How to bid - buyers

GET

QUALIFIED

1. Sign up

Sign up at openn.com.au or download the free Openn app via the App store or Google play

2. Input your pending bid

This doesn't have to be what you think the property is worth, you can even start lower

3. Complete your terms

Complete your terms for the owner's consideration. These can include the leve of deposit, settlement date and any other terms that can be flexible.

If the vendor agrees to your terms, your pending bid becomes a live bid and you'll be allocated your unique paddle number on the app

NOW A

QUALIFIED BUYER

As a qualified bidder you can see other bidders paddles, the current highest bid and how long until the Final Bidding Stage.

In the lead up to the final bidding stage you can improve your price to try and knock other buyers out, or you can sit and wait.

The current leading bid will be the advertised price of the property.

All qualified buyers can keep improving their price right up until the final bidding stage commences

BID TO

WIN

Before the Final Bidding Stage commences make sure you're all set and ready to go. Ensure your phone / laptop / computer / tablet is fully charged. The agent will be available on the phone during the final bidding stage if you need them.

When the Final Bidding Stage begins, every time a new bid is made, a two minute clock will restart to give each buyer enough time to decide whether to bid again.

When the price hits the reserve all buyer will be clearly notified and shown on screen.

Once all bids are made the bidding clock runs out, the property will be sold if it met reserve, or passed in and open to further negotiation in the traditional way if it did not meet reserve.

View extended timeline.pdf)

A FEW THINGS

TO REMEMBER

1. The agent will set a minimum bid increment, however all buyers can increase their bid above this. The agent may choose to reduce the bid increment - if they do, the clock will reset to allow allbuyers time to consider they'd like to bid again.
2. The agent can pause the negotiation during the Final Bidding Stage at any time! Often this means they are in discussions with the seller to see if they would like to reduce their reserve price