What is Open Negotiation?
It is a new way of buying & selling real estate, which combines the best aspects of an auction, a private treaty and an end date sale into one fair and open process.
Approved buyers (Eligible Bidder) compete for the property from the comfort of their own home using an app. No longer is one kept in the dark during what can be a stressful time. You will know exactly what is going on, allowing you to make a rational and clear decision without guess work or the intimidation you may experience during a public auction.
This innovative process will move the real estate industry forward into the digital age to join the many industries already embracing the digital revolution.
As a buyer, you will never miss out on a property because you did not know what to pay and you will have time to improve your offer without the pressure of public scrutiny.
As a seller, buyers must be approved. Thus you will know exactly how many serious buyers are competing and all buyers have the opportunity to outbid the current best offer.
What you need to do:
1. To become an Eligible Bidder, submit your terms and conditions to the vendor. Your conditions may include finance clause, settlement date, deposit amount, etc..
2. Once accepted and signed, you will be asked to submit a Starting Bid through the Openn App. This bid may be improved.
3. The highest bid sets the advertised price.
4. This process, known as the Campaign Bidding Stage, continues until a nominated date of the Final Bidding Stage.
5. If a submitted bid is at or above the Reserve Price, during the Campaign Bidding Stage, then the Final Bidding Stage may commence earlier.
6. During the Final Bidding Stage, all Eligible Bidders bid openly via the Openn App. Each bid is given 2 minutes to be challenged. The Highest Bidder is the last unchallenged bid.
7. If the bid is at or above the Reserve Price, then this becomes the Winning Bid, otherwise, the agent will negotiate with interested parties. You are not locked-in. Unless your price is accepted and signed off by the seller, you can withdraw from the Open Negotiation at any time.
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