Last month, the FDIC auctioned off a series of Signature Bank loans backed by multifamily properties in New York. For auctions like these, many government and non-government entities alike use a traditional offline sealed bid process that can provide rules, conditions precedent, or qualifications for bidders to meet in order to submit a sealed bid response. This process, while very common in the auction industry, can be differentiated from its online auction counterpart in many ways.

Typically, sealed bid events are offline, and the core auction mechanism of offer/counter offer occurs offline, between two or more parties. Offers may be modified, raised, lowered, or rescinded without the knowledge of the other qualified participants. This can lead to confusion for sealed bid participants trying to understand “where they stand” in the process.

On the other hand, Ten-X employs an online auction marketplace strategy designed to democratize the offer/counter offer process while employing transparency for all parties involved. Ten-X works closely with its selling clients (whether government or not) to clearly communicate their needs and the specificities of each asset being sold to the marketplace.  Moreover, Ten-X educates and qualifies potential buyers extensively before the bidding starts, ensuring they have both the funds and the knowledge needed to maximize their chance of success. That track record is why we’ve sold more than $16 billion in lender-involved transactions, including REO, loan, receivership, and bankruptcy sales—more than any other online marketplace platform in the world.

Contact us today to learn more about the Ten-X date certain online auction marketplace and how it can best serve you and your assets.