How to place a bid in an Openn negotiation campaign

This article explains how a buyer can be directed to a listing and place a bid and enter any terms in an Openn negotiation campaign

Selling a property by Openn negotiation requires professional real estate agents to take normal precautionary steps to ensure buyers subject to conditions have suitable pre-approval.

Buyer instructions to place a bid

To be successfully qualified as a bidder, buyers are required to enter a pending bid and have your terms and conditions agreed to by the Seller

1. Place a bid

If the buyer is not directly invited to participate, they can access the property page and click on the "Place a bid" button.

For listings without any approved bids, the buyer can choose any opening value for their first bid. However, if there are already approved bids on the listing, they will be required to place a bid at the current increment or higher.

Depending on the auction rules in the state, buyers will need to acknowledge that they have read and understood the terms and conditions of the auction, or have listened and understood audible announcements.

Once completed, the "Place a bid" button is replaced with "Pending bid approval".

2. Submit terms and conditions

Once the buyer has placed their bid, they will be guided to provide their bid terms and personal information. This may involve adding additional buyers, specifying finance, deposit, and settlement details, including any special conditions or solicitor information.

3. All parties sign and approve the bidding terms of use

If the bid terms are acceptable to the seller, the agent will provide the necessary documentation for all parties to sign. This process can be completed through the Openn app if the agent decides to utilise our integrated contract automation feature.

After the buyer signs the paperwork, the seller must also sign the bidding terms of use (except in NSW) to approve their terms.

The seller does not have to accept all terms at this stage and may not approve for the Buyer to progress further. If your bid terms are not accepted, it is advised to discuss further with the agent to determine which terms might be acceptable.

4. Bidder qualification

Once the terms are signed by buyers and sellers, the buyer is now qualified and the pending bid is approved by the agent. The bid will become a live bid and the bidder will be allocated their own unique paddle number and colour. They are now able to improve their bid at any time and participate in the final bidding stage.

A bid is not legally binding until the bidding terms of use are executed and the pending bid is approved and visible in the bidding timeline.