At the start of the campaign, the seller and the agent set the date of the Openn Negotiation. All interested buyers are invited to submit their terms and conditions for the seller’s consideration. At this stage price is not required.
Once the seller signs off on the buyers terms the buyer becomes ‘terms accepted’, they can now compete to purchase the property using the Openn App in the privacy of their own home with their unique paddle number. At any time, terms accepted buyers can use the ‘Buy Now’ button. The Buy Now price reduces throughout the campaign and is programmed to be well above the seller’s reserve price.
All ‘terms accepted’ buyers must submit their opening bids through the Openn App. At this stage they are not required to submit their highest price. The first bid received sets the advertised price for the property. When a higher bid is submitted, this becomes the new advertised price. During the Openn Negotiation, all parties can see the number of bidders and their bids. This can continue right up until the nominated sale date enabling them to arrive at a true market value. It also creates an unprecedented level of transparency, and proof of genuine buyers, giving all potential buyers the confidence to participate.
During the campaign bidding stage, if a bid is above the sellers reserve price, the Openn Negotiation may start early at the seller’s discretion. The agent and the Openn App then alert all registered buyers of the new time frame. The two-minute clock is designed to create the same level of excitement and sense of urgency as buyers would experience in a public auction. Each time someone bids, the clock resets and allows two minutes for any other bidder to make their next bid.