Appreciate any input regarding the Openn system of buying. We are holding the only bid on a property..with 4 observers. We can withdraw at any time. Auction due to start this coming week. We know the agent is also fielding offers from buyers who are refusing to engage in an online auction. I feel our bid, as it is visible, is used to bump up the private negotiations. And the actual openn auction will be pulled in favour of a private sale. Have tried to buy several homes in our area and so sick of dealing with agents. Also what do members think about the opportunity from an agent to inspect a property premarketing to obtain off market in a sellers market...good for buyers or not?
Two points - if you don’t like the openn system and think your bid is going to be used (which I do too), why would you do that? second, if you were selling a place, what sort of money would you want to get, not, to go to market? Me personally, I’d want drug money not to go to auction in a sellers market
Openn buying/Bidding, sounds like Ebay Do you dislike REA because you haven't been successful in securing a purchase so far ? If you want to avoid the crowds find a buyer's agent (it's even harder for them currently). One thing is for sure though, they will find you some homes that will match your criteria and then will tell you what you should be prepared to pay (often not what you want to hear as currently it's probably well above the online estimations)... If you get a chance to inspect a place off/pre market then take it, take the time off work, make/find the time to be there whenever the agent wants ! This will be your only chance to make an offer that might be accepted (prior to it turning into a bidding war)
We placed a bid on the openn system in good faith as we were told by the agent it would go to the openn auction system. Now we know interested buyers are not placing bids in full view online but in private pressuring agent to sell private. I wouldn't mind but we are not included in the office negotiations. Yes we are keen to pursue offmarket opportunities if one is available.
You have a choice to increase your bid to what you want to pay and the owner may accept that and deal is done. Openn Auctions can be a bit annoying as they are also not binding. You can be the last and highest bidder and you still don't win or get a binding sale. But they are kind of transparent.
Thank you. The sale contract, posted on the openn system with the property, states that highest bidder at auctions end, providing reserve is met is a binding auction ?
Interesting. Yours might be different to the ones we have in WA. There are then negotiable terms on the contract which is done after the Openn auction here - so you can request different terms, finance clauses etc. even have a counter offer by the owner
Yes, I think so. As a potential bidder we had to submit our terms, settlement, etc with the bid to the agent to be given approval to become a live bid. The actual auction is held at a later date and goes live on a Countdown of 12 hours to allow 'observers' to submit bid and terms. Bidders then go live and actual bidding begins. Bids are binding...buyers hear the auction rules before submitting their bid.
So the actual top bid isn't real as it has a bunch of bidder conditions/terms and prefered settlement options, so the vendor may have the option to NOT pick tbe higbest bid over settlement terms that suit them (think "subject to building and pest offer.....). Sure this may become a way of selling in this evolving "technology age", for me I'd put my offer in writting (with my conditions) to the agent in writing with an expiry time/date and AVOID the "Openn bidding" system entirely
Can I ask how people who have sold through an Openn negotiation in Perth been happy with the the process and the results?
