To take part in the Openn Negotiation process you need to place a pending price on the property via the Openn App during the Campaign Bidding Stage. During the Campaign Bidding Stage. During the Final Bidding Stage, you can bid simply by clicking the Make Bid button. Once you have made your opening bid you are under no obligation to make further bids.
As with any sales process, if you decide you do not wish to participate, you can withdraw your participation any time prior to having your offer accepted by the seller. You may also withdraw from the Openn Negotiation at anytime during the process.
If the property doesn’t reach the reserve price, the agent can negotiate with any interested Party.
Terms Accepted bidders will receive an email as well as a push notification from the Openn App. Agents will likely also call you to notify you directly.
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 for the Final Bidding Stage.
The amount and timing of payment of the deposit will be addressed in the Terms and Conditions of sale that are submitted to the seller for acceptance. The Agent will make recommendations to you as to what would be acceptable to the owner, generally with a portion to be paid within 3 days of the Openn Negotiation being completed, and the balance of the deposit 7 working days thereafter.
In order to become a Qualified Bidder, bidders are required to sign a full legal contract to participate in the Openn process. The conditions acknowledge that should you be the highest bidder, after the reserve price has bene met, you will be the purchase of the property.
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.
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.
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.
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.
Yes. The app has a dedicated training environment that allows buyers, sellers and agent to practice the use of this very simple to operate technology.
Each Qualified Bidder is full pre-contracted prior to joining the Openn Negotiation and are contracted to purchase the property should they be the highest bidder once the reserve price has been met.
If you are the sole-bidder on the property the seller may elect to sell the property to you at your current bid or negotiate a higher sale price without the need for the campaign to enter the Final Bidding Stage.
However, if there are other bidders on the property the Final Bidding Stage must be conducted in order to give other bidders a fair chance to purchase the property.
You may place as many bids as you like to successfully purchase the property. Making bids above the agreed bid amount can show confidence and sometimes knock out other bidders early or may also discourage other potential bidders from registering, hence reducing competition in the Final Bidding Stage. During the Final Bidding Stage, each time someone bids, the bidding clock resets and allows two minutes for any other bidder to make their next bid. You can decide to increase and decrease the amount that you wish to bid if it is above the minimum bid amount. If the agent sees the bidding slowing down, they can reduce the bidding increment. When the bid is improved, the 2 - minute clock restarts to give all buyers a chance to bid at the lower bid amount. Once the property is past the reserve price it will sell to the highest bidder; when the bidding stops, and the clock runs out. The two - minute clock is designed to give buyers multiple bids and provide plenty of time for you to determine your next bid. Note that the agent, who is usually sitting with the owner, can pause the negotiation if required and speak to the owner to; set new bidding increments; to determine when the home meets the reserve or reduce the reserve if required; to call the buyer direct to encourage an additional bid or to determine if you are out of the process.
Becoming a qualified bidder immediately is important as the property could sell as early as tomorrow. Once you are a qualified bidder you can withdraw at any time – you are in complete control. If your Terms & Conditions are accepted, the property cannot be sold without you having a fair chance to purchase the property.
Throughout the whole process, you will be advised as to where the pricing of the property sits and therefore what price you will need to beat to secure the property. You will know where the current bid is throughout the campaign and the control rests with you.
Openn Negotiation is a method of sale which takes the best parts of auction, private treaty 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.