Frequently Asked Questions
What Are Some Key Differences Between A Traditional Sale And A Ten-X Auction?
Unlike traditional CRE sales, due diligence for a Ten-X property 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 Ten-X. 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 Ten-X 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.
Can’t I Just Go Direct To Ten-X? Why Do I Need A Broker?
Ten-X will not list a property on their platform without a broker. Ten-X will use its unparalleled global reach to create a robust marketplace for your property. From there, WYZE will utilize its best-in-class accelerated marketing techniques and extensive commercial real estate knowledge to navigate and leverage that created marketplace to put you in the best position to trade the asset.
Is WYZE Part Of Ten-X?
No. After recognizing the power of Ten-X for their own existing clients and properties, the founder of WYZE developed a seamless process to assist sellers looking to leverage the power and reach of the Ten-X platform. The WYZE group works with their own Ten-X internal team to streamline the process and help their clients see faster, better results.
What Is This Going To Cost Me In Addition To A Typical Broker Commission?
The short answer is nothing. Ten-X does not charge sellers for listing on their platform. They charge a buyer’s premium above and beyond any final auction price, if and only if there is a successful auction. Ten-X owns risk and has its interests aligned with you, towards the successful outcome of trading your property. Ten-X will even front the cost of ordering a Phase I Environmental, Property Condition Assessment, and Title Report through their national third-party vendors where – again – they will be reimbursed if and only if the property transacts (this time by the seller). If the property doesn’t trade, you walk away with these reports at no cost.
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 handle the rest!
I’m Still On The Fence. What Then?
Contact us to set up a time to walk through the platform with a Ten-X Sales Executive and a WYZE representative. Our team will virtually meet with you at your convenience to address all questions.