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Openn negotiations

I have been contacted by a prospective purchaser seeking assistance with bidding on a property she was interested in and advertised on openn.com.au; and credit advice and brokering on her loan.

The short answer was "Welcome to online auction bidding".

Openn claims on their website, and I quote, "Welcome to transparency in real estate".

I have my reservations about the "transparency" bit, because transparency works in favour of the vendor and not the would-be hopeful purchasers.

Does openn.com.au allow the vendor to change the reserve price at anytime during the auction period; and if yes, why?

Author QED Realty.

Dec 5th, 2019
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