Auction.com Reduces Buying Risk With New Bid With Confidence Program
Enhanced due diligence program and seal intended to boost trust among buyers
IRVINE AND SILICON VALLEY, CALIF. – Oct. 22, 2015 – Auction.com, LLC, the nation’s leading online real estate marketplace, has made buying and selling commercial real estate on its platform more transparent than ever with the launch of its Bid With Confidence program. Designed to elevate bidder trust, the Bid With Confidence program requires sellers to provide full due diligence on their assets and utilize Auction.com’s market-standard purchase agreement to provide bidders with an even safer buying experience.
“The due diligence process is one of the most important, yet challenging aspects of investing in real estate – even for the most sophisticated buyers and sellers. The Bid With Confidence program makes auctions more buyer friendly by reducing the due diligence risk,” said Gordon Smith, general manager of Auction.com’s Commercial Real Estate division. “By providing a more transparent experience and easier access to comprehensive information about an asset, Auction.com builds trust between our buyers and sellers, which in turn leads to better execution for all parties. We are committed to making sure our buyers have ample access to all necessary documentation on a potential investment so that they can bid with confidence, as well as connecting our sellers with the most well-informed, qualified bidders for their properties.”
The Bid With Confidence seal identifies assets on the Auction.com platform that furnish the customary due diligence an institutional buyer of commercial real estate would require to understand the risks and opportunities of an acquisition.
All properties on the Auction.com platform that carry the Bid With Confidence seal will have a detailed comprehensive due diligence report prepared by a third party that includes summaries of operating statements, rent rolls, and receivables; operating documents, such as material leases, and contracts; visual documents such as floor plans, maps and photos; inspections and title reports.
The winning bidder of an asset bearing the Bid With Confidence seal has the opportunity to confirm due diligence during the escrow period and, if inaccuracies are found, may cancel the purchase contract without penalty. Additionally, if the winning bidder is using an Auction.com preferred lender for financing and that lender fails to provide the loan, the buyer can cancel the contract without penalty.
“Providing simple solutions for bidders to discover, underwrite and finalize their investment purchases falls in line with our mission of providing the most trusted online marketplace for transacting real estate,” Smith said.
As an added incentive to sellers participating in the program, all assets bearing the Bid With Confidence seal may receive additional marketing and be offered a broker co-op if one is not already offered by the broker or seller. For more information, visit: http://www.auction.com/lp/bid-with-confidence/.
Auction.com, LLC, is the nation’s leading online real estate marketplace. Founded in 2007, the company has sold more than $32 billion in residential and commercial real estate assets. Auction.com has over 900 employees and headquarters in Irvine and Silicon Valley, California, as well as offices in key markets nationwide. Visit www.auction.com for more information.