Frequently Asked Questions
What Are Some Key Differences Between A Traditional Sale And An AMP Auction?
Unlike traditional CRE sales, due diligence for a property offered on an Accelerated Marketing Platform is done prior to an interested party making an offer, or in this case a bid. Property reports, including but not limited to, Title, Survey, Environmental, and Property Condition Assessment are ordered at the onset and available for the potential buyer to review following the execution of a Confidentiality Agreement.
Additionally, any potential buyer who wants to participate in the bidding must provide proof of funds which are vetted by the platform. The winning bidder is obligated to execute the Purchase and Sale Agreement for the property within 2 hours following the close of the auction. Within 24 hours of the PSA being fully executed, the winning bidder must make an Earnest Money Deposit equal to 10% of the total purchase price.
The entire process is completely transparent throughout all stages in order to create certainty of trade in an expeditious manner.
How Long Does The Entire Process Take?
7-10 days for asset submission and approval
10-14 days for onboarding and data collection
40-50 days for marketing
2 day live bid auction
30 day non-contingent close
Am I Obligated To Trade My Property At Auction?
You are protected against being obligated to trade your property by establishing an Undisclosed Minimum Reserve prior to entering into the platform’s Marketing Agreement. If the auction bids do not reach the agreed-upon reserve amount, your property does not trade. Only when a bid reaches the minimum reserve amount, are you obligated to trade.
Why Hire WYZE Rather Than A Larger CRE Brokerage?
According to these platforms, the #1 causation of trade is the involvement level of the broker. WYZE is in the top 1% of all brokers in this category and has gone as far as creating proprietary backend automation for a number of process touchpoints to ensure your broker has ample opportunity to meet with and respond to all interested parties in an extremely timely manner.
As a boutique brokerage, we are nimble and laser-focused on your asset without having to navigate corporate bureaucratic distractions. This is why we exist and what has made us so successful.
What Are The Next Steps To Begin This Process?
Simply reach out to us via phone or email with an address and description of the asset, and a WYZE representative will follow up with next steps.
I’m Still On The Fence. What Then?
Contact us to set up a time to walk through one of the platforms we utilize with one of our platform partners and a WYZE representative. Our team will virtually meet with you at your convenience to address all questions.