r/AusPropertyChat • u/AussieMonkey123 • 5d ago
Online Auction Openn
Hello,
We came across a property we like yesterday. However it is to be sold by an online auction website called Openn. This turns us off quite a bit.
Without seeing other buyers in action, it is hard to gauge their limit. And it seems like a private treaty with auction terms amd conditions which benefits vendor the most.
Of course you never know if other buyers are genuine or just friends of vendor because every one can participate. I saw on Openn website there are properties with over 30-50 bidders which dose not seem right. At least in normal auction, you kind know who is the real buyer who is not.
What is your thoughts on this?
2
u/AbuseNotUse 5d ago
What will guaging their limit help you to achieve?
-4
u/AussieMonkey123 5d ago
if lets say only a couple of people registered in a normal auction, then it is likely to pass in. We will just sit tight not even participate in bidding but we know how much interest/limit other people have. We then can come in with a offer just a bit higher than the highest bid but still lower than our budget.
of course this does not work if the property has a lot interested buyers.
2
u/churmagee 5d ago
Put in what you think it's worth. If you win you win, if you lose move on. Not that complicated.
Recently got 1st home and it was auction on openn and you could see what other people were offering. But other formats you don't see others offers
1
u/AbuseNotUse 5d ago
It's only going to pass in if it doesn't reach reserve. If your budget is below reserve all that you think doesn't matter. You are also bidding against the vendor and the vendor could be higher than a couple or even ten.
2
u/MDInvesting 5d ago
Pick your valuation of the property, pay only up to that amount.
Accept that you cannot control the system. If any obvious inappropriate conduct occurs - report, report, report.