You found a property on Ten-X, and you’d like to take the next step to purchase it. Great! The first thing you’ll want to do is register to bid for the auction. You can do this by clicking the Register to Bid button on the property’s listing display page.
Registrations can be completed in four simple steps.
Step 1 – Contact Information
Review and verify your information, and make sure to opt in to receive SMS auction notifications.
Step 2 – Upload Proof of Funds
You are required to provide proof of liquid funds equal to or more than the purchase amount you wish to bid for the property.
Acceptable documents are:
- Bank statements
- Brokerage accounts
- Lines of credit
Keep in mind your documents must include the:
- Account holder name
- Current date
- Current balance
Step 3 – Issue Purchase Contract
The third step is telling Ten-X to whom we should issue the purchase agreement should you win the auction.
Ten-X can issue purchase agreements to:
- Individuals
- Partnerships
- Existing entities
Is your entity not created? Or are you unsure how you want to take title? No problem! By default, the purchase agreement will be sent to you as an individual, and you can work on assigning the contract after contract ratification. Make sure to read through the assignment requirement and the purchase agreement.
Step 4 – Review the Auction Participation Terms & Conditions
Acknowledge the three-step auction terms checklist.
- A transaction fee will be added to your final bid amount.
Your final bid is a binding offer, so please make sure you have done all your due diligence before bidding. - Make sure to sign the Purchase Documents within two hours after receipt of contract package.
- Submit your earnest money deposits to the escrow/closing agent within 24 hours of being notified as the winning bidder.
Next, Select, Accept & Agree. Don’t forget this step, or your registration cannot be processed.
Now that you have accepted these terms, the Ten-X team will review your registration and approve you to bid or follow up with questions if needed. In any event, you will be notified within one business day.
Ready to start bidding? Check out our Helpful Tips for Bidding at a Ten-X Auction.