This article explains how a buyer can place a bid and enter their terms in an Openn Negotiation campaign. To be successfully qualified as a bidder, you need to enter a pending bid and have your terms and conditions agreed to by the seller.

STEP 1: PLACE A BID

If you weren't directly invited to participate, go to the property page and click the "Place a bid" button.

- For listings with no approved bids, you can choose any opening value for your first bid.

- If there are already approved bids, you must bid at the current increment or higher.

- Depending on your state's auction rules, you'll need to acknowledge you have read and understood the auction terms and conditions (or listened to and understood audible announcements).

Once completed, the "Place a bid" button changes to "Pending bid approval".

STEP 2: SUBMIT TERMS AND CONDITIONS

After placing your bid, you'll be guided to provide your bid terms and personal information. This may include adding additional buyers and specifying finance, deposit and settlement details, plus any special conditions or solicitor information.

STEP 3: ALL PARTIES SIGN AND APPROVE THE BIDDING TERMS OF USE

If your bid terms are acceptable to the seller, the agent provides the documentation for all parties to sign (this can be completed in the Openn app if the agent uses the integrated contract feature). After you sign, the seller must also sign the bidding terms of use (except in NSW) to approve your terms. The seller does not have to accept all terms and may not approve you to progress; if your terms aren't accepted, discuss with the agent which terms might be acceptable.

STEP 4: BIDDER QUALIFICATION

Once the terms are signed by buyers and sellers, you are qualified and the agent approves your pending bid. It becomes a live bid and you're allocated a unique paddle number and colour. You can then improve your bid at any time and participate in the final bidding stage.

Note: 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.