker and seller to set a reserve price that aligns with the market.
2. Once the reserve is set each property receives onboarding to prepare it for listing on the platform. This stage includes collecting due diligence, setting the auction date, and high-quality photography and videography.
3. Beginning when the property is live on LoopNet, every property receives a 45-day asset marketing push to help reach a wide audience of qualified investors.
4. Once the online auction begins, approved bidders have a 2-day window to place their bids on LoopNet.
5. After the auction, there will be a 30-day contracts & closing period to complete the transaction.