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Does a buyer have to bid once they are registered?

To take part in the Openn Negotiation process a Bidder is required to submit a Pending Price at or via the App and complete the documentation. Once the Seller agrees to those terms, that pending price becomes a live bid and the bidder is qualified. The bidder is able to improve their bid at any time until the completion of the process. Once they have made their pending bid, they are under no obligation to bid again

What if a buyer pulls out?

As with any sales process, if the buyer does not wish to participate, they can pull out at any time prior to having their offer accepted by the seller.

What if it doesn’t reach reserve price?

If the property doesn’t reach the reserve price, the agent can negotiate with any interested Party.

Can we change the reserve price?

The reserve price can be changed upward or downward during the Campaign Bidding Stage.

During the Final Bidding Stage, it can only be amended downward to ensure the legitimacy of the process is not compromised.

Once the reserve has been met, it cannot be changed.

Who pays the $400 + GST and what do I get?

The $400 fee for conducting an Openn Negotiation through the Open App is paid by the Vendor under Vendor Paid Advertising. This covers the cost of downloading the property onto the Openn Negotiation web portal, advertising the property on the Openn Negotiation web portal, and managing the sale through the Openn App. As the listing Agent you receive 400 complimentary Observer tokens, valued at $800. These can be sent to your database, particularly those who may be interested in buying the property, or those who have a similar property and might be considering selling.

What are Observers?

Observers are individuals who are interested in downloading the Openn App and watching the Openn Negotiation process you are conducting. Observers is an excellent marketing tool for you to generate interest in the property, and attract both potential buyers and potential sellers. When uploading a property to the Openn Negotiation platform, the Agent can choose whether they want Observers to provide their details or can remain anonymous.

How does a buyer get notified?

Qualified Bidders will receive an email as well as a push notification from the Openn App with relation to key events that occur during the Openn Negotiation process. To ensure bidders receive all communications it is important they turn ‘on’ push notifications and verify their email address within the app.

It is advisable that the Agent maintains consistent communication with Bidders and the Vendor(s) throughout the process.

If it starts early, what notice does a buyer get?

If the seller decides to bring forward the Openn Negotiation Final Bidding Stage, all Qualified Bidders will receive a minimum 12 hours-notice of the new date and time on the assumption they have a verified email address.

When does the buyer pay the deposit?

The amount and timing of deposit payments will be addressed in the Terms and Conditions of the Contract of Sale that are submitted to the seller for acceptance.

The Agent should provide guidance as to what would be acceptable to the owner and ensure they are meeting the appropriate legislation requirements to execute the contract.

What is a buyer signing?

Terms Accepted bidders sign a full legal contract to purchase the property. The conditions acknowledge that should a bidder place the highest bid above the reserve price, will have purchased the property at that price. The Auctioneer will then sign off on their behalf to complete the contract.

What if the technology breaks down?

As stated under the contract conditions, if the Auctioneer reasonably determines that a technical problem has occurred or one or more of the Qualified Bidders is experiencing difficulty with the App, the Auctioneer can cancel and then restart the Negotiation.

In this circumstance, the Qualified Bidder shall be bound by any prior bid and shall be free to recommence bidding at any amount the Qualified Bidder wishes.

What if I am not available ?

Like any other form of sales process, the onus is on the prospective purchasers to make themselves avaialble at the time the sales process is undertaken.

The Final Bidding Stage of the Openn Negotiation will always occur between the hours of 8:00am and 9:00pm in the timezone of where the property is located.

Where am I as a buyer?

Bidders can be located wherever they wish to be so as long as they have appropriate access to the internet and the Openn Negotiation platform.

Can the sellers bid?

No, under the terms and conditions of an Openn Negotiation the seller is not allowed to instruct for or make a vendor bid, or cause a bid to be made on their behalf.

What if a buyer doesn’t want to wait till the Final Bidding Stage?

The Agent and the Seller are in control of when the Final Bidding Stage is set to commence to ensure an optimal outcome is achieved for all Parties. Under the Terms, the Final Bidding Stage can be moved forward to any time so long as at least 12 hours-notice is provided and it is run between 8am and 9pm Standard Time.

What if a buyer just wants to buy it now and put in an offer?

With Openn Negotiation, if there is no competition, the Seller may accept a Sole Bidders bid and sell the property through the App immediately.

Where there are already other Qualified Bidders, the Agent must give all Bidders fair opportunity to compete to purchase the property in the Final Bidding Stage.

Where are the owners during the process?

The owners will generally be sitting with the Agent throughout the Final Bidding Stage. This allows direct discussion with the Seller regarding any change in reserve price and bidding increments and to sign off on the final purchase price that is determined by the bidding on the Openn App.

Why would a seller start the Openn Negotiation early?

The decision to bring the Final Bidding Stage forward would most likely occur when numerous potential buyers have become Qualified Bidders and the current bid is nearing the reserve price.

The Agent and Auctioneer will work with all Parties to ensure an optimal outcome is achieved through the process.

What is Openn Negotiation?

Openn Negotiation is a method of sale which takes the best parts of auction, private sale and closing date sale and blends them into one, streamlined process. This process creates a competitive environment and allows complete transparency for all qualified buyer’s ensuring they do not miss out on a property because they didn't know what price they had to beat.