You list the property, upload it to the Openn Negotiation platform and any other browsing portals to begin the campaign.
You'll show the property to buyers and invite them to submit their pending price and input any terms for the Sellers approval in the app.
You work with the seller to approve pending buyers. Once you have complied with the Auction legislation in your state, the pending price will become a live bid and the buyer is qualified to participate.
With all buyers formally contracted from the start, the current bid can be revealed to the market, even if it's below the reserve price.
Qualified buyers can improve their price at any time and all interested parties will see the countdown clock until the Final Bidding Stage begins, the current highest bid and bidding timeline.
During the Final Bidding Stage, qualified buyers have 2 minutes to make a bid, and the clock restarts every time a bid is made. If the property hits reserve, it is sold to the highest bidder.
The Openn Negotiation process has two stages:
The Campaign Bidding Stage is from the time of listing until the Final Bidding Stage starts. This is when the agent is qualifying buyers, holding home opens and inspections. Only qualified buyers, approved by the Seller, can participate in the Final Bidding Stage. The Seller can choose to change the reserve price and the Final Bidding Stage date throughout the campaign.
It is a $550 (incl GST) fee to conducting an Openn Negotiation through the Openn Platform. This fee is paid for by the vendor under Vendor Paid Advertising.
As with any sales process, if the buyer does not wish to participate, they can withdraw at any time.
If a Sole Bidder enters a price that is acceptable to the seller, the property can be sold to them immediately.
If there are other qualified bidders on the property, the Final Bidding Stage must be conducted in order to give other bidders a fair chance to purchase the property.
Openn Negotiation can be downloaded to your mobile device via the App Store or Google Play. Search for the app from your device, or click on the store links at the bottom of this page for more details.
Otherwise click on the button below to get registered.
Sign up here
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