Introducing Buy Now: A Guide for Brokers and Owners
We're excited to announce that Buy Now is now available-a new feature designed to help property owners close deals even faster, with more control, and with greater certainty. By setting your desired listing price, Buy Now allows qualified buyers to transact instantly, expanding your buyer pool to those who may not typically participate in auctions.
This streamlined method enables quicker sales-ideal for time-sensitive transactions like 1031 exchanges, without having to wait for the auction timeline.
Now available exclusively for all auction listings on LoopNet, this streamlined process allows you to sell with confidence and reach qualified buyers faster, enhancing your ability to maximize your investment return.
How Buy Now Works
Buy Now allows buyers to skip the auction process and instantly secure properties through a fast, safe, and secure method.
If you have listed a property for auction on LoopNet, you can choose to set your desired Buy Now purchase price
Potential investors can then simply log into their LoopNet accounts, sign the confidentiality agreement, and review the property's due diligence, just as in a traditional auction process.
Then, click the "BUY NOW" button, link the proof of funds, and complete the transaction in just 10 minutes to secure the deal.
What are the Benefits of Buy Now?
- Set Your Own Price: Take control by setting your desired Buy Now purchase price, ensuring a fair transaction without the risk of lowball bids.
- Streamlined Transactions: Sell even faster and more efficiently with a simplified transaction method, reducing delays and stress.
- Access to Qualified Buyers: Reach an expansive pool of potential buyers on LoopNet.
- Close with Certainty: Close deals with confidence, knowing the buyer is secured and the transaction will proceed smoothly.
How to Enable Buy Now on Your Listing
- List your property for Auctions by Ten-X. You can read more about this process in our Help Center.
- Set your desired Buy Now purchase price. You can edit this price later, as long as the new price is lower than the price you initially set.
- Review and digitally sign the Purchase and Sale Agreement (PSA). The PSA must be in the data room before you can enable Buy Now.
- Once signed, the Buy Now button will appear on your listing. Keep in mind that the listing must be enabled for Buy Now at least a week before the auction start date.
Frequently Asked Questions
What are the requirements for Buy Now to be enabled?
The Buy Now option can be enabled when all the following requirements are met:
- The auction listing is live on the website.
- The Purchase and Sale Agreement (PSA) and title are posted in the data.
- The listing has to be enabled for Buy Now at least a week before the auction start date.
Is there an extra cost to enable the Buy Now feature?
No, the Buy Now feature is completely free for sellers to use!
What is the Buy Now end date?
The Buy Now option ends Monday, one week prior to the start of the auction.
When can I turn on Buy Now for my auction listing?
You can activate Buy Now anytime after meeting the requirements, but it must be enabled at least one week before the auction starts.
Can I edit my Buy Now price after it has been set?
Yes, you can edit your price as long as the new price is lower than the previous one. If you change the price, a new Purchase and Sale Agreement (PSA) will be sent to you for signature.
How long does a buyer have to complete the Buy Now process?
The buyer has 10 minutes to go through the buying process.
What happens after someone purchases my listing with Buy Now?
Congratulations! Once the buyer meets the Proof of Funds (POF) requirements and signs the Purchase Sale Agreement (PSA), you'll receive a copy of the fully executed digital agreement. The buyer will then submit the Earnest Money Deposit (EMD) and proceed with closing the transaction.
What happens if my listing does not sell via Buy Now?
If your Buy Now listing does not sell by the end date, the property will automatically move to auction. If the end date hasn't passed, the property will return to the Buy Now process, and the Buy Now button will reappear on the Listing Display Page (LDP).
What happens if a deal falls out of contract?
If the Earnest Money Deposit (EMD) is not received by the agreed-upon date, per the Purchase and Sale Agreement (PSA), the transaction will be cancelled, and the listing will be relisted for auction.
Can I cancel or disable Buy Now after activating if I change my mind?
Yes, you can cancel Buy Now at any time. The Buy Now button will disappear from the listing page and the property will be relisted for auction.
Take Control of Your Sale with Buy Now
Contact your broker or LoopNet sales rep today to activate Buy Now. To learn more about how Buy Now can help fast-track your next sale, visit our Buy Now page.
