Yes, you are required to take the highest bid no matter if it is finance or a cash offer. You cannot pick and choose as the Terms and Conditions of sale were set and agreed to with your agent prior to the Openn Negotiation process commencing.
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.
If the property doesn’t reach the reserve price, the agent can negotiate with any interested Party.
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.
No. Under the terms and conditions of an Openn Negotiation , the seller is not allowed to undertake a vendors bid, or cause a bid to be made on their behalf.
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.
Should a buyer wish to bring forward the Openn Negotiation, there are two strategies. Firstly, by clicking the Buy it Now button and the property can be purchased at that price. Alternatively, to reduce the competition from more bidders registering, the best strategy is to put forward a bid that will reach the sellers reserve price which will likely result in the seller bringing the negotiation forward with the existing registered bidders.
You will generally be sitting with the Agent throughout the Final Bidding Stage. This allows direct discussion 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.
No, the whole premise of having buyers Terms Accepted is that it allows the maximum possible number of buyers by creating a level playing field. The cash buyer is generally seeking to get a “discount” for being cash, but if the seller is happy with the terms of the other bidders, then all bidders are considered “ equal ”. It’s important when setting the terms and conditions of sale with your agent you are clear as to what you will and won’t accept ie . length of settlement, offers subject to finance, deposit amount or any other item you consider important. It is vital that you work closely with you agent to set these terms or ask for their advice as to what is fair and equitable.
At the outset, interested buyers make formal registration with the Real Estate Agent, clearly stating their proposed sale conditions such as finance clauses, deposit amount, settlement period and any other conditions they wish to include as part of the sale. The buyer’s registration is complete once the seller agrees to all their terms and conditions and only buyers who have completed this stage are allowed to engage in the Openn Negotiation process. At this point, the interested buyer will be requested to submit their starting price for the property on the Openn app – this does not have to be their highest price however it commences the bidding process. As the number of registered buyers is accessible to all parties, this creates confidence about the level of market interest in the property. The Openn app and agent informs all buyers of each new price that is submitted which gives everyone the chance to increase their offer if they wish to. Buyers may stop bidding and withdraw at any time.
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.